9 Units | Sell For Profit Strategy
JaeVee has acquired a sea front development located in Felixstowe which is currently a vacant care home.
It benefits from planning consent to be transformed into 6 apartments and 3 new build townhouses on the side of the property along with associated landscaping and external works.
Located in an extremely popular residential area, this development will bring high quality new homes, in an attractive architecturally designed scheme along with housing supply for Felixstowe and East Suffolk Council. The planning application reference number is DC/21/0478/FUL which references the part demolition, alteration and change of use of nursing home to provide 6no. apartments, together with 3no. new build houses.
The current GDV of £5,695,000 is based on sold comparables, details of which can be found on pages 43-44 of the investment memorandum, available to download via the Documents section below. It has also been supported by an appraisal from Fenn Wright Estate Agents.
The proposed exit strategy is to sell the units on the open market.
The development will be registered for Help to Buy so it’s able to target this market.
The property will be marketed with Fenn Wright Estate Agents with the target market being a mixture of owner occupiers and single let landlords.
|Unit||Type||Area||Proposed Price||Sale Price||Uplift||Status|
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.
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