We acquire and reposition undervalued UK commercial assets. We underwrite from the downside up, and we walk away more often than we buy.
Elsham Properties is a specialist commercial property investment and development firm. We identify assets the market has mispriced, acquire them at a level that works on the downside case, and reposition them into institutional-grade investments.
We are not a fund. We do not raise a pool and then look for somewhere to put it. Every transaction is a separate vehicle, and every transaction has to clear the same underwriting threshold before we commit our time to it, let alone anyone's capital.
That threshold is the whole business. It is the reason we look at far more buildings than we buy, and the reason a deal that reaches an investor has already survived a process built to break it.
We underwrite far more buildings than we buy. Here is what has to be true before we commit.
We work in one part of the market: undervalued UK commercial property with identifiable repositioning potential. Narrow focus means we see more of what moves in it, and we recognise a bad building faster than someone covering everything.
Every deal runs through a structured underwriting pipeline before it goes near an investor. Scenario analysis, a risk register, a reconciled model. We walk away when the numbers do not stack up, and market pressure is not an argument.
Our share of a project arises only once investors have had their capital back and their preferred return. Profits above that are split. If a project disappoints, we are paid last.
Investors receive quarterly reporting on performance, risk, asset management progress and cash position, from deployment through to exit. The capital stack and our own economics are agreed in writing before anyone commits.
We source through agents, lenders, insolvency practitioners and off-market contacts. The buildings worth having are rarely the ones being marketed hardest.
Three scenarios, modelled from the downside up: bear, base and bull. If the bear case does not return investor capital, the deal stops here, and most of them do.
Project management in house, from acquisition through planning and construction to exit. We do not hand delivery to someone whose name is not on the underwriting.
We identify the likely buyer before we acquire, and model more than one route out. A project that depends on a single buyer appearing is not a plan.
We work with a select group of investors and partners on each project. Get in touch to discuss current opportunities.