As you may know by now, our currently funding loan note, PMF D1, will help to enable the purchase, development and sale of a mixed-use site in Bristol. We interviewed Steven Dunn, of SJD Business Consultants, who will be developing the site and managing the construction of the project. With a wealth of experience in the industry, we believe this partnership will bode extremely well for the success of the project.
Tell us a little bit about yourself.
Originally I grew up in Cambridge and then moved South to pursue business opportunities and be nearer to the Devonshire coast. I now live in Salisbury. I am married and my wife and family have a very busy and active home life. I particularly enjoy surfing and holidaying in my spare time having travelled all around the world to various famous surfing locations. In my twenties, I spent some time living in India teaching water sports and have always had a desire to be near the sea. I have been working for myself for over 30 years now and during this time have gained a significant amount of experience in a variety of business areas including finance, property development and retail sales.
What are your day-to-day responsibilities?
Every day is different. I spend a lot of my time on the telephone exploring development opportunities and progressing projects that I am currently working on.
What type of projects do you work on?
I focus on residential property development which ranges from new build homes through to conversions of existing buildings. In the case of the latter, there may also be opportunities to gain via planning enhancements creating more value.
Tell us a bit about your experiences/projects so far.
My experience has enabled me to build up a large portfolio of property as well as a network of contacts in a variety of business areas. My father is a retired builder and this provided me with a good insight when I was younger of the practical nature of building. Although, nowadays I look at development from a more technical and financial perspective and leave the contractors to the building work.
Initially, I started out buying houses to renovate, this progressed and eventually, I started buying properties from auctions and commercial agents with conversion potential subject to planning. Subsequently, I have developed several properties into blocks of flats. The natural progression for me was to move on to building new homes although this is more technically difficult and presents different legislative challenges compared to converting an existing building.
From my experience, many developers are unaware of the pre-commencement conditions that are attached to planning permission for new builds which are different from a conversion project of an existing building. Part of the new build process will often include, ground investigation reports for contamination issues, archaeological surveys, traffic management implementation and agreement of the appropriate surface water drainage systems for the site by the local planning authority. These items can all need discharging before you actually start any work. My new builds have ranged from bespoke architect designed homes through to modern terraced homes for young professionals to high-end executive houses in the Cambridgeshire and Essex counties.
What’s your biggest project to date and what’s your most successful project to date?
To date, there are two types of project that have achieved the most successful results. One has to been to develop blocks of flats to meet social housing requirements for the local authority which provides for a long term stable investment return. The second model has been to identify niche locations and deliver high-quality new housing for professionals.
My biggest success to date has been learning not to try and compete with the large volume national housing developers. These developers are able to take the risk of purchasing land without planning permission as they can afford to invest considerable time and capital reserves to obtain permission for new housing developments over much longer periods of time.
What areas do you specialise in?
Finance, property development, planning, development cost analysis, pre-application study and viability appraisals.
What makes a successful development?
Fundamentally, success will be in the profit at the end of the project. However, in order to achieve success, you need to have clear agreed principles to work to and a proactive and skilled team to progress the development to a polished and finished product. It’s all in the detail and having a background in retail is extremely beneficial in ensuring whatever we build is of the highest quality and is to a retail finish.
What trends have you noticed in the property development market?
It has been interesting to see how the market has reacted post-Brexit. Following an initial dip, there has been a steady climb in property value as well as recent increased interest in development opportunities in larger cities. It is definitely a growing market, making property a good investment in the short or long term for investors. There are a lot of opportunities out there at the moment and it is certainly an exciting market to be working in.
In particular, once the general election is formally decided I believe there will be increased momentum in the housing market.
To learn more about the investment opportunity, click here.
Disclaimer and Legals
Property Moose does not provide any advice in relation to investments and you must rely on your own due diligence before investing. Please remember that property prices can go down as well as up and that all figures, rates and yields are projections only and should not be relied on. If in doubt, please seek the advice of a financial adviser. Your capital is at risk if you invest. This post has been approved as a financial promotion by Resolution Compliance Limited.
Property Moose is a trading name of Crowd Fin Limited which is an Appointed Representative of Resolution Compliance Limited which is authorised and regulated by the Financial Conduct Authority (no: 574048).
