The LCN Property Interview: Adewole Ademolake
Adewole Ademolake talks to LCN Property about his ten-year journey so far in the sector, his view of the future, and the goals of his property development business, A’lake.
Adewole Ademolake BSc (Hons) MSc MRICS is a property developer and chartered planning and development surveyor. After ten years working in the private and public sectors, managing large scale regeneration projects, he recently launched his own property development business, A’lake. It is focused on building homes in London and the South East, and is looking for sites that can deliver between 1-20 homes. He also produces a podcast, ‘The Property Development Book Club’, in which different property professionals discuss a range of topics connected to the sector.
How did you get into property ?
Through my uncle Chris. He is a building surveyor. He said to me, ‘Adewole, you can’t sit still, so you need to get into an industry that allows you to move around’. And he was the one that recommended that, instead of doing A-levels, I should do a BTEC in Construction.
After my BTEC, I went to do a Building Surveying degree at University of Brighton. Then I worked a number of jobs, as I graduated in 2009, in the middle of a recession, and there was almost nothing happening in the industry. Between 2009 and 2013, I worked for the car rental company Enterprise Rent-A-Car, in residential lettings, and secured internships in property development companies and building companies. Lots of transferable skills there, and I just had to do something with what was available. Not just sit around waiting for a property job to appear.
I had to pivot to something that would get me back into property, so I did a Masters in Real Estate Development and Investment, which I completed in 2013.
During my Masters, I worked for the phone company EE, selling mobile phones, and from there I was able to get a job selling shared ownership homes for Metropolitan Housing Association. I just said to myself, ‘You’re better off being close to the action in property than not being in it at all.’ So I decided to work my way into selling new build shared ownership homes and then find a way to get into developing homes. And that’s what I did.
What were your first jobs in property development?
My first taste of property development was working as intern for Inspired Asset management, led by the late Martin Skinner. Gateway Housing Association was where I secured my first principal role as a development officer, where I managed projects between 1-50 homes. I then secured a job at Brent Council as a project manager, and then Countryside Properties as a Development Manager. In 2020 I qualified as a chartered planning and development surveyor. I wanted to use my time as an employee effectively, to improve my skill set, broaden my experiences, improve my outlook, and build confidence. So after nine years in the industry, I thought now is the best time for me to crack on and create my own development company.
When did you start A’lake?
I registered A’lake in June 2010, one year after finishing my first degree in building surveying, but kept the company dormant until August 2022. I always knew then that I would do my own developments one day, hence why I registered he company 12 years ago.
What made you decide that now was the right time?
I don’t think I’d ever be perfectly comfortable with taking the plunge. I’ve got two beautiful young children (one is three and the other is one) so of course I feel insecure about their future. But one thing that I do know is that some people spend all their time planning how everything is going to happen, but life has it that you can plan as much as you want, but things may still not happen the way you want them to. So I thought to myself, ‘I’ve got the expertise, knowledge, the motivation. I’ve got the belief in myself. I’ve got enough ingredients for me to make a success of it now.’
Some people wait till they’re 40. I’m 34 at the moment, and I would prefer to be established in my 40s rather than starting the whole entrepreneurial journey at that point. I prefer to start it now, while I’m younger and more agile.
What’s the current focus for the business?
To identify sites within the M25, London and the southeast that could deliver anywhere between one to twenty units. Ideally, I’m looking for sites that we can do option agreements on. With option agreements it means that you can control a site without having to buy it outright. When I find the right opportunities that I can get options on, I’ll pay for the planning permission. Once planning permission is secured, I will work with investors to purchase that site and then we’ll do a joint venture to build it.
Who are you looking to enter a joint venture with?
High Net Worth Individuals, builders, institutional investors, and so on. I’m very comfortable working on the opportunity initially: securing a position in it myself and getting the planning permission. Then finding a partner that I can work with to take it all the way through to the homes being built.
Would you ideally be looking for long-term partners?
Ideally, yes. I’m all about long-term relationships. One thing you often find in property is that people work on one project with a project team, but once that project is done people don’t generally move on with the same management team and the same builders and so on. But that means there’s so much lost knowledge, in terms of synergies and ways of working. I’m very keen to retain joint working relationships, and maintain what we’ve learned when working together. So I would hope that I can continue that relationship with investors.
What’s your view on the property market just now?
The fundamentals are still clear: we are still under-providing housing, and we’ve been doing so since the 1960s. We have never managed to build 300,000 homes in one year since just after World War Two. (And at that time, the sector that was building the most was the local authorities, because they were trying to rebuild the UK.) So therefore we’ve consistently under-provided homes since then. I’m not an economist, but I can say that under-provision of housing has a massive impact on affordability, so I think that the fundamentals are still clear.
However, when we’re looking at build cost inflation, that is a massive concern. I think it’s widely appreciated that cost inflation is probably going to cause various businesses to go bust. And we’ve already seen a lot of insolvency recently, including from some relatively large contractors. So, in my view, there will be some sort of downturn, as expected, but there’s still so much opportunity about.
When I do my development appraisals, I assess sites from a pessimistic, neutral and optimistic view. That is the basics of sensitivity analysis. If I was doing an appraisal now, I’d be looking at a pessimistic view on house values and on build costs, to ensure that whatever happens in the market, I will still be able to exit the opportunity, either by selling homes to a corporate entity or selling the homes individually on the open market.
So my general view of the market is that there are a lot of risks that are yet to materialise but there’s still a lot of opportunity.
Looking back on your career to date, what achievements are you most proud of?
There are several. The first one is getting my first job in property development. John Walton, who was the Head of Development at Gateway Housing Association, gave me my first opportunity. That was a massive milestone for me, and I felt a sense of euphoria at the time. The second one was getting a distinction in my Masters. Academics are important, even though I also know that academics alone doesn’t equal triumph in the world of property.
Getting chartered was also hugely important for me, because I followed a very long route to achieve this milestone. My manager at Brent Council, Sarah Rana, told me on my first day that it was crucial for me get qualified and, as they say, ‘a word is enough for the wise’. I followed through and achieved it, even though I had previously thought that maybe it wasn’t possible. And then the fourth and final one is where I am today, running my business, working within my own brand.
You’ve already mentioned several people who have been very influential on you: have you had any other guides or mentors?
Yes, my mother. She had an undying desire for me to succeed. And there were times when I was low, thinking, ‘Oh, it’s not going to happen.’ And she’d say, ‘Son, it’s going to happen.’ And, of course, my beautiful wife Adeola, children (Tia and Eri), older brother (Damola) and my dear Uncle Wole. Having a supportive family has been fundamental in my successes to date.
If you hadn’t got into property, what else would you like to be doing?
Two things. One, I would have liked to become an astronaut or a pilot. And then the second thing is I would have considered joining the military. I just like adventure. I don’t live an adventurous life now, but I do love adventure and long for it. I love pushing myself to the limit. But my mom was never going to let her son go into the military.
What are your hobbies?
Being with my family, of course. And I’ve recently taken up golf. I find it quite interesting. I’m not particularly good at it, but I am getting better gradually. Another new hobby is clay pigeon shooting. I have no interest in shooting live targets: pigeons or game or anything like that. I’ll stick to the clay targets. I also like running: I try to run three times a week.
How would you describe yourself in three words?
I would say ‘audacious’ ‘loving’ and ‘unapologetically ambitious’.
What actor should play you in the movie of your life story?
Sydney Poitier. Gerard Butler. (I know he’s white and I’m black but he’s phenomenal actor!) And I’ll put Denzel Washington in there too.
Who would be your guests at your dream dinner party?
There’s a guy called Reginald Lewis. A businessman, who died in the early nineties. Very inspirational, did phenomenal things. I love his story, and I would love to just pick his brain about how he was able to navigate life and develop an exceptional business under the circumstances that he was under. And then the second person – but not the least – is Louis Theroux. I love that guy due to his objectivity and wit. If he ever reads this interview: Louis, we need to have some dinner sometime.
What advice would you give to your younger self?
I would say, ‘You’re not too young to be spectacular.’ I incorporated my company in 2010. I recently went back to my original business plan, and obviously I’ve updated it since then, but the thought process was very similar. The skill set wasn’t the same – it’s now far superior now – but the vision was exactly the same as it is now. So that’s why I would say that you’re not too young to be spectacular and to act on your plans for exceptional results.
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