Partner Article

Installing a sense of local pride through rejuvenating landmark buildings: Andy Preston from Green Lane Capital speaks to bdaily

“The thing I love about property development is the fact that you can take an undervalued asset which has a negative impact on its surroundings, and turn it into something positive,” says Andy Preston, when asked what prompted him to set up Green Lane Capital.

Andy spent many years working as a financial markets trader and fund manager in London before he headed back up North to his Middlesbrough roots three years ago.

Soon after, he and his brother Chris decided to go into business together as property investors and developers, despite neither having much experience at it.

“We both have common sense, work hard and are fast learners,” says Andy, explaining his decision. “ We’re financially savvy and understand how to trade risk versus reward.”

The opportunistic pair took a risk, which certainly paid off, especially as they were setting up the company.

“We began investing in industrial properties, and as the rates of bank returns diminished, putting more money into property became an increasingly attractive prospect.

“Then when house prices began to fall, it made net returns more attractive as in investment, so we decided to purchase more properties.”

Green Lane Capital now has a range of assets in Teesside and Tyneside, including office space, houses and apartments catering to professionals, students and social tenants.

Andy is particularly proud of their ‘The Old College’ project, which involved converting an old Edwardian school into up market retirement apartments.

“The homes have been very successful – we have sold 20 out of 24 of the units,” says Andy. “ We worked hard to ensure the property was of an exceptionally high standard, and a place people would want to live in.”

Indeed, creating a place that people want to live in is something of a personal project for Andy.

“The company focuses on rejuvenating landmark buildings people recognize –and I think that why the business has been a success,” says Andy.

“Improving the look of buildings in Middlesbrough is one of the things we can do to correct the balance within the area, and instill a sense of pride in the people who live here.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .