Under Construction

SPV1003 - Project Status:
Under Construction

Sheringham, Norfolk, NR26
17 Units | Sell For Profit Strategy

Property Summary

The Burlington Hotel, sited at the junction of Holt Road and Weybourne Road, is conveniently located near to the town centre of Sheringham, yet is a stones throw from the coastline, which overlooks the North Sea. The former hotel, built in 1899, is arranged over six floors and has the intricate architectural features associated with the Victorian period.The building has imposing and detailed North and East elevations, comprising of traditional Norfolk red brick in lime mortar, rubbed and gauged brick lintels, arched window heads at upper ground floor level with Lime or Portland stone detail embellishment with window cill and string coursing, quoining and key- stones to the arched openings to the front elevation. All windows and doors throughout are traditional painted timber joinery with sash- windows throughout. The roof is constructed with red roof tiles, with grand chimney stacks framing the white dormer windows installed periodically along the front elevation. It has a Gross Internal Area of 1880 m sq which comprises of over 50 rooms.

The Hotel was originally built to accommodate the booming tourist industry which was revolutionised by the introduction of the railway in Britain. Similar Hotels built in the area are The Grand Hotel, supplied the demand for wealthy middle and upper class Londoners travelling to enjoy the sea air. Sheringham remains a popular tourist location in the present day, however consumer demand has switched to smaller guest houses, which offer cheaper and comfortable accommodation. The owner decided to close the Hotel due to their retirement, allowing an exciting new opportunity for Norfolk Property Developers.

The fourth floor of the building already contains 3 residential apartments. Planning permission PF/14/0887 approves the partial demolition of the hotel and erection of six residential apartments and single storey rear extension, this planning permission has already been implemented. Planning permission PF_97_0888 approves the change of use from hotel rooms on second and third floors to eight self contained residential flats, which has also already been implemented to keep the approval relevant.

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Exit Strategy

The exit strategy is the sale of the individual units on the open market. Being that there is a large demand for people to retire in Sheringham, North Norfolk we deem a number of apartments will be sold to the over 55 market. An alternative option is to apply for a variation in the planning permission by providing assisted living on site to further enhance the forecasted GDV. The current sold comparables for similar purpose built luxury retirement & assisted living developments are very strong and this could potentially be a way of further increasing the GDV.

The analysis of the forecasted GDV showing the sold comparables that form the said amount are listed within the investment prospectus which you can download via the documents section above.

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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 £2,900,000 (includes 10% contingencies) in delivering the project within a set time frame. In the case of this project, the time frame is 15 months from commencement of works. 2.5% is being retained from the total contract sum which will be held for 12 months after handover to cover any rectification works.

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 manager who oversees the project from inception through to completion (the pre, during and post construction phases) assisting the property developer throughout.

As per CML regulations, a professional consultants certificate (also known as an architects certificate) will be issued after the building regulations completion certificate of works. This will provide a 6 year structural warranty which is a mandatory CML requirement for mortgage lenders to be able to lend on each dwelling.

The property developer, Estateducation, will be uploading 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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Location

Proposed Plans

Lower-Ground.jpg Fifth Floor.jpg Fourth-Floor.jpg First, Second, Third Floor.jpg Upper Ground Floor Plan.jpg