November 5, 2018
We have teamed up with JaeVee - a disruptive prop-tech business revolutionising how people invest, develop and learn about property – for a £3.19m development finance facility.
The facility will fund the purchase and renovation of a former seaside hotel – the Burlington in Sheringham, Norfolk - which has been granted planning permission to be converted into 17 residential units.
The first drawdown will be used to purchase the property, consisting of over 16,000 square feet on the seafront esplanade.
Future drawdowns will see funding for demolition and construction of the substructure, which will include an undercroft carpark. Over 15 months, the rest of the development will come together to form a range of units from 1- and 2-bedrooms flats, to four-bedroom apartments.
The finished units will be highly desired by buyers given the great location, sea view, modern build and price point. With a target Gross Development Value (GDV) of nearly £7.5m, this project will offer great value to the area at a competitive cost per square foot.
Ben James Smith, CEO at JaeVee, commented:
“We're delighted to have completed a joint venture on one of Sheringham's iconic buildings and look forward to working with the lead developer in delivering the proposed scheme.
We thank West One Loans for supporting this development project. We needed a fast, responsive and flexible debt finance partner for this scheme. We’re building a range of residential units and different parts of the building were in different stages of the planning permission process, so we needed a lender who really understood the opportunity. We’re excited the development has got started and can’t wait to see the end product.”
Stephen Wasserman, Managing Director, West One Loans said:
“We are pleased to support the purchase and development of this site in the lovely seaside town of Sheringham. When we launched our development finance product, we wanted to provide a solution for, what we felt, was an underserved market of property developers looking for finance up to £7.5m. This project ticks all our boxes, will deliver 17 modern apartments and has a good GDV - so was a great opportunity for everyone to be involved with.”