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- Felixstowe, Suffolk, IP11
St Marys Care Home, 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 6 apartments and 3 new build townhouses on the side of the property 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/21/0478/FUL which references the part demolition, alteration and change of use of nursing home to provide 6no. apartments, together with 3no. new build houses.
Exit Strategy
The current GDV of £5,695,000 is based on sold comparables, details of which can be found on pages 43-44 of the investment memorandum, available to download via the Documents section below. It 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 Simpsons Place | 2 Bedroom Ground Floor Apartment with Garden | 103.60m2 | £625,000 | £625,000 | 0.0% | Reserved |
| 2 Simpsons Place | 3 Bedroom Ground Floor Apartment with Garden | 197.30m2 | £725,000 | £775,000 | 6.9% | Reserved |
| 3 Simpsons Place | 2 Bedroom First Floor Apartment with Terrace | 75.20m2 | £525,000 | £550,000 | 4.8% | Available |
| 4 Simpsons Place | 2 Bedroom First Floor Apartment with Large Terrace | 131.80m2 | £750,000 | £775,000 | 3.3% | Available |
| 5 Simpsons Place | 2 Bedroom Second Floor Apartment | 126.00m2 | £450,000 | £450,000 | 0.0% | Available |
| 6 Simpsons Place | 2 Bedroom Second Floor Apartment | 117.00m2 | £575,000 | £575,000 | 0.0% | Available |
| 7 Simpsons Place | 3 Bedroom Townhouse with Garden | 156.40m2 | £675,000 | £675,000 | 0.0% | Available |
| 8 Simpsons Place | 3 Bedroom Townhouse with Garden | 144.10m2 | £675,000 | £675,000 | 0.0% | Available |
| 9 Simpsons Place | 3 Bedroom Townhouse with Garden | 144.10m2 | £675,000 | £695,000 | 3.0% | Available |
| Total: | £5,675,000 | £5,795,000 | 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 St Marys Care Home, Felixstowe
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.
Before Photos
The photos show the condition of the property before construction work commenced.
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