Goldrose Sharpe Developments, a London based property developer founded by two young local entrepreneurs, Daniel Goldsmith, 30 and Paresh Chandegra 39, has posted record sales over the last two quarters in spite of Covid-19.
The company has seen year on year property sales double during 2020, with 90% of available homes sold, primarily to first time buyers using Help to Buy, since March. The enterprising SME has also trebled the number of employees in the office to 10 and secured a new Central London office. They have also increased the amount of labour supply on site to include an in-house team for construction.
Daniel Goldsmith, Director at Goldrose Sharpe Developments, comments: “We have been amazed at the resilience of the London market and how quickly buyers have rebounded – the Brexit vote had a greater impact on our business thus far. First time buyers shot out of the lockdown gates, keen to get a foot on the ladder and secure their own space. The Government’s Help to Buy initiative has certainly helped in terms of affordability and we’re encouraged to see talks continuing to find additional mortgage support for the next Generation Buy.”
The business is predicting turnover for the next financial year to be in the region of £15 million – up 36% from £11 million previously. Supported for the last two years by Close Brothers Property Finance, the company has fuelled its growth using development finance loans, which have been used to deliver three successful multi unit, new build schemes and enabled Goldrose Sharpe’s two latest upcoming ventures.
Work has commenced on two new, centrally located developments in Hackney, totalling 18 high-end residential apartments, with a combined gross development value of £12 million. The sites are well positioned between Stoke Newington and Hackney Downs, each comprising nine contemporary, high specification apartments, with one including 1,510 square feet of commercial space on the ground floor. Both developments are due to launch in the first quarter of 2021 for completion in the Autumn and Winter of 2021. The company also has a strong secured pipeline, including a 22 apartment scheme in Croydon, and they are in ongoing talks concerning several other sites across the Capital.
Paresh Chandegra, Director at Goldrose Sharpe Developments, comments: “We have a strong pipeline and are well capitalised for our search to secure additional sites across London, and beyond into the commuter belt. We are on track to expand our delivery, with ambitions to achieve 500 homes per annum within the next six years, and are fortunate to have a strong relationship with Close Brothers, who we trust to support and help us realise our ambitions.”
Daniel Joyce, Close Brothers Property Finance, comments: “To hit the Government’s ambitious housing targets we need to encourage more housebuilders into the market, however, for decades there has been a marked decline in the number of new entrants into the industry. We are passionate about reversing this decline and encouraging the new, young talent establishing themselves in the sector. The team at Goldrose Sharpe, and their success in spite of the pandemic, should act to inspire the next generation of housebuilders, who will be vital if we are to finally address the housing shortage and kickstart our economy.”
Close Brothers Property Finance draws on 40 years of specialist lending experience in development finance, which enables the team to understand the detailed complexities of each site and business model.