My Park Lodge Project: What I Learned from Buying a House in a Park
When I first came across what would become my Park Lodge project, I didn’t realise quite how much it would test, and ultimately reshape, my approach to property investing.
This wasn’t your typical refurb. It was a vacant, council-owned house in the middle of a Grade II listed park in Grimsby, hidden among trees, overlooked for years, and full of complications. It also turned out to be one of the most rewarding learning experiences of my property career.
Spotting the Opportunity
I’d driven past People’s Park countless times without realising there was a house tucked away in the corner. The property, originally the park keeper’s lodge, had been abandoned for over 20 years. The council themselves didn’t even know exactly how long it had been empty.
When I discovered it, the deal had already fallen through once after being on the market for three years with a commercial agent.
What caught my attention was that it was a once-in-a-lifetime type of opportunity: a detached 1980s build sitting inside a historic park, surrounded by Victorian homes worth half a million or more. It wasn’t listed itself, but it was inside a conservation area, which I knew would come with restrictions, but also prestige.
I’d always enjoyed the challenge and satisfaction of doing flips. So, even though this property looked like a logistical nightmare, I saw potential: good views, scope to extend, and a great location. The council was asking around £80,000, and I eventually secured it for £85,000.
Securing the Deal
Buying from a council is never fast. What should have taken two months took seven months, mostly due to slow processes and changing contacts. During that time, I did my homework, I spoke to the conservation officer, engaged the planning consultant early, and even got the council’s blessing in principle for an extension. I also arranged private funding, 100% investor financed through my existing network, phasing the funds to match project milestones.
By the time the purchase finally completed in 2021, planning permission was in place and the builders were lined up. I felt we were in good shape to move quickly.
The Refurbishment Rollercoaster
We started with a full rewire and re-plaster, opening up rooms to create a bright, open-plan layout. But the project didn’t stay smooth for long. Just as progress was picking up, we had a break-in.
Coming from South Africa, where property crime is a concern, I’d never actually experienced a break-in on any of my projects until this one. The site had been vacant too long and visible from the park. The incident forced us to stop work for a month while I dealt with insurance (a painful process that taught me a lot about the importance of the right cover).
It delayed the project, increased costs, and shook the schedule. The insurance company was true to their word and did pay out.
When work resumed, we hit new challenges: material shortages. We were post-COVID which meant certain conservation-approved roof tiles were nearly impossible to source. Prices jumped weekly. My contractor would call saying, “If we don’t buy by Friday, it’ll cost 20% more on Monday.” Costs spiralled, but so did local house prices, which helped soften the blow.
The original contractor on the project was someone who I have used before who then started falling behind schedule. In property, time is money, so I had to make a change. I managed out the initial contractor and get another contractor to finish off the job.
A Grand Design in a Park
Despite everything, the transformation was dramatic. We turned a tired two-bed bungalow into a spacious four-bedroom home with an ensuite and open-plan living area. It was one of those “before and after” moments that made the whole grind worthwhile.
The finished product even earned me a Deal of the Year Award from the Construction Training Academy, not only for the profit alone, but for perseverance, structure, and collaboration under pressure.
The Financials - put in a box please
Purchase Price: £85,000
Planning & Professional Fees: £7 000;
Build Cost: £142 000
Investor fees: £24,000
Gross Development Value (GDV): £320,000
Profit: £62,000
That said, the profit came with a lot of sleepless nights. The sale dragged on for six months because the buyers wanted to wait until their children started school. Meanwhile, my monthly holding and finance costs were around £3,000. Timing was everything, the sale completed literally weeks before the infamous Liz Truss mini-budget, which sent mortgage rates soaring and mortgage lenders withdrawing from the market. Had it delayed any longer, the outcome could have been very different.
Lessons Learned
Every project teaches you something, but this one gave me a masterclass in patience and perspective. My key takeaways were:
Engage conservation officers early. They can make or break your plans. Build the relationship first and you’ll save time and money later.
Sort tree preservation orders (TPOs) and utilities upfront. These are easy to underestimate and can add months to your timeline.
Have at least two exit strategies. My only real exit was a resale. If the market had shifted a few weeks earlier, I would’ve been stuck.
Insurance matters. Not all refurbishment cover is equal. Get specialist advice and confirm what’s actually covered for unoccupied sites.
Manage contractors as if it’s your first deal with them. Familiarity can create blind spots. My first contractor fell behind badly, and I had to replace him mid-project.
Understand your end buyer. I thought everyone would fall in love with the location. They didn’t. Not every dream location has broad appeal.
Stay aware of opportunity cost. This project tied up time, energy, and investor funds for two years, which also meant I was missing out on other quicker, simpler deals.
Shaping My Future Strategy
This project changed how I invest. I now value speed and simplicity over maximum profit.
I’d rather make a smaller, quicker return than be tied up for two years.
These days I focus more on quicker flips, property trading, income-producing properties, lighter refurbs, and collaborations with deal sourcers where everyone benefits.
Would I do it again? I’m glad I did this project. It gave me credibility, experience, and the kind of “street cred” that opens doors with agents and councils, and adds to my track record. But if I faced the same opportunity today, I’d think carefully about the time, risk, and stress involved.
Ultimately, the Park Lodge taught me that profit isn’t everything.
The real value was in the lessons: how to structure deals, how to manage adversity, and how to stay focused on what really matters - building a sustainable, balanced investment strategy that fits my lifestyle.
Alex Demianenko
Property Buyer, Investor and Trader
