West Street is located close to the centre of Prescot, Knowsley, being approximately 1 mile from the town centre.
The town centre of Prescot hosts a variety of boutique shops, independent cafes and national chain supermarkets. Prescot town centre is also home to number of leisure options including Knowsley Safari, Prescot Museum, a number of bars, restaurants and is also home to four golf courses.
The site is situated approximately 1.1 miles away from Prescot railway station which offers regular services into Liverpool taking approximately 23 minutes and Manchester taking approximately 1 hour 23 minutes.
Prescot is located close to a number of A roads that lead to other towns and cities including Liverpool, Preston, Manchester, Wigan, Warrington, Macclesfield and stockport, all of which can be reached within an hour or less.
The exit strategy is to sell the individual units on the open market.
The sale estimates have been supported by a valuation from Matthews & Goodman LLP. The valuation can be downloaded from the Documents section above.
Should the planned exit of selling the 8 open market units experience delays (even though 6 months has been allocated for a sales period) an alternative option is to rent the properties instead. Mason Owen, a local property consultants have provided market rental commentary confirming that the units can be rented for a total of £141,000 per annum.
The current buy to let portfolio mortgage criteria permits up to 75% LTV against the GDV, which calculates as £2,788,000 which pays off the total debt of £2,671,456.
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 £1,789,842 (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 procure sub-contractor packages 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 in-house 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 cost of this is covered via the allocated professional fee fund.
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.
JaeVee is a trading name of Estateducation Ventures Ltd, 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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