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Property Summary

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%.

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Construction Progress

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Exit Strategy

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.

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Sales Performance

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
    Total: £3,140,000 £3,140,000 0.0%  

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%

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Further Information

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Before Photos

The photos show the condition of the property before construction work commenced.

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