Hard work pays dividends for first-time developer
AN entrepreneur based in Blackburn has transformed a site which blighted the town into a successful development more than 20 years after he first spotted its potential.
Abdul Hafiz, 47, has transformed the site in Whalley New Road into a commercial and residential development after securing a loan from Lloyds TSB Commercial.
The three-storey building – which was finished in December 2009 – has four shops, two of which have been let to an insurance broker and a travel agency. Above the 2,500 sq ft of commercial space are eight tenanted apartments.
Mr Hafiz, 47, first spotted the opportunity to regenerate the disused land in 1985 when he joined an initiative designed by Margaret Thatcher’s government to encourage those on low-incomes to start their own businesses. He used the one-year scheme, which paid £40 a week, to start a small car dealership.
By 2005, Mr Hafiz had earned enough money to start working on the property development.
Mr Hafiz said that he had named the building Zubeda House after his late mother.
He said: “I’ve always dreamt of putting a building on this site. At the start of my journey, I had capital of only £400, a car and £40 a week of Government funding.
“It’s been a real challenge, particularly as I had no experience. However, it has been very enjoyable and the skills I’ve accumulated have proved invaluable and have rendered me in good stead for the future.
“Lloyds TSB Commercial has been incredibly supportive since I joined the bank. I’ve had the same relationship manager since 1991 and he has been both a banking partner and a friend.
“The level of trust between the bank and myself was set at a high level from the start and has been maintained throughout, I feel this trust paved the way to my success. Guidance and reassurance from friends and family also helped me.”
Neil Haworth, relationship manager at Lloyds TSB Commercial, said: “Abdul’s story shows that there are opportunities for people with only small amounts of capital to start successful companies.
“He has worked extremely hard to build a business and I think it’s a fitting tribute that he has named the property after his late mother who had so much faith in him.
“Lloyds TSB Commercial is keen to support local businesses like Abdul’s for the long term and ensure they are in a strong position to expand as the economy improves.”
