Embracing the opportunity: What do you do when a project becomes too much?
Navigating Challenges in the Property Development and Construction Industry
In the development and construction industry, opportunities abound—from listed buildings and commercial conversions to land acquisitions. The sheer number of potential builds means plenty of pieces of the project pie. But what happens when the slice is too big? When a development project becomes too much to handle?
The Project: A Grade II-Listed Pub
We often encounter projects that initially seem feasible—just bare bricks needing TLC. These are the ambitious properties that come with significant challenges: things like dampness, heritage status, and structural issues but have the potential to be restored and loved once more—projects where we make the call to go all in or walk away. For us, this project arrived as a Grade II-listed pub in the middle of Nottinghamshire.
Upon initial assessment, the project was perfect for us. It was a mixed-use conversion project, a building of historical and local interest, close to the work we had previously completed. We had secured the necessary investments and submitted our vision to planning. However, as we continued to expand on our project plans, it became clear that undertaking the works would require a level of resilience that we couldn’t commit to.
Re-Evaluating the Feasibility
With further checks in place, assessing the interior and exterior of the property, and re-estimating our budget, we decided not to move forward. Re-evaluating the challenges and taking the time to deliberate on our options allowed us to recognize that the project was not viable for us. It would place undue risk on our resources, creating hurdles that didn’t align with our capacity or our plans for the project.
A Strategic Decision: Passing the Project On
Consequently, instead of abandoning the project altogether, we decided to see if it was something another company would be interested in. We identified another developer who was interested in taking on the challenge and sold the building, confident that the new owners could bring this development back to life and tackle the complexities of the build.
While this decision might seem like a step backwards, it has allowed us to instead focus on projects that align with our vision for the future and remain within our current capabilities. Sometimes, securing the future means letting go of opportunities. And in letting go, another team has gained a chance to grow. The decision to sell the property was not a failure but a demonstration of the foresight needed to thrive in the industry. It shows the ability to make tough decisions and adapt, recognizing that not every project will be a perfect fit. Sometimes, a project collaboration comes not from the works themselves—but from giving it over to another.
Lessons Learned: The Value of Letting Go
Ultimately our experience with this project taught us a valuable lesson and reinforced that development isn’t just about the projects you fulfil but also knowing when to switch things up. By embracing the lessons learnt from this potential project and making the strategic decision to move on we’ve strengthened our focus on what truly aligns with our expertise. Here at Crossover, we believe that challenges are opportunities and displaying resilience in the face of challenging decisions is an indispensable quality. This experience will continue to guide us in the future, ensuring we proceed thoroughly and thoughtfully in our endeavours.