17 Units | Sell For Profit Strategy
The Burlington Hotel, sited at the junction of Holt Road and Weybourne Road, is conveniently located near to the town centre of Sheringham, yet is a stones throw from the coastline, which overlooks the North Sea. The former hotel, built in 1899, is arranged over six floors and has the intricate architectural features associated with the Victorian period.The building has imposing and detailed North and East elevations, comprising of traditional Norfolk red brick in lime mortar, rubbed and gauged brick lintels, arched window heads at upper ground floor level with Lime or Portland stone detail embellishment with window cill and string coursing, quoining and key- stones to the arched openings to the front elevation. All windows and doors throughout are traditional painted timber joinery with sash- windows throughout. The roof is constructed with red roof tiles, with grand chimney stacks framing the white dormer windows installed periodically along the front elevation. It has a Gross Internal Area of 1880 m sq which comprises of over 50 rooms.
The Hotel was originally built to accommodate the booming tourist industry which was revolutionised by the introduction of the railway in Britain. Similar Hotels built in the area are The Grand Hotel, supplied the demand for wealthy middle and upper class Londoners travelling to enjoy the sea air. Sheringham remains a popular tourist location in the present day, however consumer demand has switched to smaller guest houses, which offer cheaper and comfortable accommodation. The owner decided to close the Hotel due to their retirement, allowing an exciting new opportunity for Norfolk Property Developers.
The fourth floor of the building already contains 3 residential apartments. Planning permission PF/14/0887 approves the partial demolition of the hotel and erection of six residential apartments and single storey rear extension, this planning permission has already been implemented. Planning permission PF_97_0888 approves the change of use from hotel rooms on second and third floors to eight self contained residential flats, which has also already been implemented to keep the approval relevant.
The exit strategy is the sale of the individual units on the open market. Being that there is a large demand for people to retire in Sheringham, North Norfolk we deem a number of apartments will be sold to the over 55 market. An alternative option is to apply for a variation in the planning permission by providing assisted living on site to further enhance the forecasted GDV. The current sold comparables for similar purpose built luxury retirement & assisted living developments are very strong and this could potentially be a way of further increasing the GDV.
The analysis of the forecasted GDV showing the sold comparables that form the said amount are listed within the investment prospectus which you can download via the documents section above.
|Unit||Type||Area||Proposed Price||Sale Price||Uplift||Status|
|1||3 Bed Sea View Apt||137.50m2||£450,000||£500,000||11.1%||Available|
|2||3 Bed Garden Apt||109.00m2||£450,000||£450,000||0.0%||Available|
|3||2 Bed Sea View Apt||84.20m2||£375,000||£400,000||6.7%||Reserved|
|4||3 Bed Ballroom Apt||121.00m2||£400,000||£500,000||25.0%||Available|
|5||2 Bed Sea View Apt||87.80m2||£335,000||£375,000||11.9%||Available|
|6||2 Bed Sea View Apt||61.10m2||£295,000||£325,000||10.2%||Available|
|7||2 Bed Sea & Town View Apt||61.10m2||£250,000||£315,000||26.0%||Available|
|8||2 Bed Golf Course View Apt||61.70m2||£270,000||£315,000||16.7%||Available|
|9||2 Bed Sea View Apt||70.50m2||£285,000||£325,000||14.0%||Reserved|
|10||2 Bed Sea & Town View Apt||61.00m2||£275,000||£325,000||18.2%||Reserved|
|11||2 Bed Sea & Town View Apt||60.30m2||£260,000||£325,000||25.0%||Available|
|12||2 Bed Golf Course View Apt||61.50m2||£280,000||£325,000||16.1%||Available|
|13||2 Bed Sea View Apt||66.40m2||£285,000||£325,000||14.0%||Reserved|
|14||2 Bed Sea View Apt||61.00m2||£280,000||£325,000||16.1%||Reserved|
|15||2 Bed Sea & Town View Apt||60.40m2||£270,000||£325,000||20.4%||Available|
|16||2 Bed Golf Course View Apt||61.50m2||£280,000||£325,000||16.1%||Available|
|17||2 Bed Sea View Apt||66.50m2||£285,000||£325,000||14.0%||Available|
|18||2 Bed Sea & Town View Apt||70.20m2||£300,000||£325,000||8.3%||Reserved|
|19||2 Bed Sea & Town View Apt||79.00m2||£320,000||£325,000||1.6%||Reserved|
|20||1 Bed Sea View Apt||50.10m2||£275,000||£280,000||1.8%||Available|
|21||1 Bed Sea View Patio Apt||84.72m2||£275,000||£300,000||9.1%||Available|
|22||2 Bed Large Terrace Apt||167.75m2||£350,000||£375,000||7.1%||Available|
|23||3 Bed Sea View 2 Balconies Apt||152.76m2||£550,000||£550,000||0.0%||Reserved|
|24||3 Bed Sea View 2 Balconies Apt||152.76m2||£560,000||£560,000||0.0%||Reserved|
|25||3 Bed Sea View 2 Balconies Apt||152.76m2||£570,000||£570,000||0.0%||Reserved|
|26||4 Bed Sea View Duplex Penthouse||259.48m2||£1,000,000||£1,000,000||0.0%||Available|
The above table shows the original proposed price, forecasted as part of our investment memorandum, and the actual sales price. The uplift column identifies whether we sold the dwelling for more than originally forecasted. On average, for this particular development, we have achieved an uplift in sales values of 9.1%
The photos show the condition of the property before construction work commenced.
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