Monday Interview: Max Reeves, Development Director of the Helmsley Group

An established property investment company’s development director said the business has some “exciting developments in the pipeline” despite constraints on land availability.

Max Reeves has worked at the York-based Helmsley Group for 12 years.

The firm, which employs 23 people, deals in property syndication, development and finance. It currently manages more than 60 properties with a combined value of £139m, including Westgate in York, New Station Street in Leeds and Doxford International Technology Park in Sunderland.

A Business and Economics graduate of Northumbria University, Reeves attended the College of Estate Management, becoming MRICS certified in 2013.

At Helmsley he oversees projects from initial planning through to practical completion on behalf of development ventures. Reeves has successfully overseen a broad range of schemes, from new build developments to historic re-developments in Yorkshire, including a recent sympathetic conversion to flats at the Old Fire Station in York, which dates back to the 1850s.

He said: “As of next year the company will have been going for 40 years. Some of our clients have been with us the entire life of the business and we’re now having dealings with their children. We’ve got a very loyal client base.”

He added that property development is fundamentally risk averse, with the business managing to achieve steady growth while taking good care of its clients’ cash and ensuring it spreads the investment risk over a number of different projects.

“Our portfolio has gone up significantly in size and we’re now buying bigger lots,” he said.

“We’ve made some large, strategic investments in the city and are working with partners to regenerate some fairly significant sites which are once-in-a-lifetime opportunities.

“We have such a large portfolio in York that I don’t think there’s anyone else with better experience of developing in the city, which is something we’ll continue to build on.”

Reeves noted the valuable, historic nature of much of York’s built environment does make it a “constrained” location, with very little land available for additional development.

“The investment sector is a tough market at the moment and we have to work hard to identify sectors where opportunities can be found,” he said.

However, Reeves noted that Helmsley is still able to attract a new breed of client investor, one which is younger and has made money through emerging sectors such as tech and digital.

He said this continued growth is an example of property continuing to be a sound investment area, despite the wider economic uncertainty being caused by Brexit and the current political situation.

“Brexit doesn’t seemed to have affected the commercial property sector – we’re still seeing a huge number of potential occupants looking to take on offices,” he said.

“On the residential side, maybe there has been a bit of a slowdown with people a little more uncertain about investing in residential property at this stage. Everyone I speak to just wants a decision to be made on Brexit.”