Nottingham property company Property Investment Portfolio (PIP), has begun a £20 million construction project in Cornwall to refurbish a former MOD residential site, earmarked for luxury development.
The new project, which will see PIP acting in conjunction with private investors to refurbish the exteriors and interiors of 120 former MOD properties, has now begun at St Eval.
Multimillionaire property developer Arv Soar, owner and director of Property Investment Portfolio, has now invested heavily in the specialist construction arm of his business, PIP Construction, to fulfil the project. In addition to spending over £100,000 on new plant, he is expected to recruit a further 50 new employees for PIP, including an operations director in the coming months. These employees will be based across PIP’s three locations in Nottingham, Hull and now in St Eval.
“There is a huge demand for luxury housing in Cornwall and St Eval is an extremely desirable location, being situated so close to Padstow and the North Cornish coastline,” explains Arv Soar.
“Our core business is the provision of property investment opportunities for investors and lettings, but we have always operated a construction division, which has developed individual properties and streets and constructed the various developments that we ourselves have launched.
“The St Eval private investors partnered with us were impressed by the standards of our previous refurbishments and my proven knowledge of working effectively in both ‘bull’ and ‘declining’ property markets. In this market, construction firms need to have even more strategic property market knowledge to survive and prosper and this is what we bring additionally to this project.”
The St Eval development, will comprise 120 luxury, 3 bedroom executive properties.
This new project follows the successful growth of Property Investment Portfolio, which last year invested £100k to extend and refurbish its offices in Nottingham and Hull to create a better customer experience for its many clients and also to house a larger team.
Arv, who is a regular property market commentator, launched PIP in 2005 and now has several hundred properties in Nottingham and Hull.
“We will hopefully be announcing another, larger construction project in the next month and are actively seeking new development opportunities,” concludes Arv.