Three assets in the heart of Angers: a property developer's strategy
Meet Fabien Norniella, the man behind the Résidences Angers project, whose method is based on volume, speed and intimate knowledge of the Angers market.
I started out in property as a personal rental investor, and was instantly hooked.
Can you tell us about your property business?
I live in Angers. I got into property through my own personal investment in rental property, and was instantly hooked.
I then set up a structure specialising in rental investment support, through an estate agency where I supported more than a dozen investors over a short period of time. This activity naturally led me to the profession of property trader, which I have since made official.
What kind of projects are you involved in through your company?
I started by going back and forth on buying and renovating studios, then flats, then buildings.
Today, I concentrate on the co-ownership of buildings: I buy the volume, carry out the work needed to renovate the building, then sell the flats as they are, with ready-to-live-in lots for the buyers.
This reduces porting times, enables competitive pricing, and satisfies all parties at every stage.
What margin do you operate around?
On average, I maintain a margin of 20 to 30 %. Some projects can go up to 50 %, or even more, but this is exceptional. The average is around 25 % for all my operations.
Let's talk about your project currently being financed on BeeBonds. It involves three assets in the heart of Angers: Roi René, Les Jacobins and La Parcheminerie. Can you tell us about them?
Three operations, three distinct locations, all very well situated. Boulevard du Roi René is one of Angers' main thoroughfares. Les Jacobins is in the historic district. Rue Parcheminerie is right in the city centre.
What's the status of pre-commercialisation projects?
Les Jacobins is at 66 % of pre-marketing, with an acquisition scheduled for June. We should reach 100 % by then.
La Parcheminerie is at 75 %: the acquisition will take place next month and the last lots will be sold as work progresses.
On Roi René, a bid was received for the last remaining lot, bringing the total to 100 %.
"These are secure operations, well advanced in terms of marketing, with very good rates of return for the structures"."
How would you describe the property market in Angers today?
The market in Angers is very stable. As we saw during the downturn in the French property markets, prices have remained stable, with no significant corrections.
There was a little more lag in sales, and products were a little less liquid. We moved towards a buyer's market, but despite that, prices didn't fall.
It's also the town where I grew up, so naturally I have a perfect knowledge of my sector and a wide network that I've built up over the years.
Why call on investors via crowdlending?
The funds raised will consolidate the cash position of the operations, complementing my own funds. These funds will be used to launch operations, which means releasing the bank finance, carrying out the planned works and selling the properties.
With the current pre-marketing rates, we already have the equivalent to reimburse lenders and bank financing. What remains to be marketed is the margin of the structures, which will be independent of the repayments.
What are the investment conditions?
A rate of 12 % for bondholders, over a maximum term of one year. In reality, we probably have a repayment date before one year. With each sale, the bank is repaid, then the bondholders. Only then is the margin generated by the transactions recovered.
Any final words for our readers?
Invest in them. These are secure operations, well advanced in terms of marketing, with very good rates of return for the structures, which makes this operation all the more attractive.
Renovation and resale of three character properties in the heart of Angers.
Communication à caractère promotionnel - Subscribing to a Fundraising involves a risk of total loss of the capital invested. Before investing, please read the prospectus.
Pour les personnes physiques résidentes fiscales belges, les intérêts perçus sont soumis à un précompte mobilier libératoire de 30%.