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- Felixstowe, Suffolk, IP11
Leopold Road, Felixstowe -
Felixstowe, Suffolk, IP11
9 Units | Sell For Profit Strategy
In partnership with
Property Summary
JaeVee has acquired a sea front development located in Felixstowe which is currently a vacant care home.
It benefits from planning consent to be transformed into 9 apartments along with associated landscaping and external works.
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/21/4071/FUL which references the alterations and change of use of nursing home to provide 9no. apartments.
Exit Strategy
The current GDV of £3,550,000 is based on sold comparables and 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. The development will be registered for Help to Buy so it’s able to target this market. The property will be marketed with Fenn Wright Estate Agents with the target market being a mixture of owner occupiers and single let landlords.
Sales Performance
| Unit | Type | Area | Proposed Price | Sale Price | Uplift | Status |
|---|---|---|---|---|---|---|
| 1 | 2 Bed Garden Apartment with private fencing | 65.00m2 | £350,000 | £350,000 | 0.0% | Available |
| 2 | 2 Bed Garden Apartment with private fencing | 81.90m2 | £425,000 | £425,000 | 0.0% | Available |
| 3 | 2 Bed Garden Apartment with private fencing | 92.40m2 | £500,000 | £500,000 | 0.0% | Available |
| 4 | 2 Bed Apartment | 64.80m2 | £300,000 | £300,000 | 0.0% | Available |
| 5 | Large 2 Bed Apartment | 75.40m2 | £375,000 | £375,000 | 0.0% | Available |
| 6 | Large 3 Bed Apartment | 82.20m2 | £400,000 | £400,000 | 0.0% | Available |
| 7 | Large 3 Bed Apartment | 132.00m2 | £500,000 | £500,000 | 0.0% | Available |
| 8 | 2 Bed Apartment | 66.50m2 | £425,000 | £425,000 | 0.0% | Available |
| 9 | 1 Bed Apartment | 45.00m2 | £275,000 | £200,000 | -27.3% | Available |
| Total: | £3,550,000 | £3,475,000 | -2.1% |
The above table shows the original proposed price, forecasted as part of our investment memorandum, and the actual sales price. The uplift column identifies whether we sold the dwelling for more than originally forecasted. On average, for this particular development, we have achieved an uplift in sales values of -2.1%
Further Information
This page has been prepared and published by Leopold Road, Felixstowe
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Before Photos
The photos show the condition of the property before construction work commenced.
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