XP Property Ltd
About Our Business
We focus on maximising returns for our investors with a de-risking strategy that has helped us win numerous awards including Property Deal of the Year 2022 at the Property Investor Awards.
Both Jack and Ben have a background in design and construction and have used their podcast, boardroom and consultancy services to become figure-heads of property expertise within the industry.
XPP are a team of 7, with 2x project managers, a legal/finance manager, office assistant and a QS/land acquisitions manager. With a wide network of consultants and contractors, we have a great external team that also contributes to our schemes.
Our Company Values
We are known for our Honesty and Transparency both sharing advice and knowledge to the wider property industry, and also sharing the good and the bad with our investors, recognising that not everything goes right all of the time, but it’s how you show resilience and resourcefulness to solve problems that make a good property developer.
We have great personal relationships with our investors, providing regular progress updates, inviting to in-person site tours, WhatsApp group chats for efficient communication.
Our social housing portfolio boasts great ESG credentials.
In our HMO portfolio we support local small businesses by collaborating with discounts and initiatives for our tenants and source furniture and fittings locally.
What Differentiates Us
We believe in giving back and sharing our knowledge and learnings with like-minded property professionals. We offer property consultancy via 1-2-1 coaching and via our structured boardroom groups.
XP Property is our main business however we have an eco-sytem of sister companies that expand our network and resources.
AURA Architecture & Interiors provides access to a team of talented architects and designers, up to date construction cost estimates, and a large network of suppliers and consultants.
XP Surveys is a team of 6 geomatic surveyors that provide the latest laser scan surveys, drone footage, and all the information we need to set up our projects for success from the start.
KEY Information
Registered company name: XP Property Ltd
Year started in property investment: 2000
Operational areas:
London, Oxfordshire, Berkshire, Buckinghamshire, Hertfordshire, Kent, Surrey, Hampshire, Essex, Sussex
Typical portfolio type: Mixed-use, Residential flats, Commercial, HMO, Social Housing
Portfolio value: £42m
LTV across portfolio: 75%
Ave ROI on owned projects: 108%
Ave private funding amount: £500k - £4m
Ave term length: 18 months
Ave interest offered: 50% ROI on JV Equity
Securities on borrowing: 2nd charge
Meet the Founder/S
Jack Jiggens & Ben Richards
Jack Jiggens (Land & Acquisitions Director)
Jack is responsible for sourcing, structuring and securing de-risked deals and has, to date, raised £14m in equity and £41m in debt facilities across our projects.
Born into property, Jack started early on building sites, developing and flipping properties.
Ben Richards (Development Director)
Ben is responsible for the design and delivery of our projects, ensuring our schemes are designed and built-out successfully, on time, and to budget.
Ben has spent 12 years in the construction industry working for architects, structural engineers and as a technical manager for the Berkeley Group.
>>> Please Watch OUR Inverview & USE THE BUTTON BELOW TO Connect with US to find out more!
Our Existing Portfolio
Our existing portfolio is a mix of sites we’ve developed including, 10x Offices/ Commercial , over 30x Residential apartments, 115x Social Supported living Studios, and over 100x private bed HMO portfolio. Our active pipeline is 65+ flats and houses across 5x sites with a combined GDV of £28m.
The Ethos Behind The Portfolio Type We Work With
We invest and develop in London and the Home Counties where values are higher and additional sqft gained is very valuable. We use our knowledge of planning and design to unlock this value creating typically 1 and 2 bedroom homes.
In the Home Counties we develop property in affluent market towns with good transport links, and can also achieve strong rental yields. We regularly achieve double digit returns with our HMO’s.
The £20m social housing portfolio we’ve created is a JV partnership, and although a sideline venture, has given us a wealth of knowledge in the supported housing space.
CASE STUDIES >>>
PROJECT 1
St Helens Mill
The Property & Strategy
We bought this asset through a share purchase of the owning company to save £80k in SDLT. It was a tired asset of 14 apartments, partly underlet and partly vacant. The owners clearly inherited more than they could manage. The building was generating £80k Gross income across the 14 apartments. We knew, refurbished, re-let, and re-valued, the asset would over double the income with no planning risk. Plus the income paid for the development finance monthly.
Even though we didn’t need to go to planning to create the deal, we did. We managed to obtain planning to convert the existing 600sqft loft apartment to a 4 bedroom 4 bathroom HMO. All in all, still ending up with 14 apartments, we ensured we had asset management to keep the income, while renovating the vacant apartments and re-designing them to suit. Taking the value from £1.517m purchase price to £3.45m GDV, with only £400k spend and almost next to no finance cost cancelled out by the rental income. We also increased the rental income from £80k to £189k per annum. On refinance at 60% LTV we pulled out all the investors money on refinance and now keep the asset within the portfolio.
Numbers
Project started date: May 2021
Project completed date: May 2024
Financing method:
Debt Finance 70% LTC
Equity Investment 30% LTC
Purchase Price: £1,517,000
Cost of Works (including finance costs): £390,000
Legals, professional services and fees: £53,000
Total spend: £1,996,536
GDV: £3,450,000
Profit from costs: £1,302,462 Profit (includes deduction of deferred tax in business) 65% Profit on Costs - After Finance 37% Profit on GDV - After Finance
Annual cashflow after all costs: £29,992 Net (infinite return). The sharp rise in interest rates over the last few years has reduced our net cashflow position but we also leveraged up to release all the original equity in the scheme.
Location
The property is based in Abingdon, the second largest town in Oxfordshire with a population of 33,000. The town boasts riverside walks, gourmet eateries, high street shops and hosts annual festivals for it's residents.
The project is situated a short walk from the town centre and is within commuting distance to Oxford.
We refurbished 14 apartments, set in a period brick building, which resulted in a ROI of 160%.
Planning
Full planning application to move the external staircase internally, also to add 5 dormers to create the 4 bedroom, 4 bathroom penthouse apartment. There is scope to extend the building a further 30% in the future, but this is sat as a future project should our business struggle to fill our pipeline.
Additional information
We won two awards for this project.
Deal of the Year - Property Investor Awards 2023
Project of the Year - The Developers Club 2023
Learn more
https://www.youtube.com/watch?v=YrAjLR62h6c
