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Tani Dulay, Chief Executive at Woodbourne Group, reflects on the impact of Covid-19 and the importance of mindset in defining better resilient socio-economies.
The COVID-19 pandemic and its economic fallout doesn’t require an introduction. It’s unclear exactly what form and how long the economic recovery will take. The OBR says the UK economy could fall by 35 per cent in the second quarter. Brutal, but it also expects a very sharp bounce back with policymakers acting in unison. Actions are being taken far beyond monetary policy to cushion the demand drop and they are preventing the economy from seizing up in aggregate credit flows by keeping illiquid firms solvent.
The Department for Transport’s “notices to proceed” to the contractors on the HS2 route between London and Birmingham means the civils packages, worth £12bn, can now finally get underway without delay to ‘level up’ the country and the city. It has been confirmed the staging of the 2022 Commonwealth Games will not be impacted by the postponement of Tokyo 2020 either.
These are reminders of how resilient our city is. Its underlying strength should give hope to those whom operate within it.
We had to revaluate operations and make lateral moves to adapt. Woodbourne Group has the bandwidth to support its pre-construction activities across the development portfolio and will continue to screen opportunities. The stable, loyal and determined entrepreneurship shall be the backbone of the national perspective growth. Attitudes and psychology of the mindset plays a role in defining better resilient socio-economies. It’s often said that when the wind of change blows, some build walls, while others build windmills.
Woodbourne Group has completed the acquisition of Mill Wharf from a Property Fund managed by London-based Downing LLP. The completion reflects a wider combined acquisition of £5.5m which now extends the company’s ownership to 60,000 sq ft of mixed-use space, over 2.5 acres.
Located just off the A38 and Dartmouth Circus, the property occupies a prominent position in Birmingham City Centre, with the Birmingham Curzon Masterplan Area for HS2, and in close proximity to the city’s University Quarter. The site also benefits enormously from the waterside amenity afforded by its canalside location.
Tani Dulay, Chief Executive of Woodbourne Group, commented: “Successfully acquiring the Mill Wharf investment on the open market is a demonstration of our ability to conclude deals within a timely manner.”
Nick Lewis, Partner of Downing LLP, commented: “Having recently re-geared the lease with the occupier JTL, which included bringing in the adjacent car park owned by the tenant, now was the opportune time for a disposal of this asset and Woodbourne Group were an obvious buyer. Woodbourne Group acted quickly and enabled a swift transaction to take place.”
James Madill, Partner of Gateley’s plc acted for Woodbourne Group. DWF and MK2 Real Estate acted for Downing.
Developer Woodbourne Group has agreed a deal with Sanctuary for the construction of 70 new homes at Woodbourne Group’s award-winning Canalside development.
The deal is the latest in a series of development milestones at the site, it received support from the Local Enterprise Partnership, MP Adrian Bailey and was recommended for the SBD Gold Award.
The properties will all be delivered for affordable rent and construction is set to start on the scheme this month. Demolition work has already taken place on the part-derelict industrial estate to make way for the new homes.
Tani Dulay, Chief Executive of Woodbourne Group, said: “The deal is a testament to our ability to exploit value in areas that others would shy away from.”
Woodbourne Group is building an order book of more than £100m in its dedicated housing partnerships division.
Woodbourne Group has successfully completed the acquisition of Saxon Way Industrial Estate in Birmingham for an undisclosed sum.
The property is a multi-let industrial estate located 14 miles east of Birmingham City Centre and close the M6 at Junction 4 providing easy access to the M42.
Tani Dulay, Chief Executive, commented: “In an ultra-low interest rate environment the cash flow benefit of higher yielding multi-let industrials is obvious but most investors are put off by the smaller lot sizes and the level of asset management required. The estate offers significant reversionary potential and scope for future redevelopment”.
Birmingham’s first £4 million house is set to be built in Edgbaston – where it will boast seven bedrooms and ten bathrooms.
Woodbourne Group has been given planning permission for the property at 46 Westfield Road.
Aiming to mix traditional values with a modern vision, the home on a 0.75 acre site will also boast a swimming pool, Jacuzzi, steam room, sauna, gym, cinema, squash court, table tennis and snooker room and a luxury garden building.
Seven of the ten bathrooms will be en-suite and the home will also include a drawing room, reception room, family room, dining room, kitchen diner, dedicated laundry room, utility rooms, cloak store, an entrance hall and a tandem garage.
Due to complete in early 2018, if the home does realise its market potential, it is set to be the most expensive residential property in the city’s history.
Its current estimated value of £4.1 million would be half a million pounds more than city’s current record holder at 4 Woodbourne Road which was sold in 2011.
The council’s consent for the property marks the first stage in a multi-million-pound pipeline for Woodbourne Group. Based on Harborne Road in Edgbaston, the company recently re-launched its development arm after nine years. Its new expansion plan is being spearheaded by Tani Dulay, a 24-year-old entrepreneur:
“46 Westfield Road, whilst a significant project in it’s own right, is just a small step in the right direction for the company.””
Mr Dulay, who is a mentor to the Business School students of University of Wolverhampton, added:
“Experience across the board culminated with our start up mentality positions us well to deliver in a post-Brexit landscape. The UK still has the foundations for a boom in house building and we remain committed to meeting these needs.”
Work has now started to build ten affordable homes in Synwell, Wotton under Edge, on the site of the former Full Moon pub.
Stroud District Council has contributed towards the project that will see affordable housing provider Two Rivers Housing acquire ten completed 2 and 3 bedroom houses from developer Woodbourne Group, all of which be available for shared ownership. Homes England has also contributed to the cost of the project.
Tani Dulay, Chief Executive of Woodbourne Group, commented: “Developers are tasked with the enactment of national policy imperatives; building the homes this country needs. We take this seriously and look forward to making a positive contribution to the Stroud District”
The first homes are due to be completed in April 2019 and the whole project finished by the end of June 2019.
Woodbourne Group has put forward plans to build a new store for Lidl UK GmbH (“Lidl”) on a prime retail site in Redditch. Lidl have signed up to a 25-year lease.
Battens Drive is located adjacent to the roundabout junction between the B4497 Battens Drive and the A4023 Coventry Highway.
NTU alumnus Tani Dulay, (MSc Real Estate 2014), has been shortlisted for two categories in this year’s NatWest Great British Entrepreneur Awards’; Young Entrepreneur of The Year and Family Business Entrepreneur of The Year.
Tani Dulay beat off tough competition in order to make the regional shortlist, with over 1000 entrepreneurs entering the awards nationally across the wide range of categories.
Now in its fifth year, the NatWest Great British Entrepreneur Awards, which acknowledge the hard work and inspiring stories of British entrepreneurs and businesses in Great Britain, has celebrated some amazing entrepreneurs over the years, many of whom are now household names.
Speaking about the nomination, Tani Dulay said: “It’s an honour to be nominated and I’m fortunate to be here. Finalist selection was made possible by the commitment of team players who work hard to turn our vision into reality.”
Creator of the Awards, Francesca James, said: “This year has seen a record number of entrants and we’ve been absolutely blown away by the strength of applications. We cannot wait to celebrate entrepreneurship across Great Britain with them and put a spotlight on the incredible talent within the British entrepreneur ecosystem.”
Developer Woodbourne Group has this week submitted a planning application for a 70-unit home scheme at West Bromwich’s Black Lake.
The planning application seeks permission to demolish the part-derelict industrial estate to make way for a £13m project. If the application is approved, the demolition work is likely to start at the end of this summer.
The high-quality and sustainable housing scheme will compromise of 53 houses and 17 apartments.
The estate will sit next to the Black Lake tram stop which has an average of 1300 weekday boarders and a journey time of under 19 minutes to Birmingham City Centre. It is also likely to benefit from High Speed 2 (HS2), the UK’s new high speed rail network.
In February, the Government released its white paper, Fixing our broken housing market, which sets out a broad range of reforms that Government plans to introduce to increase the supply of new homes.
Tani Dulay, CEO of Woodbourne Group, supporting the Government’s white paper on housing, said:
“Notwithstanding current increased market uncertainty following the snap election, Woodbourne Group remains in robust health to capitalise on a continuing benign land market with £10m under offer on sites in the region and a pipeline now close to £50m.”
“The number of households in England is projected to increase at an average of 210,000 a year between 2014 and 2039 according to government figures released last summer. The housing market fundamentals remain strong with high demand from home buyers, good availability of affordable mortgages, ample land supply and cross-party political support to build more homes in the UK”.
He explained: “For a long time, Black Lake has remained a part-derelict estate. This exciting opportunity will help breathe new life into this area. One that is well-connected to communities by car, public transport, cycling and walking”
Adrian Bailey, Member of Parliament for West Bromwich West said:
“I welcome the news of Woodbourne Group’s new build scheme at Black Lake as it is projects like this that can add even greater value to the geographical area but can also give a boost to the local economy.”
Dr Chris Handy OBE, Black Country LEP Board Member reiterated his support to the young entrepreneur:
“We support the planning application for Black Lake which will bring 70 new homes to the area and we will work with partners like the Woodbourne Group to ensure the project shares the same principles as the Black Country Garden City project.”
The Black Lake scheme will also provide charging points for EV vehicles and offer bicycle storage. Woodbourne Group is also supporting “Secure By Design”, or SBD, a police initiative which encourages the business industry to adopt crime prevention measures in development design in a bid to help prevent crime, but also to help reduce the fear of crime, creating a safer and more secure environment for everyone to work and live in.
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