Under Construction in Norwich, Norfolk, NR1

Property Summary

The scheme, benefits from planning permission for the redevelopment of the Grade II listed former public house and a ground up residential block centred around a communal courtyard and 21 allocated undercroft car parking spaces

The former public house will be refurbished to create 2 residential dwellings comprising 1 x 1 bedroom unit and 1 x 4 bedroom unit. The newly constructed dwellings will comprise 6 x studio apartments, 7 x 1 bedroom apartments, 21 x 2 bed apartments, 1 x 3 bed apartment. In addition to the apartments, there will also be 1 x 3 bedroom townhouse and 2 x 4 bedrooms townhouses.

The development is located adjacent to the River Wensum and has been designed in a way to ensure that the majority of apartments benefit from river views. It is also a stone's throw from Norwich’s popular riverside retail & leisure development and the home of Norwich City Football Club. It is also situated less 0.5 miles of the city centre, less than 0.5 mile away from Norwich railway station and is close to Norwich’s inner ring road which gives convenient transportation access around the city.

Exit Strategy

The proposed exit strategy is to sell the units on the open market, with sales expected to begin 6 months before the completion of the construction works using an on-site furnished show apartment.

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. As the developer is registered with Help to Buy, we are able to target this additional market.

Based on sold comparables we expect to be able to sell the properties for the following prices:

1 bed flats - £195,000-£210,000, 2 bed flats - £264,000 - £316,000 and 3 bed flats - £388,000 -£398,000
3 & 4 bed townhouses £450,000 - £510,000

*These sales estimates have been supported by a development sales appraisal report from two estate agents based in Norwich, one of which you can download via the documents above.

Senior and mezzanine debt will be repaid first together with the post sales costs and corporation tax set out in the financials section below. Investors will then be repaid their 40% share of the net profit pro rata to their shareholding.

Unit	Type	Area	Proposed Price	Sale Price	Uplift	Status
1	1 Bed Road View Apt	86.96m²	£215,000	£220,000	2.3%	Available
2	3 Bed Townhouse	108.98m²	£400,000	£500,000	25.0%	Available
3	4 Bed River View Townhouse	175.03m²	£650,000	£750,000	15.4%	Available
4	4 Bed River View Townhouse	153.01m²	£620,000	£700,000	12.9%	Available
5	2 Bed River View Apt	73.60m²	£260,000	£265,000	1.9%	Available
6	2 Bed River View Apt	79.00m²	£290,000	£290,000	0.0%	Available
7	1 Bed River View Apt	52.90m²	£175,000	£175,000	0.0%	Available
8	2 Bed River & Bridge View Apt	80.30m²	£300,000	£300,000	0.0%	Available
9	Studio Bridge View Apt	40.50m²	£135,000	£140,000	3.7%	Available
10	Studio Bridge View Apt	39.80m²	£135,000	£140,000	3.7%	Available
11	1 Bed Bridge View Apt	38.60m²	£175,000	£175,000	0.0%	Available
12	2 Bed Road View Townhouse	86.00m²	£300,000	£315,000	5.0%	Available
13	2 Bed Road View Townhouse	86.00m²	£300,000	£315,000	5.0%	Available
14	3 Bed Duplex Apt	141.03m²	£575,000	£600,000	4.3%	Available
15	2 Bed River View Apt	73.10m²	£260,000	£270,000	3.8%	Available
16	2 Bed River View Apt	71.80m²	£260,000	£265,000	1.9%	Available
17	1 Bed River View Apt	51.30m²	£175,000	£175,000	0.0%	Available
18	1 Bed River View Apt	52.90m²	£175,000	£175,000	0.0%	Available
19	2 Bed River & Bridge View Apt	80.30m²	£295,000	£300,000	1.7%	Available
20	Studio Bridge View Apt	40.50m²	£135,000	£140,000	3.7%	Available
21	Studio Bridge View Apt	40.50m²	£135,000	£145,000	7.4%	Available
22	2 Bed Road & Bridge View Apt	79.50m²	£295,000	£295,000	0.0%	Available
23	1 Bed Road View Apt	54.50m²	£175,000	£175,000	0.0%	Available
24	2 Bed River View Apt	73.10m²	£260,000	£275,000	5.8%	Available
25	2 Bed River View Apt	71.80m²	£275,000	£275,000	0.0%	Available
26	1 Bed River View Apt	51.30m²	£175,000	£175,000	0.0%	Available
27	1 Bed River View Apt	52.90m²	£175,000	£175,000	0.0%	Available
28	2 Bed River & Bridge Apt	80.30m²	£295,000	£295,000	0.0%	Available
29	Studio Bridge View Apt	40.50m²	£135,000	£140,000	3.7%	Available
30	Studio Bridge View Apt	40.50m²	£135,000	£145,000	7.4%	Available
31	2 Bed Road & Bridge View Apt	79.50m²	£295,000	£300,000	1.7%	Available
32	2 Bed Road View Apt	85.00m²	£300,000	£300,000	0.0%	Available
33	2 Bed River View Apt	73.10m²	£270,000	£275,000	1.9%	Available
34	2 Bed River View Apt	71.80m²	£270,000	£275,000	1.9%	Available
35	2 Bed River View Apt	80.60m²	£300,000	£300,000	0.0%	Available
36	3 Bed River & Bridge View Apt	105.90m²	£475,000	£475,000	0.0%	Available
37	2 Bed Road & Bridge View Apt	79.50m²	£300,000	£300,000	0.0%	Available
38	2 Bed River View Apt	71.80m²	£275,000	£285,000	3.6%	Available
39	2 Bed River View Apt	80.60m²	£300,000	£300,000	0.0%	Available
40	3 Bed River & Bridge View Apt	105.90m²	£475,000	£475,000	0.0%	Available
41	2 Bed Road & Bridge View Apt	73.50m²	£300,000	£300,000	0.0%	Available
		Total:	£11,445,000	£11,890,000	3.9%

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 3.9%

Further Information

This page has been prepared and published by Thompson Staithe, Norwich

Learn a bit more about how our system works. If you have a question, take a look at our Frequently Asked Questions (FAQs) to see if you can get the answer you're looking for.