JaeVee has acquired a development located within Felixstowe which is currently a vacant land site.
It benefits from planning consent to construct 59 residential units with associated landscaping and external works along with 3 commercial units.. All pre-commencement conditions have been satisfied and drainage works have commenced.
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/17/3967/FUL which references the erection of a building containing 48 flats over ground floor commercial units. Erection of 11 houses (includes new private access road, parking and external works).
The Former Cavendish Hotel site has also been allocated within the Felixstowe Seafront and Town Centre Master Plan. This is part of a major regeneration project to the South Seafront area and our site is a major part of this regeneration project.
The regeneration project will therefore benefit our development as it means there will be new investment brought to the region along with new jobs being created from local businesses. This in turn will therefore help to increase the local property market as the town is becoming more prosperous from investment and job creation which will also be strengthen by the introduction of the Freeport.
Freeport East is one of eight new Freeports in England announced by the Chancellor of the Exchequer on 3 March 2021. It will be a hub for global trade and national regeneration as well as creating a hotbed for innovation that will have impact across the UK.
With its unique global links and existing innovative sectoral clusters, Freeport East will attract inward international investment and drive domestic growth, propelling the country’s economy forward.
Covering Britain’s busiest container port, two major ferry ports and located close to the East Coast green energy cluster, Freeport East offers a unique combination of advantages to benefit traders, manufacturers and clean energy suppliers. It will create 13,500 new jobs and generate a Gross Value Added (GVA) of £5.5 billion over 10 years.
Freeports will make it easier for businesses with the ambition and appetite to do what they do best and create jobs, growth and solutions for the future.
Freeports are a flagship government programme that will play an important part in the UK’s post-Covid economic recovery and contribute to realising the levelling up agenda, bringing jobs, investment and prosperity with targeted and effective support.
Freeports are secure customs zones where business can be carried out inside a country’s land border, but where different tax and customs rules apply. Businesses in Freeports will benefit from more generous tax reliefs, simplified customs procedures and wider government support.
The current GDV of £23,027,493.06 is based on sold comparables, details of which can be found in the 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 with the townhouses likely to be sold within 12 months of construction starting and the apartments following 6-9 months after.
This is based on a phased handover between the townhouses and the apartment block.
The property will be marketed with Fenn Wright Estate Agents with the target market being a mixture of owner occupiers and single let landlords.
JaeVee is an experienced property developer that joint ventures with experienced main contractors and equity and mezzanine investors by fostering and enabling profitable property development opportunities, whilst providing safeguarding measures to protect your funds.
We focus on the East of England, due to our expertise of the local area. Our head office is also based in the area.
We have completed a number of property developments, including setting records for achieving the highest priced sales in local areas (on a per sq-m basis).
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