Lighthouse Property Services

Turnakey Lights the way for Staff Investment

Staff at Lighthouse Property Services are getting a real taste for the property development business following the launch of a new venture enabling them to buy shares in residential property. Turnakey Properties Ltd launched in August and is a new property investment company run completely by Lighthouse staff, five of whom are directors in the company.

Through Turnakey they buy properties in need of renovation with the aim of refurbishing and selling them. However, rather than selling the properties uninhabited Turnakey properties are sold with tenants already in place, which makes them an attractive investment for potential landlords. Over 50% of staff at Lighthouse have already become shareholders in Turnakey and stand to gain a significant return on their minimum £250 investment. Tim Clark, Managing Director of Lighthouse and one of Turnakey's five directors, said: "Turnakey is a truly unique opportunity for staff as it benefits them financially while also giving them ownership of their own company. "They also have the chance to gain a significant amount of knowledge about what's involved in buying, renovating and selling a property, along with the lettings and tenant aspects they deal with on a day-to-day basis." Simon Sewell, a Turnakey Director and Lighthouse Private Lettings Manager, added: "Turnakey has helped to encourage teamwork and proved to be great for morale as we're all working towards a common goal. It's also given us an insight into different aspects of property investment and management, as well as what's involved in running and developing a business." Turnakey has just sold its first property, a two-bedroom terraced house in Lincoln's West End, having renovated it to a student lettings specification. Simon explained: "By selling properties that already have tenants it takes the hassle away from the landlord creating an inviting investment opportunity. For example, the required referencing is already done which reduces costs and inconvenience. The landlord also has an immediate source of income."