Sourced franchisee’s project sees police station turned into a 4-bed family home

Sourced franchisee Nicola is on way to completing latest conversion in Auchinleck, Scotland.

Since joining Sourced in 2020, Nicola is onto her third project and is almost ready to complete and sell the property, ready to move to more demanding projects that she has in the pipeline.

Nicola always had the bug for property and, in 2011, she decided to purchase her first flip project. A few years later, she worked on another refurbishment to achieve a value uplift, but she was looking for someone to help her turn her passion into business and build a property portfolio. And this is when, she decided to join Sourced.

“Sourced allowed me to grow, expand my business and knowledge, showed me different property strategies and access to funding.” Nicola admits.

Converting a Police Station to a Family Home
Nicola’s current project is a derelict village police station. The franchisee noticed that the area had a huge demand for family homes, mainly because the biggest academy in Scotland was built there. Nicola wanted to grasp that opportunity, so the minute she saw that the police station was for sale, she knew she would add it to her portfolio.

After discussing with the Sourced team, Nicola decided to convert it into a family home. At first, Nicola’s plan was to convert the police station into two 3-bed family homes, but quickly changed her mind, as the cost was high, and the profit was low. “Sourced really helped me with the project. We discussed different strategies and exit plans for the project.” Nicola shares.

The Funding Process Begins
Nicola started putting everything together for the funding process early this year and the desired amount was successfully raised in June 2021. The entire project cost £141,500, including the purchase price, which is £60,000, with an estimated GDV of £275,000. She says: “This is my second project with Sourced Capital, so I was confident that the figures matched, and the due diligence was right … They helped me look at the costs, due diligence and we put together a schedule of works as well.” Nicola shares that this is the first hands-off project for her, and she’s stress-free and very happy with the outcome.

Moving on
The exit for this project is to sell the property before the end of this year, to release an estimated profit margin of 27%. Her plan, moving forward, is to complete a few more projects that she is renovating and to secure a plot of land, so that she can build a 14-bed hotel, in Ayrshire.

Nicola will continue to utilise the expertise of Sourced team and the funding platform to bring her investments to the next level. She concludes: “Sourced is for anyone who loves property, has ambition and is willing to learn.”

Succeed with Sourced
Nicola is one of our 160 franchisees across the country, who want to build a successful property business. Their stories and successes make us proud, and we are always looking for ways to scale their portfolios and give them all the resources and knowledge we can. To find out more about our franchise opportunity and how to be a successful property investor, download our prospectus.