Bluetouch Ventures is financing the second phase of their new development in Woore, Shropshire, the first stage having been completed under budget and on schedule. The property has been valued by Savills and Baker Wynn Wilson at a GDV of £1,125,000 (€1,293,750) and is expected to sell off-plan during construction.
The development consists of 4 plots with full planning permission for five-bedroom, executive detached homes, with 3 plots sold in 2022. The construction phase has been split into three stages for this project. The first stage was the site setup, preparation, drainage and groundworks. They are now underway with the second phase of construction which consists of the construction of the superstructure with bricklayers on site laying blockwork in preparation for the timber frame, scheduled for delivery in early February. This will be followed by roof installation and brickwork. The final phase of construction will involve all internal works and landscaping.
There are some excellent new build comparables in the area that are pricing well, with a new build development selling in December for £1,050,000 and another smaller new-build property going on the market at £1,300,000 nearby (2km) (update 23-01-2023: the sale has been agreed at this asking price) . The property valued by Savills and Baker Wynn Wilson at a GDV of £1,125,000 (€1,293,750) and is expected to sell off-plan during construction with lots of off-market interest already received. However, if required, there is the option of refinancing the property onto development exit finance of up to 80% LTV on completion of works to cover for any extended sale period or delays in conveyancing.
The first phase of construction has come in under budget and on schedule. And following receipt of firm quotes for the second phase of construction Bluetouch have been able to reduce the overall project budget. The total development cost for this plot including all finance and professional fees is now £757,869 (€871,550) providing a strong net profit of £367,131 on completion of works (€422,201). The reduced build costs also reduce the total LTV of the development to 67% providing investors with improved security coverage and allowing for more flexible exit solutions if a refinance is required.
The site is situated in the idyllic, rural village of Woore. Surrounded by buildings and structures of considerable historical interest, Woore is a delightful setting in which to enjoy family life with excellent access to the neighbouring towns of Whitchurch, Nantwich and Crewe. Crewe boasts a thriving high street with numerous parks and is set to become a vital super-hub.
Nantwich is a charming historic market town with a wealth of beautiful timber framed buildings, and one of the finest medieval town churches in Britain, St Marys. Whitchurch is a traditional market town with beautiful countryside and a wealth of independent shops, cafes and restaurants.
Founded in 2015, Bluetouch continues to successfully carry out a wide range of projects across the North-West of England with a core team with over 60 years’ industry experience. They have placed several loans on the Max Crowdfund platform already and have a good delivery history.
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