In this episode of the Scottish Property Podcast, Steven is joined by Fraser Walsh, an architect with over 20 years’ experience and co-founder of W9 Architects, to explore what really happens when investors move beyond buy-to-let and into commercial property and complex conversions.

Fraser shares a behind-the-scenes look at commercial-to-residential projects, planning risk, listed buildings, and why even seasoned investors can get caught out when scaling up. Drawing on his experience working with major housebuilders, Scottish Government, and his own property investments, Fraser explains how projects can be de-risked, phased, and structured to stack up financially.

This episode is packed with practical insight for investors looking to move into commercial conversions, apart-hotels, guest houses, and mixed-use projects — and avoid expensive mistakes along the way.

Episode Highlights:

• Why commercial conversions are a completely different challenge from buy-to-let

• The biggest risks investors underestimate when scaling up

• How to buy property subject to planning to reduce exposure

• Planning vs building warrant: what really causes delays and cost overruns

• Fire safety, sprinklers, sound insulation, and compliance costs explained

• How to assess whether a commercial building is viable — or a deal-breaker

• The importance of phasing developments to create early cash flow

• Lessons from large housebuilders that property investors can apply

• How networking accelerates learning and unlocks unexpected opportunities

In this episode of the Scottish Property Podcast, Kyle Black returns one year after his last appearance to share what has been a transformational 12 months for his property business, BLK. Kyle breaks down how he scaled rapidly, built an integrated “one-stop shop” model for investors, and why accountability, transparency, and long-term relationships sit at the core of everything he does.

This episode is a deep dive into real portfolio growth, business structure, and what it actually takes to scale sustainably in today’s market.

🚀 Rapid Portfolio Growth in Just 12 Months

-Kyle reveals that he and his business partner, Mark, acquired 21 properties in a single year, taking their total portfolio to 29 units.

-Major acquisitions include a £2.2 million HMO portfolio in Glasgow’s West End and a block of nine flats in Helensburgh.

-Kyle explains the operational challenges that come with scaling at speed and why systems become non-negotiable.

🏢 Building BLK as a One-Stop Shop for Investors

-BLK has evolved from a sourcing business into a fully integrated group offering property sourcing, lettings, and a traditional estate agency.

-The aim is to support investors end-to-end — from acquisition to management to refinance.

-Kyle also shares plans to eventually add a mortgage brokerage to complete the full investor journey.

🔁 Focusing on Long-Term Investor Relationships

-Rather than selling one-off deals, BLK works with investors looking to scale large portfolios.

-Kyle explains how sourcing, letting, and refinancing under one brand creates alignment and long-term trust.

-This approach allows BLK to grow alongside its clients.

📋 Accountability Through Lettings

-Launching a letting agency was a deliberate move to increase accountability.

-By managing the properties he sources, Kyle ensures that rental figures and valuations quoted upfront are realistic and achievable.

-This removes the temptation to oversell deals just to win business.

🤝 Clear Roles Within the Business Partnership

-Kyle positions himself as the face of the brand and lead generator, focusing on relationships and growth.

-His partner, Mark — an accountant by trade — handles the financial modelling, numbers, and operational detail.

-The clarity of roles has been key to scaling efficiently.

🏠 Innovative Staging Partnership

-Kyle recently partnered with Ellie Black to offer a flexible staging solution for developers.

-Staging and estate agency fees can be deferred until the property sells, easing cash flow during refurbishments.

-The goal is to maximise sale prices without increasing upfront pressure.

🤖 AI, Technology & the Future of Property

-Kyle discusses the role of AI in modern property businesses, including AI receptionists to handle high volumes of tenant calls.

-He also touches on virtual staging tools like “nano banana”, while explaining why physical staging still wins during viewings.

🔍 Radical Transparency in Property Management

-BLK’s letting agency operates with full transparency, using an online maintenance portal.

-Landlords can view videos of reported issues and see actual contractor invoices, not estimates.

-Kyle believes transparency is essential for trust at scale.

🧠 Modest Living & Reinvesting for Growth

-Despite rapid success, Kyle avoids lifestyle inflation.

-He continues to live in a one-bedroom flat, reinvesting profits back into the business.

-Luxury cars and flashy offices are avoided in favour of sustainable, long-term growth.

🎙️ Episode Highlights

🌍 From the Shetland Islands to Scaling a Business

-Gavin shares what it was like growing up in the Shetland Islands and why leaving at 18 was almost inevitable if he wanted to build a business.

-With limited local opportunities and a strong entrepreneurial drive, he moved south and began experimenting with online ventures early on.

-Those early years laid the foundations for a mindset focused on independence, problem-solving, and long-term thinking.

🏗️ Building Yatter to Sell — Not to Be the Face of It

-After years of growing a personal brand, Gavin made the strategic decision to build Yatter as a business that could be sold without him.

-He deliberately separated himself from the brand, focused on systems and processes, and avoided relying on his own profile to win work.

-Every decision — from hiring to operations — was made with exitability in mind.

👥 Hiring, Culture & Scaling to a 12-Person Team

-Yatter grew methodically from a one-man band to a 12-person agency without external investment.

-Gavin discusses why he often hired for attitude over experience and trained people internally.

-He challenges the idea that culture is “values on a wall”, explaining that real culture is behaviour, energy, and how people feel walking into the office.

🌐 The “Halo Effect” of Long-Term Marketing

-Some of Yatter’s best clients didn’t convert for months — sometimes over a year — after first seeing ads.

-Gavin describes the “halo effect”, where repeated exposure builds familiarity and trust long before a buying decision is made.

-He explains why attribution is often misleading and why not everything that works can be tracked perfectly.

🤖 AI, Personal Branding & Cutting Through the Noise

-As AI-generated content explodes, Gavin believes personal branding is becoming more important, not less.

-People are increasingly drawn to real voices, real experiences, and genuine opinions.

-He shares how he uses AI as a thinking partner, productivity tool, and decision aid — while warning against relying on it to replace authenticity.

💼 Selling Yatter — A One-Year Exit Process

-Gavin walks through the reality of selling an agency, from hiring M&A advisors to packaging the business for buyers.

-The deal took a full year and was completed one minute before midnight ahead of major tax changes.

-He reflects on the emotional toll of the process and the relief that came with finally closing the deal.

🏡 Property, Wealth & Why Business Came First

-Although Gavin successfully renovated and flipped several properties, he chose not to scale a large portfolio.

-He explains why, for him, capital and energy delivered better returns inside a business than in property.

-Property became a wealth preserver rather than a growth vehicle — a strategic decision based on skillset and time.

🧠 Life After Exit, Identity & What’s Next

-After stepping away completely, Gavin shares the unexpected challenge of redefining identity without a business to run.

-He talks openly about slowing down, spending time with family, and reintroducing sport and balance into daily life.

-The episode closes with a look ahead to his next venture — a tech-led healthcare business built around solving real-world problems.