The development, which is a high quality contemporary scheme will be made up of two separate blocks:
Block 1 comprises 23 units Block 2 comprises 17 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.
Oak Street is located close to the busy city centre of Norwich. Norwich City Centre is home to two shopping centres where a variety of national retails can be found. The popular Riverside entertainment complex also offers a range of leisure activities including ten pin bowling, cinemas, bars and restaurants. The site is located within 3 miles of the University of East Anglia which accommodates circa 17,000+ students.
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:
1 bed flats - £150,000-£190,000, 2 bed flats - £215,000 - £300,000 and 3 bed penthouse flat - £390,000
2 bed house - £300,000, 3 bed townhouses - £450,000 each and 4 bed townhouses - £600,000 each
*These sale estimates have been supported by a development sales appraisal report from two estate agents based in Norwich.
With all JaeVee development projects, the SPV (in its role as the client) enters into a JCT 2016 design & build construction contract whereby the responsibility in delivering the project rests with the Principal Contractor.
The Principal Contractor has agreed to a fixed total contract sum of £5,460,000 (with an additional 7.69% contingency fund and 10% professional fees fund) in delivering the project within the set time frame of 18 months.
As the Principal Contractor is holding the design and build contract, it will select the sub-contractors to assist in delivering the project. The SPV has the right to request copies of the JCT subcontractor contracts which will be taken care of by JaeVee's inhouse project management team. This forms part of JaeVee's role as Employers Agent, overseeing the project from inception through to completion (the pre, during and post construction phases) assisting the property developer throughout.
As per UK Finance regulations, a structural warranty will be issued after the building regulations completion certificate of works. This will provide a 10 year structural warranty which is a mandatory UK Finance requirement for mortgage lenders to be able to lend on each dwelling.
The Property Developer also will be uploading monthly construction updates to the JaeVee system throughout the duration of the project thus allowing investors to see the progress in real time.
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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