1. Joint Venture Investments
  2. Property Portfolio
  3. Wakefield, West Yorkshire, WF1
Pending Equity

Property Investment in
Wakefield, West Yorkshire, WF1

SPV1026 | 4 Units | Sell For Profit Strategy

More Details Summary

Property Summary

The development, which is a high quality contemporary scheme will be made up of 4 residential dwellings ranging from a 4 bedroom detached house to 5 bedroom detached houses.

The 4 bedroom houses will comprise entrance hall, lounge/kitchen, bedrooms with built in wardrobes and bathrooms along with a study. The 5 bedroom houses will comprise entrance hall, lounge/kitchen, 5 bedrooms, master bedroom with en-suite, built in wardrobes and separate bathroom.

The development is located close to the city centre of Wakefield which has a wide array of shops, restaurant and entertainment facilities.

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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.

The houses will be marketed with local estate agents, with the target market being a mixture of owner occupiers and single let landlords.

Based on sold comparables we expect to be able to sell the properties for the following prices:

4 bed house - £500,000 and 5 bedroom houses £650,000 - £670,000.

*These sale estimates have been supported by development sales appraisal reports from William H Brown and Enfields.

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Operational Delivery

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 £1,236,398 (with an additional 5% 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 Project Manager, 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.

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Further Information

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Proposed Plans

Plot 4.jpg Plot 3.jpg Plot 2.jpg Plot 1.jpg