Stroud Green, London, N4
6 Units | Sell For Profit Strategy
This development scheme is located in the popular area of Stroud Green, the site is conveniently situated for transport links with 5 overground and underground stations located within approximately 1 mile, all offering regular services into Central London making it an ideal commuter location.
The proposed exit strategy is to sell the units on the open market, with sales expected to begin 3-6 months before the completion of the construction works.
The properties will be sold on the open market in order to achieve the exit and subsequent development profits.
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.
Based on sold comparables we expect to be able to sell the properties between a range of £650,000 - £800,000.
These sales estimates have been supported by appraisals from both Foxtons and JLL.
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 £1,109,080 (with an additional 5% contingency fund and 10% professional fees fund) in delivering the project within the set time frame of 12 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 work. 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 will also 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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