With a growing population, low unemployment and people living for longer there is a well-documented national housing crisis. But whilst government focus on new builds, Warrington has a number of properties that are sadly neglected and need bringing up back to living standards, and with a flourishing market there is plenty of profit to be made if you know what you are doing.
Adam Jude from James Peacock Properties said:
“Warrington is in a property micro-climate with higher property prices than the surrounding areas Whilst this means the investment is higher, so is the corresponding capital return, so if you know what you are looking for you can still generate a good return on investment”.
Adam, who is from Warrington has been refurbishing properties for 30 years, taking unloved buildings, stripping them back to bare brick and rebuilding them to a high standard, which he either adds to the James Peacock rental portfolio or returns to the market as quality homes.
His latest project on Whitesands Road, Lymm was completed on behalf of a private investor, who wanted a return on their inheritance but didn’t have the necessary skills or knowledge to step into the property market themselves.
“We love taking properties like this one and doing the whole ‘changing rooms’ thing, not only because we’re giving a significant return for the investor, but because it gives me great satisfaction to know a sad and neglected property has been turned into a quality home for someone to love.
And Adam says that whilst the aim is to make a profit, it is important not to cut corners.
“With every property we go back to basics and think what we would like to live in. We’ll renovate from top to bottom with new central heating, electrics, a beautiful modern kitchen diner, and even include deluxe bathrooms from Stockton Heath’s ‘Smithfields’.
It makes sense to us as a property developer to do the job properly and be proud of our work, so it needs be right.”
But how does the investment work for James Peacock and the investor?
“We are often approached by investors who had been bequeathed some money or had a lump sum from a pension. They know that investment in property can give a good return but don’t have the knowledge, time or skills to know where to start, and that’s what we offer.
We work with the investor, identifying potential sites and manage the purchase, transformation and the sale or rental for them, and whilst return on investment is important”.