The Old Library Development Case Study

THE OLD LIBRARY CASE STUDY

Case study

The Old Library The objective - to assist and advise Autograph Homes on the build, design, marketing and selling of The Old Library development. Consisting of 36 one, two, and three-bedroom apartments, set over four floors, split between two blocks.

Strategy Our aim was to successfully deliver a first class service to both Autograph Homes and buyers at The Old Library, selling the development efficiently, professionally and ensuring we communicated effectively to all parties involved.

alongside the sales pack was too low and we were able to assure Autograph Homes of this. This increased Gross Development Value (GDV) allowed Autograph to bid for the site with confidence. At this stage, our opinion of the GDV was ÂŁ10.48m.

We worked closely with Autograph Homes from bid stage to handing over the keys to the last resident. We were on hand to advise at each stage, offering support with pricing, design, marketing and selling.

Autograph Homes were keen for our input in the design process and we were on hand to comment regarding layout, specification choice and meetings with the interior designer to offer guidance on thoughts for the show apartment.

Our team provided appraisals, carrying out extensive market research in order to establish a thorough understanding of what competitors were offering, along with comparable evidence for the second-hand market.

We put together a realistic initial valuation appraisal; the objective being to provide pricing that was ambitious yet at the same time achievable. Our comprehensive research gave us confidence that the valuation provided

Our opinion and guidance regarding initial plans for studio apartments led to a change being made to incorporate further one-bedroom apartments achieving a higher price and meeting customer demand.

Outcome

47%

of apartments reserved prior to show home launch from January 2018 to April 2018, exceeding expectations.

32 out of 36

Number of the aprtments reserved prior to build completion. We surpassed expectations for values achieved.

An extensive Marketing Plan was put in place December 2017 to encompass the entire year ahead. Thoughtfully planned to ensure we were achieving our objectives; the plan ensured Autograph Homes were kept informed of what we were working towards and what we expected to achieve throughout the year.

The plan outlined a thorough breakdown of when signage would be erected, an advertising schedule, sales targets, events and exchange and completion expectations.

The creation of marketing literature and in particular a brochure was vital in ensuring we had solid material to promote the development in the best way possible.

Working alongside Autograph Homes we were involved in the production of the brochure helping to decide on layout, content, imagery and style.

Meticulous preparation was carried out in readiness for the launch of the development, our sales team created reservation paperwork, plot files, price lists and various documentation to support off plan meetings. Different plans, elevations, floorplans, PEAs, specification, and detailed information regarding buying a new home was readily available. This meant that when it came to taking reservations the sales team were fully prepared and could deliver first class customer service.

We decided to release plots in staggered phases, this allowed for a variation in the apartments available offering a selection of plots based on size, number of bedrooms, floor level and pricing. This also allowed for us to hand-pick which plots we wanted to release first, an opportunity to select less desirable units and ensure we had a good variety of plots available when it came to the show home launch. This staggered approach provided the opportunity to test initial pricing and allowed us to adjust as necessary.

The sales journey began with ‘Off-Plan’ meetings at our Head Office, an opportunity for interested parties to meet with a member of our sales team to discuss details regarding the development, take a look at plans, floorplans, specification and tile/flooring samples.

Without a show apartment available at this stage, the team relied on their selling expertise and experience to create an image of what the development would entail and what buyers could expect from the development.

Off-Plan sales were successful with seventeen reservations taken at this stage. This was important to both Autograph Homes and their funders and gave everyone confidence in our values and sales strategy.

Once a show apartment launch date had been agreed the team worked hard to continue to build interest levels and a successful launch event was organised, planned and delivered.

Vital preparation was carried out in order to secure the site was safe for access, relevant signage was erected, and presentation checks carried out in order to ensure the show apartment would look at its best.

The remaining apartments were reserved over the space of five months, with thirty-two out of the thirty-six apartments reserved prior to the build completion.

Throughout this period we endeavoured to keep our online presence fresh and interest attracting new leads.

We created featured advertising appearing in Bristol Property Live, alongside our regular feature on our website and portals. We carried out numerous open events, offering advice regarding mortgages and Help to Buy, providing information key to the target market.

Our sales team continued to deliver high-quality customer service after reservation stage, with regular correspondence between the team, buyers, mortgage advisors, solicitors and developer, ensuring prompt conversion to exchange and that deadlines were met.

Testimonials “Andrews were a delight to work with from start to finish. Despite many hurdles (none of which were to do with Andrews) they were always patient, diligent, communicative and above all, friendly. As a first time buyer who knew nothing about buying a house, I felt like I was in safe hands with Andrews. I can’t thank them enough for all their hard work on my behalf.”

Homeowner at The Old Library

“Andrews were first class in helping me with the purchase of my first property. Buying a new build can be a little daunting, especially when the property has not yet been built, but I felt assured throughout the process and the end result exceeded expectations. It was made very clear to me who was responsible for what service between both the agent, Andrews, and the developer, Autograph Homes, and I’m extremely pleased with the end result. In addition, the aftersales service has been second to none and I would not hesitate to purchase a property through either Andrews or Autograph Homes again.”

Homeowner at The Old Library

“When I was looking to purchase my new build home, Andrews were very helpful from the start. Their employees were friendly and supportive in the process of viewing the property, making an offer and taking the purchase through to completion. They were proactive and helped me move my purchase along as quickly as possible.”

Homeowner at The Old Library

Developer Testimonial Having already provided exceptional service selling our highly successful Eco Development in Bristol, we were confident with the appointment of Andrews Land and New Homes as selling agents for The Old Library.

From the early stages assisting with accommodation layouts and specification choices, we were guided by their expertise with a comprehensive marketing plan and sales release schedule, regular meetings and daily communications. I always felt that Andrews were in control and knew where the next sale was coming from. I never had to pick up the phone for an update – they were always ahead of the game!

Utilising their strengths and ability to sell off plan, we secured almost half the unit sales prior to show home launch – a great relief for any developer. Following the launch, sales rates were still strong, and Andrews were always thinking of new events and marketing techniques to maintain interest levels. The feedback and advice enabled us to surpass our expectations on GDV and sales pace I felt that the entire team at Andrews Land and New Homes genuinely enjoyed selling The Old Library. They were all

interested and asked plenty of questions to ensure they were best placed to inform purchasers at every stage of the buying process. I found them to always be friendly, yet professional, knowledgeable and helpful. I was assigned one point of contact throughout the process: a ‘Site Sales Manager’, who very quickly knew the development inside out.

They are not a typical Estate Agent rather a specialist outfit who understand the development industry very well and support at every stage of the process from acquisition, layout, and specification through to sales progression and handover.

I look forward to working with Andrews Land and New Homes on future developments.

Stephanie Probets Sales Manager Autograph Homes

“Whilst the prospect of buying our first home was daunting, Andrews made the whole process as easy as possible and we could not have been happier with the help we received. Sophie was approachable at all times and bent over backwards to work around our difficult schedules. Sometimes thank you is never enough! Having had a terrible experience with one estate agent, we had no reason to ever worry with Andrews and from offers through to completion we were guided every step of the way.”

Homeowner at The Old Library

Outcome 47% of apartments reserved prior to show home launch from January 2018 to April 2018, exceeding expectations; our target had been to reserve 9 and

Thirty-four apartments legally completed in 2018.

We surpassed expectations for values achieved.

we achieved 17.

Show Home launched July 2018, seeing the

Our pre-bid pricing assumed a GDV of £10,479,000; our initial asking prices were £10,572,000 and in fact, we managed to achieve £24,750 above these

remaining apartments reserved between July and November. Thirty-two of the apartments were

prices with our small batch approach. Importantly this final figure was £1.6m higher than the valuation

reserved prior to the build completion.

included with the bid pack.

Team Leaders

James Read Land & Development Manager

Charlotte Sowden Regional Sales Manager

James Read heads up the team in Bristol.

With 20 years’ experience in the property sector, both affordable and market, he has plenty of experience to draw upon. James has worked on both sides of the fence – developer and agent, which in his present agency role allows for a very real empathy with his developer clients. He

Charlotte Sowden started her career in the property sector in early 2010 and has recently joined our New Homes department after gaining experience as an Assistant Manager in our Winterbourne office.

Charlotte leads the New Homes sales team from the front with enthusiasm and understanding. With strong family ties across the new homes sector she

has worked on projects from a few units to a few hundred and has an excellent understanding of planning – both policy and live applications.

has the talent to deal with clients at all levels, be they individuals or PLCs. She is driven and shows great determination when it comes to customer service and always goes the extra mile to secure a sale.

Sophie Milkins Site Sales Manager

Kate Denning Site Sales Manager

Sophie Milkins has been with Andrews Land and New Homes for the past three years, with vast experience of working in a customer service environment Sophie strives to deliver a high level of service at all times. Sophie enjoys the challenge of new home sales, whether that be off plan selling, marketing a finished product, or undertaking open events.

Having successfully managed The Old Library

Kate has worked within the property sector since joining Andrews in 2005. She worked in the Harbourside office specialising in selling modern leasehold apartments and saw first-hand how the area developed, gaining a valuable knowledge of the individual buildings, blocks and developers.

In 2016, Kate moved to Andrews Land and New Homes to specialise further within the new build

development on Cheltenham Road Sophie gained invaluable experience of meeting customer demand and achieving client expectation. More recently she has managed a productive relationship with a local affordable housing provider, Sophie has expanded on her knowledge of social housing enabling recent multi-unit deals and continues to strive to build the relationship further.

market, gaining further expertise around off-plan selling, construction processes and site safety aspects. As a Site Sales Manager she markets a portfolio of developments on behalf of our developer clients keeping the communication flowing between the site, developers and buyers to enable smooth property transactions.

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