Newsroom

Developer Shares Highs and Lows of Property Journey

A Dundee businesswoman hoping to transform a former Broughty Ferry jute mansion will reveal the highs and lows of her property journey at a free event later this month.

Jennifer Olivier will share her experiences of property development at the Tayside Solicitors Property Centre Property (TSPC) Investor Evening on Monday 25 November 2024.

Jennifer, who was born and brought up in Dundee, is awaiting planning consent to turn Broomhall House, the former ‘Jessie’s Kitchen’ on Albert Road, into 13 aparthotel rooms, with the Victorian conservatory and Billiard Room intended to be available for private dining.  Set within the magnificent building dating back to 1865, if granted consent, The Isobel Apartments would be named after Jennifer’s late mother, who passed away at the age of 62 in 2013.

Having previously refurbished her own homes, Jennifer has a long-standing passion for property, which she decided to explore professionally in 2011.

She explained, “I’d always loved doing up my own homes and friends often suggested I should do it for a living. While my Mum was risk-averse, my Dad had been a painter and decorator all my life and shared my passion for getting into property.  So, in 2011, I bought a house covered in black mould near Dawson Park and completely transformed it before selling it as a beautiful new family home. That was my first ‘flip’, and was the moment I realised that I could make a living from this flexibly, alongside my freelance role as an HR consultant.”

Unfortunately, Jennifer’s Mum passed away in 2013 and, seeking a fresh focus, provided an impetus for Jennifer and her Dad to join forces and explore additional properties for development.

Jennifer said, “Dad had given up work to look after my Mum, so we decided that having a focus and something to talk about would help us both.  We went on to renovate several tired, rural cottages in and around Dundee, transforming some into holiday lets. I went full-time with property development just before Covid struck.”

Jennifer’s most recent project is also her most ambitious, the transformation of Broomhall House and, for Jennifer, much more than a business project.

Very much driven by her Mum, Jennifer explained, “We’re looking to create The Isobel Apartments in my Mum’s memory. Mum was a primary school teacher and worked with children in some of the city’s most disadvantaged areas. She cared passionately about these children, and I’d love to do some good in her name, ideally creating a fund that her school would have discretion to use as they saw fit, perhaps for families who are struggling.   As I work in housing, I’d also like to be able to donate to a homeless charity, driving a percentage of the profits to those who are less fortunate.

“As well as providing high-quality homes for rent, property can be an amazing vehicle through which you do good and it’s very important to me that we do that through this particular project. I love the history and back story of buildings, so I would love to give a nod to the house’s history, perhaps calling a couple of the rooms after ‘Jessie’s’ or ‘Turriff’s’, for example.”

Preparing to talk at the TSPC event, Jennifer aims to educate and inspire the audience while alerting them to the pitfalls and challenges.

Jennifer added, “My parents worked hard all their lives, but because Mum was diagnosed just as she retired, they never got the time to enjoy the things they wanted to as a couple.  I subscribe to the view that you can work for money or have money work for you, so I’ll be sharing ways to use property as an investment tool that pays you an income.

“While I’m currently working on the project of a lifetime, I’d advise anyone starting out to go for something that doesn’t need planning or an architect, to get a few under their belt, saving cost and time. As soon as you need planning consent, you slow down your progress and escalate your costs.  I’ll also highlight the financial aspects people might not be aware of, for example, the Additional Dwelling Supplement that kicks in when you buy a second property, the situation with council tax and the risk of buying homes that might not be mortgageable, not to mention building regulations which are becoming stricter year on year. While I love my career and find it incredibly rewarding to see people’s reactions, forewarned is forearmed, and the more you know in advance, the more successful you will be.”

The TSPC Property Investor Evening will take place at TSPC, 11 Whitehall Crescent, Dundee, DD1 4AR from  6-8pm on Monday 25 November 2024.

Following Jennifer’s presentation, the audience will break into rotating workshop areas supported by experts from TSPC partner firms, covering topics including property financing, using a letting management service, and identifying good investment properties.

Angela Wallace, Centre and Operations Manager of TSPC added, “ At TSPC, whilst our main operation is marketing homes, we also excel at offering guidance on anything property related.  Holding events for first-time buyers, investors, or landlords is our way of delivering expert advice, and we are delighted that, on this occasion for investors, Jennifer is sharing her journey so that other property developers, investors or even the curious can hear first-hand of the rewards, trials and successes. Property investment can be incredibly rewarding and lucrative, and this event will provide a fantastic and honest insight into what’s involved.”

To reserve a space at the event, please visit www.tspc.co.uk

ENDS