- Joint Venture Investments
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- Norwich, Norfolk, NR1
Westlegate and Boars Head Buildings, Norwich -
Norwich, Norfolk, NR1
162 Units | Rinse & Repeat Strategy
In partnership with
Property Summary
Westlegate & Boars Head is located directly in the centre of Norwich, Norfolk.
The city centre of Norwich hosts a variety of boutique shops, independent cafes and national chain supermarkets. Norwich City centre is also home to number of leisure options including Norwich Castle , Chantry Place, a number of bars, restaurants and is also home to Norwich City football club.
The site is situated approximately 1 miles away from Norwich railway station which offers regular services to London taking approximately 1 hour 30 minutes and Cambridge taking approximately 1 hour 20 minutes. The site is also located less than 1 mile away from Norwich Bus Station which offers both local and national transport links.
Norwich is located close to a number of A roads that lead to other towns and cities including Kings Lynn, Cambridge, Cromer, Bury St Edmunds and Ipswich.
Exit Strategy
The exit strategy for plan a is to obtain a commercial mortgage on the property (once practical completion has been reached) and use those funds to repay investors their initial investment and profits which are calculated from the mortgage amount of £13,478,400.
Should we not be successful in gaining planning permission for the professional co-living development, plan B is to build the existing planning permission of 69 residential dwellings which would then be sold on the open market. Under this assumption, we forecast equity investors' return to be 79.70% over a 24 month term.
Should the planned exit of selling the 69 open market units experience delays (even though 6 months has been allocated for a sales period) an alternative option is to rent the properties instead and take out a buy to let mortgage (otherwise known as build to rent). The current buy to let portfolio mortgage criteria permits up to 75% LTV against the GDV, which calculates as £8,700,000 which would redeem the senior debt development facility of £7,888,476. In this scenario, investors would then enjoy their percentage shareholding of the net rental income generated during the entire hold period leading up to the disposal of the property to a single purchaser (such as an institution or REIT). Thereafter, investors would earn additional return from the sale of the property (similar to that of selling the 69 units on the open market).
Sales Performance
| Unit | Type | Area | Proposed Price | Sale Price | Uplift | Status |
|---|---|---|---|---|---|---|
| 1 Boars Head | Apartment | 40.07m2 | £170,000 | £170,000 | 0.0% | |
| 2 Boars Head | Apartment | 48.12m2 | £180,000 | £180,000 | 0.0% | |
| 3 Boars Head | Apartment | 42.79m2 | £180,000 | £180,000 | 0.0% | |
| 4 Boars Head | Apartment | 39.74m2 | £180,000 | £180,000 | 0.0% | |
| 5 Boars Head | Apartment | 40.82m2 | £180,000 | £180,000 | 0.0% | |
| 6 Boars Head | Apartment | 47.47m2 | £190,000 | £190,000 | 0.0% | |
| 7 Boars Head | Apartment | 44.84m2 | £190,000 | £190,000 | 0.0% | |
| 8 Boars Head | Apartment | 65.78m2 | £275,000 | £275,000 | 0.0% | |
| 9 Boars Head | Apartment | 42.94m2 | £160,000 | £160,000 | 0.0% | |
| 10 Boars Head | Apartment | 42.40m2 | £180,000 | £180,000 | 0.0% | |
| 11 Boars Head | Apartment | 39.38m2 | £180,000 | £180,000 | 0.0% | |
| 12 Boars Head | Apartment | 40.39m2 | £180,000 | £180,000 | 0.0% | |
| 13 Boars Head | Apartment | 96.17m2 | £330,000 | £330,000 | 0.0% | |
| 14 Boars Head | Apartment | 37.90m2 | £150,000 | £150,000 | 0.0% | |
| 15 Boars Head | Apartment | 36.21m2 | £150,000 | £150,000 | 0.0% | |
| 16 Boars Head | Apartment | 49.55m2 | £180,000 | £180,000 | 0.0% | |
| 17 Boars Head | Apartment | 43.28m2 | £160,000 | £160,000 | 0.0% | |
| 18 Boars Head | Apartment | 51.90m2 | £180,000 | £180,000 | 0.0% | |
| 19 Boars Head | Apartment | 54.89m2 | £180,000 | £180,000 | 0.0% | |
| 20 Boars Head | Apartment | 77.68m2 | £300,000 | £300,000 | 0.0% | |
| 1 Westlegate | Apartment | 47.24m2 | £180,000 | £180,000 | 0.0% | Available |
| 2 Westlegate | Apartment | 62.33m2 | £270,000 | £270,000 | 0.0% | Available |
| 3 Westlegate | Apartment | 41.30m2 | £180,000 | £180,000 | 0.0% | Available |
| 4 Westlegate | Apartment | 57.92m2 | £200,000 | £200,000 | 0.0% | Available |
| 5 Westlegate | Apartment | 47.20m2 | £155,000 | £155,000 | 0.0% | Available |
| 6 Westlegate | Apartment | 42.20m2 | £150,000 | £150,000 | 0.0% | Available |
| 7 Westlegate | Apartment | 39.27m2 | £150,000 | £150,000 | 0.0% | Available |
| 8 Westlegate | Apartment | 35.47m2 | £150,000 | £150,000 | 0.0% | Available |
| 9 Westlegate | Apartment | 43.42m2 | £180,000 | £180,000 | 0.0% | Available |
| 10 Westlegate | Apartment | 49.57m2 | £180,000 | £180,000 | 0.0% | Available |
| 11 Westlegate | Apartment | 49.52m2 | £180,000 | £180,000 | 0.0% | Available |
| 12 Westlegate | Apartment | 55.83m2 | £180,000 | £180,000 | 0.0% | Available |
| 13 Westlegate | Apartment | 36.27m2 | £180,000 | £180,000 | 0.0% | Available |
| 14 Westlegate | Apartment | 39.91m2 | £160,000 | £160,000 | 0.0% | Available |
| 15 Westlegate | Apartment | 47.27m2 | £150,000 | £150,000 | 0.0% | Available |
| 16 Westlegate | Apartment | 47.52m2 | £180,000 | £180,000 | 0.0% | Available |
| 17 Westlegate | Apartment | 62.79m2 | £275,000 | £275,000 | 0.0% | Available |
| 18 Westlegate | Apartment | 41.57m2 | £180,000 | £180,000 | 0.0% | Available |
| 19 Westlegate | Apartment | 57.97m2 | £200,000 | £200,000 | 0.0% | Available |
| 20 Westlegate | Apartment | 47.38m2 | £155,000 | £155,000 | 0.0% | Available |
| 21 Westlegate | Apartment | 42.35m2 | £150,000 | £150,000 | 0.0% | Available |
| 22 Westlegate | Apartment | 39.50m2 | £150,000 | £150,000 | 0.0% | Available |
| 23 Westlegate | Apartment | 36.24m2 | £150,000 | £150,000 | 0.0% | Available |
| 24 Westlegate | Apartment | 53.80m2 | £200,000 | £200,000 | 0.0% | Available |
| 25 Westlegate | Apartment | 52.39m2 | £160,000 | £160,000 | 0.0% | Available |
| 26 Westlegate | Apartment | 39.13m2 | £160,000 | £160,000 | 0.0% | Available |
| 27 Westlegate | Apartment | 36.32m2 | £160,000 | £160,000 | 0.0% | Available |
| 28 Westlegate | Apartment | 55.68m2 | £180,000 | £180,000 | 0.0% | Available |
| 29 Westlegate | Apartment | 49.62m2 | £180,000 | £180,000 | 0.0% | Available |
| 30 Westlegate | Apartment | 49.88m2 | £180,000 | £180,000 | 0.0% | Available |
| 31 Westlegate | Apartment | 72.48m2 | £300,000 | £300,000 | 0.0% | Available |
| 32 Westlegate | Apartment | 64.17m2 | £280,000 | £280,000 | 0.0% | Available |
| 33 Westlegate | Apartment | 55.32m2 | £200,000 | £200,000 | 0.0% | Available |
| 34 Westlegate | Apartment | 45.95m2 | £200,000 | £200,000 | 0.0% | Available |
| 35 Westlegate | Apartment | 72.04m2 | £225,000 | £225,000 | 0.0% | Available |
| 36 Westlegate | Apartment | 48.14m2 | £160,000 | £160,000 | 0.0% | Available |
| 37 Westlegate | Apartment | 49.87m2 | £180,000 | £180,000 | 0.0% | Available |
| 38 Westlegate | Apartment | 39.30m2 | £160,000 | £160,000 | 0.0% | Available |
| 39 Westlegate | Apartment | 39.70m2 | £160,000 | £160,000 | 0.0% | Available |
| 40 Westlegate | Apartment | 42.90m2 | £180,000 | £180,000 | 0.0% | Available |
| Total: | £11,225,000 | £11,225,000 | 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%
Further Information
This page has been prepared and published by Westlegate and Boars Head Buildings, Norwich
Learn a bit more about how our system works. If you have a question, take a look at our Frequently Asked Questions (FAQs) to see if you can get the answer you're looking for.
Before Photos
The photos show the condition of the property before construction work commenced.
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