In September 2019 Jun and I decided to focus our property business on Commercial to Resi (residential) conversions.
In doing so we restructured. Creating a project management company Middle Park Projects Ltd for overseeing commercial conversions and buying building materials for LNPG suppliers. We also went to investors for seed funding in order to pay for this start up company. The new development company / seed funded company is called Lambie & Partners Ltd (LPL). This has no public face but will be co-owner of any Special Purpose Vehicles (SPV). A co-investor will be the other side of the SPV providing the capital.
The deal for investors is a 1% for each A class share they purchase. Our goal for this company is 3 commercial conversions in 3 years. A minimum retained earnings after tax of twice what they put in per share.
LPL investors have first right of refusal on being the investor in any commercial to resi deal that we come across. This was a great way for both sides of the investor dance to size each other up. Surety on both sides. We over subscribed the first round, but a couple of investors got Brexit cold feet – even though we see this as a huge buying opportunity, so we have some new investors coming on at time of writing.
Latest posts by Craig Lambie (see all)
- Are EVs the answer to Humans Thriving on Planet Earth? - August 22, 2023
- My Climate Pledge - July 16, 2023
- Click to Call - March 12, 2020