We have been asked to find a JV partner for a proposed scheme for:
- 91 serviced apartments that include 12 units with disabled access in the booming Cambridge Business Park environment
- 79 units that range between 22-25 sq.m
- 12 disabled units of approximately 26 sq.m each.
Information:
- Off market
- Freehold
- SPV sale
- The accommodation has been designed but yet to be submitted for approval
- The current developers are seeking an additional £1m-£2m to purchase the land and move forward with the planning application
- Previous schemes with fewer units have been approved. The developer is confident that PP will be granted for this scheme
- The current plan is to partially acquire the land for £2m in a JV with the landowner and a development consortium. The group will then follow up and submit a planning application for approval. Following approval, the group will apply for construction finance and begin the construction process.
- The group can decide to manage the serviced apartments themselves or hire a management company
- Once stabilised the NOI is anticipated to be up to £1.3m and potentially move upwards to £1.5/£2m per annum.
Financials
- Total land purchase price – £3.6m
- Construction costs – £8m-£10m
- Estimated annual income up to £1.3m
- The yield on construction – 16%
- Estimated IRR > 20%
- Investment required of £1m-£2m.
We can arrange for the parties to deal direct once the formalities have been completed.
We will require a buy side fee to be discussed.
Where we act as a seller’s mandate, we represent the vendors. Our clients wishing to sell their property off-market benefit from impartial advice and a personalised service tailored to their requirements and circumstances. More importantly, we offer sellers unparalleled access to qualified buyers and we ensure that we address the right audience.
In order to achieve the best possible sales result, your property is presented to individual and corporate purchasers, whose buying behaviour and buying power can be backed by a Letter of Intent (LOI) and Proof of Funds (POF). We will provide vendors with professional support throughout the entire process and beyond, including RICS valuations, coordinating viewings, assessing incoming offers, and protecting your interests during sales negotiations.
For further information, luxury property, off-market, off-plan, developments or investments, marketing or help finding your next property please contact us anytime.
Office: +44(0)203 0515606
sales@trellows.co.uk
investments.trellows.com
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