Property Investment is such an all encompassing term that means different things to different people. To get you really thinking about some of the exciting property investment opportunities out there, we’re put together a series of development case studies. Each one is unique and will give you a flavor of who did it, why this did, how they overcame some of the challenges presented to them and what was the final result. Read on for case study number one – a unique Grade 2 listed building development in Bridgwater, Somerset
Pam Bunbury Lindsay and her husband Sean Lindsay have been in property development for over 30 years. Together they have built a retained portfolio of over £10m in London and Somerset. Pam will be speaking at the property investor Show on 2 April 2022 at London ExCel
Bridgwater Castle beams was discovered in a listed building renovation project. Somerset, June 2021 – In Britain, we take pride in our history, architecture and listed buildings. However, each year, the Heritage at Risk Register is released detailing those listed buildings that are at risk. Sadly, not all of these are for sale. But when a London female property developer and mentor, Pamela Bunbury Lindsay, discovered a derelict listed building in the heart of Somerset, she knew that this was her dream property.
Pam says, “With a listed building, you never know what you will find. There is a great deal of unknown.” Without the visualisation and passion for sensitive restoration, such a project would never have been developed, tooled with nearly 30 years’ experience as a property developer, her BA in Business Studies and equipped with specialist property training in various business models.
Galvanising the strengths of the local community, especially of the local women, Pam pulled together a power team to execute the works on an outstanding development which has won the award for the best business in Somerset. The team consisted of specialist engineers, conservation consultants, an interior designer and some awesome local women.
Pam and her husband, Sean Lindsay, were one of a few to sell some of their precious assets in London and take a risk! The property is located within the tranquil memorial King Square. It is a square of Georgian Houses, and before being discovered, stood empty for 3 years, becoming uninhabitable day by day.
At the home to where Bridgwater Castle once stood, rebuilt some years later into a country house, historical records depict that this country house was rebuilt in the very spot that now houses King Square Apartments. A listed building does come with a new set of risks and challenges, plus a few! Bridgwater is a popular hub for developments, and the available local resources were saturated with demand for these projects. This presented a challenge to find a contractor to work on the restoration, as the prices and demand were at a high. Another challenge, and one of the most significant barriers, was losing most contractors when the enforced restrictions meant that contractors had to leave the area and return home during the pandemic.
Pam says, “A build like this is highly rewarding if you truly have a passion to resurrect buildings like this and bringing them back to life. It is not just for the developer but for the community at large.” The restoration was originally scheduled to take 8 months to complete. However, with the pitfalls and restrictions, this took 14 months, including a temporary relocation to Somerset for the couple.
Pam’s advice for anyone who is considering restoring a listed building is to enrol a Conservation Planning Officer who truly understands your building. She says, “Throughout the history of the building, there may have been alterations made, unbeknown to the conservation department, which is illegal and subsequently inherited by the new owners.”
Within a month of opening, King Square Apartments was in huge demand with local corporations and other UK travellers, and booked for over a year in advance. Along with taking pride in restoring a historical building, Pam and her husband now reap the benefits of the £12,000 monthly net profit from the boutique hotel apartments.
Pam has since created a mentorship to empower others to follow in her footsteps and is available to support others in a similar project. Visitors to the show can meet Pam on stand 402.
Check out www.whiteglovepropertytraining.com/womeninproperty for more info.