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Projects Completed

CENTURION ROAD, BRIGHTON

We are excited to show you our recent renovation completion, Centurion Road, Brighton.  We pushed on during the lockdown with a bare minimum team to complete this renovation for our returning Property Investor client, who has now completed 4 properties with Target Five.

Target Five sourced the property for our client, with works starting at the end of February 2020 and completing (with a slight delay due to Covid-19 lockdown and the difficulty in obtaining building materials).

The property was originally a 3 bed family home and is now a stunning 5 bed (planning for 6 bed) with 3 shower rooms.  The property has been finished to a high specification and the interior design was undertaken by the T5 team, to create a top end rental property, creating a fantastic yield for our client and was let off plan!

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Projects Completed

PRESTON STREET, BRIGHTON

We sourced and developed this property for a new investor.  This was a tricky development, as the property itself was a 4 bed flat over 3 floors above a restaurant, to access the flat you had to go through the restaurant itself!  So there was a lot of legal constraints to iron out during the conveyancing process re: leases and then obtaining planning permission to reinstate the separate entrance to the the property, which we cordoned off from the restaurant itself.

Target Five renovated this property in a six week time frame that our investor had to work to.  The property is now a stunning 6 bed HMO located in the centre of Brighton.

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The future is bright, or perhaps a little less dark?

An announcement is expected imminently according to This is Money Magazine from the Royal Institute of Chartered Surveyors (RICS) that it is readying itself to begin valuation on properties again.

Could this mean the housing market will be back up and running again soon? What does this mean for investors, and homeowners?

The inevitable suspension of valuations and house moves due to the social distancing guidelines that were essential to the fight against COVID-19 meant that the housing market all but stopped. This resulted in lenders pulling mortgage deals overnight and subsequently a lack of confidence set in and immediately affected house prices .

A spokeswoman for RICS told the magazine that the return to valuing properties will come with a set of new guidelines for valuers and we suspect it will be a minimised service, but this is good news for the property market.

It is likely that the government advice not to move will remain in place, and the impact on business’ and employment will be significant.

It is unlikely that the market will be a buoyant one, but for us and our investor clients that is no bad thing.

This means we are seeing a number of investment opportunities surface and our local contacts in Brighton, Hove, Worthing and Littlehampton have already started to approach us with excellent off market property investment opportunities. Now is the time to invest and maximise returns. OK, these returns may take longer to show in terms of capital value gain, but our success model of adding value, size or design will means that your money could work harder than ever for you. Even if you don’t want to own an entire property or only have a small amount to invest, we have property investment opportunities for you to invest in. Now is the time to contact us to be involved in our next project.

We are also starting to see some of the darkness lift, our constructions sites are starting to return (safely of course) and our suppliers delivering again which means we will again be able to offer excellent quality accommodation in shared living environments.

All of this means that slowly, steadily but most certainly surely, the future economic picture is looking a little less dark. Actually no, a lot less dark and almost bright.

Tina Wenham – Director of Target Five

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Maintaining a healthy pipeline

For a number of different reasons, it is key to our business to plan ahead to ensure we have an appropriate stream of projects coming up.

Our extended teams of contractors need to be kept ‘well fed’, our sister company Sussex Property Partnership needs to forecast and prepare for what properties will become available for let, our clients forecasts and business plans require an element of strategic flow of investment and return options and finally our business plan relies on the income stream from these projects.

It was, therefore, a challenging process during lock-down to maintain a healthy pipeline of projects and purchases to ensure the interruption to this was minimised.

We had to ensure the purchases still made sound investment sense for our clients and continued to meet our targeted yield return figures, despite and change or disruption to the market. This meant we had to negotiate a few of the offer prices and analyse the investment again.

In addition to this we had to ensure that we continued momentum in sourcing new investment opportunities to prepare and mitigate against any lull or break in the projects that could have been a by product of this unprecedented time.

In the end we continued with all but one of our purchasing commitments and have managed to secure some potentially very exciting new opportunities for ourselves and our investors, with many more coming through everyday.

Now that the government guidance has restarted the property market we are working closely with our teams of professionals to progress the matters as quickly as possible to exchange and get started on the refurbishment and redevelopment to realise the returns on our clients investments with as little delay as possible.

We have most certainly hit the ground running and are excited about what the future holds and we look forward to working with our clients to provide sound investment opportunities and aim to hit the target yield returns that our clients are looking for.

If you are interested in hearing about any of our new investment opportunities get in touch.  information@targetfive.co.uk or 01273 525656

Tina Wenham – Target Five Director

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Target Five & Knight Support, Helping the homeless of Brighton & Hove

Our charity partner Knight Support is a great service for the homeless and rough sleepers in Brighton & Hove. We are aiming to offer further support this year and need your help too

“Service to others is the rent you pay for your room here on earth.” Mohammed Ali

The Housing, Communities and Local Government Committee in the UK Parliament today announced the launch of an enquiry into the effect of COVID-19 on homelessness and the private rented sector, designed to review how effective the Government support has been and take a look at the proposed strategies that will be put in place to support the sectors in the long term. They are inviting written evidence for review by 1st May 2020 to ensure that the support is sufficient and continuous after the current measures in place expire.

This made me stop and think. This is a weird, stressful and troubling time for all of us, but just think how different it would be for you if you had nowhere to go, if you were a street sleeper or perhaps in between homes and been sofa surfing.

At Target Five and Sussex Property Partnerships we have had a long standing commitment to give back to our local community and have been working closely over the last 12 month with our charity partner Knight Support. https://www.knightsupport.co.uk/

We previously have held events to support and provide a safe space for the most vulnerable of our community and try and use our contacts, network and business position to help Knight Support. Our Boxing day curry party was a great success. Held in one of our clients empty properties and supported by our contacts making donations, providing food and generally just being an ear to chat. We were intending on continuing these events through the year but of course the social distancing measures have prevented this. We will start these again as soon as we can.

We provide a store free of charge to the service to help keep costs down, the generous donations that people of Sussex provide need to be sorted, distributed and where possible sold. This storage area helps with that huge task. We are hoping to help with more permanent premises for this in the near future.

We provide administration support to founder Lynne Knight and her team, to make sure the applications for grants, funding and general flyers etc can be completed in the most cost effective way.

Just this week we have had ‘virtual’ meetings with Lynne about how we can help further and make sure the street sleepers, homeless or nearly homeless are supported during this worrying time. We are aiming to apply for full charity status and my business partner Andy Babbayan and I are intending on becoming trustees of Knight Support.

For now all we can do is keep supporting in any way and we can and ask you to do the same. If you want to help us support this amazing service, get in touch and we can discuss the best way you can help.                                                      Tina Wenham Director Target Five

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Never too old to share

What age do you think the average house sharer is in the UK? 18? 20? 25?

Recent data released from Build-Asset Management, shows the average age of renters living in shared properties in the UK has risen by 5 years since 2017 bringing the average age of co residents of shared houses to nearly 30 (28.2). Given this rise it make sense that the average time that renters remaining in shared residences has extended also, from 12 months in 2017 to just over 18 months in 2019 over a 50% rise.

As you may expect, the 18-25 age category still accounts for the largest percentage of all room share tenants, with 43% of those renting falling into this bracket. This starts to decline as the age increases:

  • 36% of room shares are aged between 25-35
  • 13% between 35-45
  • 6% between 45-55
  • Just 2% are aged 55 or over

It is clear however that there is a market in need of quality housing, professional sharer residents.

At Sussex Property Partnership and Target Five, we recognised this change in the dynamic of sharers last year when the student renters market in Brighton & Hove was left with many un-rented rooms following the start of the academic year.

We knew we needed to resolve this for our clients and also saw it as an opportunity to reassess our specification on projects, and make sure we were still offering the best quality we could to renters.

We immediately started sourcing and refurbishing investment opportunities for our landlord and investor clients to cater for this change in the demographic of sharer residents. This meant not only upgrading the remaining rooms on offer, but looking at a diversification of properties. Not only does this spread the risk and ensure the maximum rents can be achieved for our clients but also caters for the ever growing need of the local sharing residents market in Brighton & Hove.

It also, however, became clear very quickly through our research and development of the new properties on offer, that there were other emerging areas in the professional sharing residents market that needed a solution and therefore we extended our search area for sourcing opportunities to convert and develop to Worthing and Littlehampton.

We now have the first of these specially designed rooms available for sharers looking in Brighton, Hove, Worthing & Littlehampton. Stylish, beautifully furnished, functional, well located properties, with excellent facilities, bills included and additional extras on offer like cleaning and faster WIFI.

Unlike our competitors, our business model is based on us being incentivised by our clients success and as such this makes us focused and determined to not just sit back and let you deal with the problem of a un rented house or room. So when the very real problem of a reduced return hit our clients last year, it hit us to. This made us focused and driven to solve the issue and are constantly looking to diversify and evolve through assessing markets and demand areas.

If you have recently been left with empty rooms or houses and are just looking to diversify your portfolio with an upgrade to your existing properties or looking to invest to add to your offering as a landlord, we can help you contact me and I can discuss you individual requirements. We have great opportunities available to secure now.

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Projects Completed

WESTERN ROAD, LITTLEHAMPTON

Target Five acquired this very rundown 7 bedsit property, with a separate studio flat in Western Road, Littlehampton.

Working in cooperation with the local licensing officer, Target Five renovated this property to legal requirements to a 6 bedroom, 4 bathroom HMO and a 3 bedroom, 2 bathroom self contained flat.

The property has been finished to the highest Target Five design specification, making this an attractive rental proposition to either students or young professionals.  This property has recently been revalued at nearly double the purchase price!

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Projects Completed

WILSON AVENUE, BRIGHTON

Target Five acquired this 4 bedroom semi-detached chalet bungalow for our investor and have competed the renovation by reconfiguration/subdivision of existing rooms to a 6 bed HMO (Large kitchen communal space, 6 bedrooms, 3 shower rooms and a back garden area)

The property has been finished to exceptionally high specification, with final finish and furnishings designed by T5.

This property is ideal for students/professional sharers, with great access links to the city centre, close proximity of Brighton Racecourse, Brighton Marina and local amenities.

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Projects Completed

COOLHAM DRIVE, BRIGHTON

Target Five acquired this 4 bedroom house in October 2019 for a new client, whom was recommended by an existing Target Five client whom has undertaken a number of property acquisitions and renovations with us.

Refurbishments works to turn this property into a 6 bed HMO included; building out the first floor bathroom encompassing the dead landing space and then split into x 2 new shower rooms. Splitting the downstairs lounge to form x 2 additional bedrooms and enlarge an existing bedroom.

Coolham Drive is located in East Brighton, ideal for letting to professionals working at The Royal County Hospital, American Express HQ, as well as having 24 hour bus routes intl and out of the city centre and Universities.

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Projects Completed

EASTERN ROAD, BRIGHTON

This two bedroom first floor large maisonette was acquired by T5 for a returning client, this property proved difficult to get over the conveyancing line but with the fabulous potential on offer, perseverance and determination from all parties we got there.

Target Five converted this property from a two bed maisonette to a six bed HMO with a loft conversion, which now offers a great rental yield return for our investor. The project started at the end of October 2019 was completed in the first week of January 2020.

The property is finished to the highest specification, with architectural design by BPM Architects with the complete refurbishment works undertaken by Tim and Stuart at Brighton Renovations.

This property is in a fantastic location and offers versatility of tenant, as it is within close proximity of Brighton College, The Royal Sussex County Hospital and Amex HQ, as well as being within easy reach of all Universities thanks to 24/7 direct bus routes.