TV star sells-off property development to avert debt nightmare

TV star sells-off property development to avert debt nightmare


The Homes Under the Hammer star and former bailiff, Jamie Waller, is facing a property nightmare as the bank refuses to advance money for his development.

Mr Waller who owns and runs the debt collection firm JBW Group, exchanged a deal with the bank to borrow 70 per cent of the cost of the project. However, when he ran into funding issues as a result of the property slump in 2008, the bank decided to review the valuation estimates and then refused to advance more money.  

Mr Waller began developing the former RAF site located in Farringdon in 2006, after purchasing the three-acre plot for £440,000 with the intention of turning it into a two-storey three-bedroom house. He also planned to adjoin a single storey extension to the property with another three bedrooms, as well as an indoor swimming pool. 

The former bailiff has spent about £300,000 on the property, but expects to lose between £100,000 and £400,000 on the project.

Mr Waller is being forced to sell his unfinished development which is located in Farringdon in East London, due to lack of funding, as a further £300,000 is required to see its completion.  

Mr Waller said: “The bank was paying for the development, but they stopped releasing further funds last year. I will probably lose money on it when you take into account mortgage repayments, architects’ fees and other costs.

“Three years ago, I would have been really upset, but my life is going in a different direction now. My business was still quite small then and I had every intention of getting out of London and moving to the country. Since then, my business has grown massively and my partner Zoe and I have bought an expensive house in London.

“The Farringdon property is just sitting there, which is why I have decided to sell.”

Mr Waller ran into unexpected costs whilst preparing the sites for the development, including the sealing of a two-mile-deep borehole underneath one of the derelict military buildings.

The site will be auctioned at Banbury Cricket Club in Bodicote on Wednesday, with the set guide price of £675,000 to £725,000, and a reserve of £700,000.

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