In 2011 when Matthew founded Opulen, he identified Reading as a good growth opportunity and built a substantial HMO portfolio. In the first two years Opulen refurbished 15 houses including two in London. The end value of the houses was £14m.
In 2014, following the announcement to extend Crossrail, Reading became very popular and the portfolio delivered capital gains as well as good yields - something that’s usually very difficult to combine.
The entire portfolio was sold in March 2016 as Opulen’s focus shifted towards property development in London. This timing exploited a 3-month peak to trough opportunity between the start of the 3% stamp duty surcharge on March 30th 2016 and London house prices bottoming due to the Brexit referendum on June 23rd 2016.