46 Units | Sell For Profit Strategy
The development, which is a high quality contemporary scheme will be made up of three separate blocks:
Block 1 comprises 16 units Block 2 comprises 22 units; and Block 3 will comprise 6 units.
The one bedroom apartments will comprise entrance hall, lounge/kitchen, bedroom with built in wardrobe and separate bathroom. The two bedroom apartments will comprise entrance hall, lounge/kitchen, 2 bedrooms, master bedroom with en-suite, built in wardrobes and separate bathroom.
Duke Street is located close to the centre of the busy town of Ipswich. Ipswich is home to Ipswich Town Football Club, the town centre where a variety leading national retailers can be found. There is also a range of leisure activities including ten pin bowling and cinemas. The site is also located close to the popular Marina complex and is ideally located for University of Suffolk which opened as recently as 2007 and already accommodates circa 5000 students.
With nearby amenities including convenience stores, cafe's, bars, restaurants and the University of Suffolk make this area popular with students and young professionals. Transport links are strong in the area as the train from Ipswich is just over 1 hour into London, which makes the location a good option for those commuting into London. Regarding the Ipswich property market itself, over the last 5 years (as recorded by the House Price Index) prices have increased by 44.1% which represent an annualised increase of 8.82%. To break it down further, over the last 3 years 23.5% growth and the last one year 3.5%.
The proposed exit strategy is to sell the units on the open market, with sales expected to begin 6 months before the completion of the construction works using an on-site furnished show apartment.
The apartments will be marketed with local estate agents, with the target market being a mixture of owner occupiers, first time buyers and single let landlords. As the developer is registered with Help to Buy, we're are able to target this market as well.
Based on sold comparables we expect to be able to sell the properties for the following prices:
2 bed flats - £230,000 each and 1 bed flats - £170,000 each.
These sale estimates have been supported by a development sales appraisal report from two estate agents based in Ipswich, Connell's and Haart. They have been further supported by a desktop survey conducted by Aitchison Raffety on the 20th January 2019 advising the 2 bed flats to be worth £250,000 and the 1 bed flats £175,000.
|Unit||Type||Area||Proposed Price||Sale Price||Uplift||Status|
|1||1 Bed Flat||53.00m2||£170,000||£170,000||0.0%||Available|
|2||1 Bed Flat||54.00m2||£170,000||£170,000||0.0%||Available|
|3||1 Bed Flat||51.00m2||£170,000||£170,000||0.0%||Available|
|4||2 Bed Flat||70.00m2||£215,000||£215,000||0.0%||Available|
|5||1 Bed Flat||50.00m2||£170,000||£170,000||0.0%||Available|
|6||1 Bed Flat||50.00m2||£170,000||£170,000||0.0%||Available|
|7||2 Bed Flat||71.00m2||£215,000||£215,000||0.0%||Available|
|8||2 Bed Flat||70.00m2||£215,000||£215,000||0.0%||Available|
|9||1 Bed Flat||53.00m2||£170,000||£170,000||0.0%||Available|
|10||1 Bed Flat||51.00m2||£170,000||£170,000||0.0%||Available|
|11||2 Bed Flat||72.00m2||£215,000||£215,000||0.0%||Available|
|12||2 Bed Flat||72.00m2||£230,000||£230,000||0.0%||Available|
|13||1 Bed Flat||50.00m2||£170,000||£170,000||0.0%||Available|
|14||2 Bed Flat||71.00m2||£230,000||£230,000||0.0%||Available|
|15||2 Bed Flat||71.00m2||£230,000||£230,000||0.0%||Available|
|16||2 Bed Flat||71.00m2||£230,000||£230,000||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 0.0%
The photos show the condition of the property before construction work commenced.
JaeVee is a trading name of Estateducation Ventures Ltd (FRN797322), which is an Appointed Representative of Prosper Capital LLP, which is authorised and regulated by the Financial Conduct Authority (FCA) (FRN453007).
Estateducation Ventures Ltd is registered in England & Wales with company number 10172481.
The registered office of the company is Studio 9 Netherconesford, 93-95 King Street, Norwich, NR1 1PW.
Estateducation Ventures Ltd (10172481) undertakes both regulated and unregulated business. Business activities described in the ‘Invest’ section of this website are considered regulated business. All other sections are considered unregulated. Note that senior debt and mezzanine finance is arranged by Teal Finance Ltd (registered in England and Wales no. 11305739), which is authorised and regulated by the Financial Conduct Authority (No. 923626).
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