For the last fifteen years as well helping clients, we have been on our own property journey. As investors, we have learnt that
you have to be able to adapt your strategy. Many variables are simply out of your control and things can change over night, especially in the current climate.
Changes in government legislation, tax as well as social changes can significantly impact any investment plan.
However, the knowledge and information shared through property investor networks and our professional advisors means we have always been able to adapt effectively.
In 2008, we invested in three large run down student houses in central Brighton. We developed them into well managed, high- end furnished holiday lets for group weekends, each property sleeping up fourteen and marketing through a specialist bespoke holiday let company.
Business was booming for about seven years until the framework on which we built the business began to change. A major social shift towards using on line booking platforms resulted in the local Brighton becoming market flooded with substandard poorly managed short term rental properties causing significant problems for local residents as councils struggled to cope. The short term accommodation market is largely unregulated and there will soon be much needed new legislations introduced.
We knew we had to make changes and adapted our portfolio by selling off the large holiday let houses as fully packaged serviced accommodation businesses to investors.
We then re invested to fit the new demands of online platforms, purchasing specific types of properties and developing them to the highest standards that would fit with any new future legislation.
We now have a diverse portfolio in Brighton with the ethos of providing either a luxury short term stay or a place to live and rather than having a strategy we have a standard.
Any property we acquire has to be able to perform both as a luxury furnished holiday let and as a luxury standard let.