Updated: April 01, 2022 – Overcoming Challenges
Estimated reading time: 3 minutes
South Croydon Groundbreaking
Finally, groundbreaking for the construction site in South Croydon took off after almost a year of planning permission application approval from the London Borough of Croydon Council. The decision was depending on the Councillor of the Planning Committee.
The architect revised his drawings countless times, especially on the exterior design. It was like an endless drama in the planning department.
It seemed like everyone was on leave during Christmas and New Year. The long social distancing and lockdowns disrupted the whole process. Brexit uncertainties were in the air and the British Pound exchange rate had a roller coaster ride. Huge market uncertainty. Lenders completely paused new development finance loans during the 1st wave of Covid.
A Blessing in Disguise
Maybe everything happens for a reason. If the construction took off before the Covid and it would be almost finishing in April or May this year, but government froze all construction because of national lockdown. However, prime interest would continue paying. This adds up to the construction cost.
The finance institute did the evaluation in February and again in October this year, there was an uplift of GDV (Gross Development Value) of 14% in 9 months. A big smile on every investor and the developer herself, amid all the stress and horrific episodes that were daunting.
An Investor’s Perspective
Through this process, as an investor, my mindset from the beginning was to invest a certain amount of money and expect what return that I will be getting. And when to get it. I wasn’t interested, as I was on the other side of the globe.
However, in this journey, through group discussions and webinars, I have learned more than being an investor in the team. Knowledge, experience, network and platform enriched my life. The mindset in overcoming the challenges.
I took this photo on the first day of Chinese New Year last year (2019) to have a glimpse of this future development. More than a 645 days ago.
At the moment, the project is running smoothly after it has been stuck for a long time. We grow from challenges. Even stronger than before.
Take-Home Message
Tip: Find people to model who is ahead of you on the entrepreneurial journey that you seek to follow.
I hope you have enjoyed this blog. If you want me to write about any other topics about property related and motivation, drop me a comment below. In case you’ve missed my other blogs, please click on the menu ‘Blog’ on the top right corner.
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As a commercial lender in the US, this was a very interesting read! Lending never stopped here, but development was significantly impacted by increased costs in almost everything and supply shortages causing project delays while the interim loan’s interest continued accruing. Overall, tough years for developers!
I agree with your tip! Find a role model/mentor and ABSORB everything!
It is amazing the obstacles that are happening that we never know that other people are facing.