18/09/2026
Most property "developers" have never developed anything.
They source a site, add a margin, and pass it on. The risk moves down the chain with the paperwork. Nothing gets built by the person who found it.
We work the other way. Hathaway House on Horton Road, Wokingham RG41, is a site we sourced off market, bought with our own capital, and are developing ourselves. The planning risk sat with us. The build risk sits with us now. If costs run over, that lands on our balance sheet before it touches anyone else's.
That is not a boast. It is a filter. An operator who carries the downside underwrites differently to one who sells it on. They walk away from more deals. They price refusal scenarios before consent scenarios. They finish what they start, because the alternative costs them directly.
We have completed 42 units on that basis, and the discipline came from the exposure, not in spite of it.
Follow Berkshire Corporate for how we source, underwrite and deliver UK development.
When you assess an operator, which do you check first: what they found, or what they carry?