41 Units | Sell For Profit Strategy
The scheme, benefits from planning permission for the redevelopment of the Grade II listed former public house and a ground up residential block centred around a communal courtyard and 21 allocated undercroft car parking spaces
The former public house will be refurbished to create 2 residential dwellings comprising 1 x 1 bedroom unit and 1 x 4 bedroom unit. The newly constructed dwellings will comprise 6 x studio apartments, 7 x 1 bedroom apartments, 21 x 2 bed apartments, 1 x 3 bed apartment. In addition to the apartments, there will also be 1 x 3 bedroom townhouse and 2 x 4 bedrooms townhouses.
The development is located adjacent to the River Wensum and has been designed in a way to ensure that the majority of apartments benefit from river views. It is also a stone's throw from Norwich’s popular riverside retail & leisure development and the home of Norwich City Football Club. It is also situated less 0.5 miles of the city centre, less than 0.5 mile away from Norwich railway station and is close to Norwich’s inner ring road which gives convenient transportation access around the city.
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 are able to target this additional market.
Based on sold comparables we expect to be able to sell the properties for the following prices:
1 bed flats - £195,000-£210,000, 2 bed flats - £264,000 - £316,000 and 3 bed flats - £388,000 -£398,000
3 & 4 bed townhouses £450,000 - £510,000
*These sales estimates have been supported by a development sales appraisal report from two estate agents based in Norwich, one of which you can download via the documents above.
Senior and mezzanine debt will be repaid first together with the post sales costs and corporation tax set out in the financials section below. Investors will then be repaid their 40% share of the net profit pro rata to their shareholding.
|Unit||Type||Area||Proposed Price||Sale Price||Uplift||Status|
|1||1 Bed Road View Apt||86.96m2||£215,000||£220,000||2.3%||Available|
|2||3 Bed Townhouse||108.98m2||£400,000||£500,000||25.0%||Available|
|3||4 Bed River View Townhouse||175.03m2||£650,000||£750,000||15.4%||Available|
|4||4 Bed River View Townhouse||153.01m2||£620,000||£700,000||12.9%||Available|
|5||2 Bed River View Apt||73.60m2||£260,000||£265,000||1.9%||Available|
|6||2 Bed River View Apt||79.00m2||£290,000||£290,000||0.0%||Available|
|7||1 Bed River View Apt||52.90m2||£175,000||£175,000||0.0%||Available|
|8||2 Bed River & Bridge View Apt||80.30m2||£300,000||£300,000||0.0%||Available|
|9||Studio Bridge View Apt||40.50m2||£135,000||£140,000||3.7%||Available|
|10||Studio Bridge View Apt||39.80m2||£135,000||£140,000||3.7%||Available|
|11||1 Bed Bridge View Apt||38.60m2||£175,000||£175,000||0.0%||Available|
|12||2 Bed Road View Townhouse||86.00m2||£300,000||£315,000||5.0%||Available|
|13||2 Bed Road View Townhouse||86.00m2||£300,000||£315,000||5.0%||Available|
|14||3 Bed Duplex Apt||141.03m2||£575,000||£600,000||4.3%||Available|
|15||2 Bed River View Apt||73.10m2||£260,000||£270,000||3.8%||Available|
|16||2 Bed River View Apt||71.80m2||£260,000||£265,000||1.9%||Available|
|17||1 Bed River View Apt||51.30m2||£175,000||£175,000||0.0%||Available|
|18||1 Bed River View Apt||52.90m2||£175,000||£175,000||0.0%||Available|
|19||2 Bed River & Bridge View Apt||80.30m2||£295,000||£300,000||1.7%||Available|
|20||Studio Bridge View Apt||40.50m2||£135,000||£140,000||3.7%||Available|
|21||Studio Bridge View Apt||40.50m2||£135,000||£145,000||7.4%||Available|
|22||2 Bed Road & Bridge View Apt||79.50m2||£295,000||£295,000||0.0%||Available|
|23||1 Bed Road View Apt||54.50m2||£175,000||£175,000||0.0%||Available|
|24||2 Bed River View Apt||73.10m2||£260,000||£275,000||5.8%||Available|
|25||2 Bed River View Apt||71.80m2||£275,000||£275,000||0.0%||Available|
|26||1 Bed River View Apt||51.30m2||£175,000||£175,000||0.0%||Available|
|27||1 Bed River View Apt||52.90m2||£175,000||£175,000||0.0%||Available|
|28||2 Bed River & Bridge Apt||80.30m2||£295,000||£295,000||0.0%||Available|
|29||Studio Bridge View Apt||40.50m2||£135,000||£140,000||3.7%||Available|
|30||Studio Bridge View Apt||40.50m2||£135,000||£145,000||7.4%||Available|
|31||2 Bed Road & Bridge View Apt||79.50m2||£295,000||£300,000||1.7%||Available|
|32||2 Bed Road View Apt||85.00m2||£300,000||£300,000||0.0%||Available|
|33||2 Bed River View Apt||73.10m2||£270,000||£275,000||1.9%||Available|
|34||2 Bed River View Apt||71.80m2||£270,000||£275,000||1.9%||Available|
|35||2 Bed River View Apt||80.60m2||£300,000||£300,000||0.0%||Available|
|36||3 Bed River & Bridge View Apt||105.90m2||£475,000||£475,000||0.0%||Available|
|37||2 Bed Road & Bridge View Apt||79.50m2||£300,000||£300,000||0.0%||Available|
|38||2 Bed River View Apt||71.80m2||£275,000||£285,000||3.6%||Available|
|39||2 Bed River View Apt||80.60m2||£300,000||£300,000||0.0%||Available|
|40||3 Bed River & Bridge View Apt||105.90m2||£475,000||£475,000||0.0%||Available|
|41||2 Bed Road & Bridge View Apt||73.50m2||£300,000||£300,000||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 3.9%
The photos show the condition of the property before construction work commenced.
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