From Agent to Developer: My Unlikely Path into Property
People often ask how I got into property development, and honestly, it was something of an organic journey. At 18, I didn’t know what I wanted to do, but I knew, thanks to my dyslexia, that a traditional office job wasn’t for me. I decided to study surveying at university, figuring that at the very least, I'd be out and about, visiting properties.
Thrown in at the Deep End
I graduated in 2008 right into the jaws of the financial crash. Unemployable in a collapsing job market, I went travelling. When I returned, full-time roles were still scarce, so I begrudgingly accepted a job as an estate agent in North London. I thought it would be a short stopgap, but I ended up loving it and spent 12 years in the role, building up a small buy-to-let portfolio on the side.
By 2018/19, it became clear I’d outgrown agency work. My side hustles were generating enough to support my lifestyle, and I had the chance to chase what I then saw as the dream: becoming a full-time developer. I’d seen others, some arguably less capable, doing it, so how hard could it be? Oh, how naïve I was.
The Pandemic & New Beginnings
Then the pandemic hit, stalling everything. By chance, I met my now business partner during this time, and with the downtime, we realised we wanted to work together. Having previously been burned in a joint venture that lacked formal agreements, I was adamant that we’d set things up properly before buying anything.
That’s advice I’d offer to anyone, get the structure right from the outset.
Once aligned, we pooled our resources and bought our first project: a £1.3m office block in Uxbridge. We secured permitted development rights to convert it into eight flats. Financially, it wasn’t a big win, but the learning curve was immense.
Scaling Up
Post-Uxbridge, we flipped two flats, one of which returned £230,000 in just five months, and percentage wise this was probably the best deal I have ever done.
[Side Box]
Purchase Price: £495,000
Stamp Duty £ 39,000 Planning & Professional Fees: £8,000 Build Cost: £43,000 Gross Development Value (GDV): £815,000 Profit: £230,000
By the end of 2024, we’d secured two office buildings in Teddington for £1.55m via direct-to-vendor marketing. With permitted development rights already approved, we're now converting them into 11 one and two bed flats with a Gross Development Value of at least £4.3m.
Looking Ahead
We're focused on growing Bright Hill, with a long-term vision to build and hold what we develop. We're now actively seeking investors to help us scale, and are looking to run multiple projects (all at different stages) at the same time.
Lessons from the Journey
● Trust your instincts
● Network relentlessly - our team came from it
● Ask questions, always
● Property can be lonely; surround yourself with generous people
● Cashflow is critical - it can sink your ship
● Budget more than you think for pre-build costs. Our latest project will cost £200k in fees before a brick is laid
● It’s not easy, property is a marathon, not a sprint
● Mistakes are inevitable, learn from them
● Building something you're proud of makes it all worthwhile
Want to Learn More?
If you’d like to hear more about our journey or our projects, feel free to reach out. We would be happy to show anyone around a live site.
Joshua Jackson | MRICS | Director
Web:
Email: joshua@bright-hill.co.uk
Mob: +44 (0) 7875 027 428
