Twenty-sevenSchemes
Since 2008, across a fifty-mile radius. Every exited scheme has returned investor capital in full; six beat their modelled return and four came in under it. Both numbers are on this page.
£184M
Assets under management
27
Schemes delivered since 2008
11.4%
Average investor IRR
28
Investors on the register
The last eight,
most recent first.
Gross development value at completion, and the multiple returned to investor capital. The full twenty-seven are in the file.
| Year | Scheme | Location | Type | GDV | Result |
|---|---|---|---|---|---|
| 2025 | Sŵn y Môr | Porthcawl | Coastal residential | £3.3m | 2.1x returned |
| 2024 | Gwent Chambers | Newport | Commercial conversion | £2.8m | 1.7x returned |
| 2024 | The Sidings | Caerphilly | Residential | £4.1m | 1.6x returned |
| 2023 | Pentre Mawr | Blackwood | Land assembly | £1.2m | 1.4x returned |
| 2023 | Severn View | Chepstow | Residential | £5.6m | 1.8x returned |
| 2022 | The Maltings | Cardiff | Commercial conversion | £7.2m | 1.9x returned |
| 2021 | Coedcae Terrace | Blackwood | Heritage restoration | £1.9m | 1.5x returned |
| 2020 | Rhymney Wharf | Newport | Build to rent | £6.4m | Held, refinanced |
The honest caveats.
The multiple shown is capital returned to investors divided by capital drawn, net of our fees and carry. It is not an IRR and the two are not comparable — a 1.6x over thirty-one months and a 1.6x over fifty-one are very different results.
The 11.4% average IRR on this page is the mean across exited schemes only. Held assets are excluded because their return is not yet realised, which flatters the figure. We would rather say so than not.
Two schemes since 2008 returned capital with no gain at all. They are in the twenty-seven and they are in the file.
What we actually do.
Six disciplines, and the honest note on each after eighteen years of doing it.
Residential development
11 schemesThe core of it. Small sites, nine to sixty units, where a national housebuilder will not go because the margin is too thin for their overhead.
Commercial conversion
6 schemesWarehouses, chambers and one former bank. The best returns on the file and the highest variance — ground and structure are where these go wrong.
Build to rent
3 schemesHeld rather than sold. The return is income and a refinance, not a disposal, which suits some of the register and not others.
Land assembly
4 schemesBuy adjoining titles, service, sell as plots. Short holds, modest multiples, and the least exposure to build cost of anything we do.
Heritage restoration
3 schemesSlow, consent-heavy and satisfying. Contingency runs at ten per cent rather than seven and a half for good reason.
Joint venture equity
2 schemesWhere another developer has the site and we have the capital and the QS. Rare, and only with people we have built alongside.
Capital at risk. Past performance is not a guide to future returns. Figures on this page relate to exited schemes and are stated net of fees and carry. Held assets are excluded from the average IRR because their returns are unrealised. Promotions are issued only to investors who have certified themselves as high net worth or sophisticated. Build Blackwood Investments Ltd, registered in Wales, company no. 06412870.