Commercial Property Investor Podcast Overcoming Obstacles: Paul Million On The Frustrations and Triumphs of Property Development
This time round, I'm joined by Paul Million, a seasoned landlord and developer, to discuss various topics, including Paul's background in property investment, his portfolio of over 80 properties, and his experience with commercial conversions and HMOs.
We delve into a specific project Paul worked on, an 8-bed scheme in Darlington, and the challenges he faced with planning. Paul shares his decision-making process for prioritising projects and his commitment to delivering high-quality finishes.
KEY TAKEAWAYS
- Paul has a knack for creative deals and has used various strategies such as deferred considerations, purchase lease options, and handshakes to acquire properties.
- Paul has faced challenges with planning permission, particularly with issues like parking and nutrient neutrality, but has successfully navigated through them by appealing and finding alternative solutions.
- Paul prioritises projects based on factors such as ROI, demand in the area, and the potential for success. He also considers the expertise and capabilities of his team and partners.
- Delivering high-quality finishes in his projects has allowed him to achieve higher rental rates and stand out in the market. He values attention to detail and takes pride in the aesthetics of his properties.
BEST MOMENTS
"Nutrient neutrality is certain, I think it's about 74 or 76 local planning authorities around the country... It's so utterly no common sense frustrating for developers."
"I had the former creative director of Malmaison Hotels around at this 8-bed HMO the other day... He said, you know what, in 17 years of developing hotels, I've never seen a finish quite so good as what you're getting here."
"I've got a 10,000 square foot, beautiful stone built school and maternity hospital in Bishop Auckland... You know, Jonathan Ruffer had just spent 200 million pounds of his own money in the town centre. It was up and coming."
"I'm saying to my barrister, I'm about to do a lot of PR, I'm a bit of a PR person, you know, I think we need to tell the world what's happening here."
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