interested?
interested? WIMBLEDON PARK
A218
WIMBLEDON COMMON
A3
Hig
hS
t
Byp
ass
A219 Wimbledon
Kin
g
n sto
Thackeray Close
MERTON
B281 B235
A238 A3
A238 RAYNES PARK Bushey Rd
CANNON HILL COMMON
A24
B286
A239
Lusso Homes Limited Eldridge House 25 Windsor Street Chertsey KT16 8AY T 01932 858580 F 01932 855702 E [email protected]
Disclaimer: Statements contained within this brochure are believed to be correct at time of going to print and are made without responsibility on the part of the agent or the seller and are not to be relied upon as a statement or representations of fact. This brochure does not constitute any part of an offer or a contract. Lusso Homes Limited reserve the right as may be necessary to make alterations to the specification, layout and appearance at any time without formal notice. Intending purchasers or lessees must satisfy themselves, by inspection, of precise dimensions as to the correctness of each of the statements on matters of fact contained in these particulars.
THACKERAY CLOSE Wimbledon, London
THE INVESTMENT
STRUCTURE
Bentley-Leek Properties are now offering investors an exciting opportunity to invest in their latest venture “Thackeray Close”. This Development is in a prime Wimbledon Village location and investors are invited to partake on a “share of profit basis”.
This Project is offered to investors on a share of profit basis, whereby investors will buy shares in “Bentley-Leek Properties (JV3) Ltd”. The project will be fully funded, including contingencies, before the development commences, thus protecting investors from the potential pitfalls of having to raise funds at future stages of the development.
THE MARKET Adverse Market conditions have created opportunities for those Developers with capital at their disposal. When buying a site it is the projected Value of the completed development that determines the initial purchase price of the land. Therefore the price paid for land today factors in the property price reduction to date and any perceived further drop in prices, allowing developers to remain profitable when the market gets tough.
Bentley-Leek Properties (JV3) Ltd is a Special Purpose Vehicle set up for the sole purpose of developing Thackeray Close. Once the project has been completed the company will be wound up with initial capital and profits redistributed to the shareholders.
With some of the big name PLCs pulling out of the market and with many smaller Developers having cashflow worries, a lack of competition in the market place also works to our advantage in securing deals below their market value. This scenario presents a great opportunity to buy premium sites, like Thackeray Close, at a greatly reduced cost, enabling us to project very attractive profit margins for our investors.
1
close
* photographs shown are from recent lusso homes developments
will be
fully funded, including
contingencies
“
THACKERAY
the project “ before the development commences
2
THE SPECIFICATION The specification to these homes will be tailored specifically to meet the demands of our target audience of buyers. They will represent contemporary design with state of the art technology, without losing focus on traditional methods of construction, as seen in previous Lusso Homes developments.
The
DEVELOPMENT The development will comprise three four-storey Townhouses with integral garaging. The properties will be contemporary in design featuring large glass balconies servicing both first and second floors to take full advantage of the unprecedented views.
The lower ground floor will incorporate a state of the art kitchen with open plan breakfast area and family room. The family room area will benefit from a double height void with glass roof and bi-fold glass doors opening to a sunken terrace. The upper ground floor will encompass the formal lounge to the front of the property utilizing access to a large balcony offering views right across Wimbledon and beyond. The formal dining area is positioned with a garden outlook as well as an internal glass balcony overlooking the family room below.
3
* photographs shown are from recent lusso homes developments
The 1st floor is home to the master suite with a private balcony as well as two further garden aspect bedrooms. The second floor comprises two further bedroom suites. The overall design aims to provide a high level of balanced accommodation with a considerable “wow” factor and takes full advantage of the view potential from principle rooms.
4
ithin w N IO T A C O L d e rd a g re walking distance of
e g la il V n o d le b im W
“
“
hly Thackeray Close is a hig
THE LOCATION Thackeray Close is a highly regarded location within walking distance of Wimbledon Village. This location falls off the Ridgeway and although it is not a typical street of Victorian/Edwardian semi detached dwellings it does offer some very practical and real advantages over more traditional roads in this immediate vicinity.
THE VIEW
CUL-DE-SAC
THACKERAY CLOSE
The most poignant advantage is the views that the site offers. Most of the roads running from the Ridgeway run perpendicular to the hill and therefore grant owners all the disadvantages of living on a hill with very little or no vistas. Thackeray Close on the other hand is one of the few roads in this vicinity that runs parallel to the Ridgeway and therefore affords spectacular uninterrupted views. The long term future of these views is protected by virtue of the consecrated land to the front of property making future development impossible.
The proposed development is situated at the end of a cul-de-sac, therefore offering the significant advantage of having no through traffic. This will also enable us to give the development its own exclusive identity with walled segregation from its immediate nieghbours and secure private parking. This is again seen as a significant advantage in this area where on road parking even in this price range is commonplace.
The other properties found on Thackeray Close are detached and 1970s in nature. Whilst we accept that this is not to everyone’s taste these are sought after properties that local agents value in the £1m bracket. In any event our intention is to produce an exclusive walled development that will create its own environment. We therefore expect any negative effect of these properties to be minor and have priced the scheme accordingly.
5
* photographs shown are from recent lusso homes developments
The development site lies in an elevated setting to the south west of a beautiful church, which is a stunning example of gothic architecture. Aside from the pleasing aesthetics of this well known and highly regarded building, as previously mentioned the church grounds extend in front of the development site offering complete protection of the amazing views. There are no regular bell ringing sessions and as there is no pedestrian or vehicle access from Thackeray Close. The immediate proximity of the church will have no effect on parking or traffic congestion.
6
LONDON BUYERS Typically the contemporary design will appeal to London buyers looking for better value than central London but without compromising the luxury feel of the London market they are used to. For those looking to move a young family to “greener” surroundings whilst remaining within touching distance of central London Wimbledon is an ideal location. Recent studies have shown that prior to the credit crunch a large number of high earners in the city bought large properties in the country as well as having a flat in London for the week. For many this is no longer affordable and we expect Thackeray Close to be an ideal compromise. Easy connections by rail and road make Wimbledon the obvious choice for these buyers and a Wimbledon Village postcode adds further prestige to this development.
LOCAL BUYERS
BUYER profile This development will target a variety of buyer profiles 7
* photographs shown are from recent lusso homes developments
14 Thackeray Close will offer huge appeal to the trendy wealthy buyer that in SW19 are plentiful. The high spec, contemporary design, and renewable energy elements of this development will prove to be a highly desirable combination for this type of purchaser.
INTERNATIONAL BUYERS Wimbledon is renowned as a highly desirable location through out the world. Despite recent events London is still one of the major economic centres in the world and Wimbledon is a popular choice for international purchasers. The Walled nature of the development allied with the garaging makes this an ideal “lock up and leave” development for buyers who do not intend to live at the property all year round. The current financial climate makes Thackeray Close an appealing purchase for international buyers. A fall in house prices allied with the weakening pound means that property in the area is over 40% cheaper than it was a year ago.
8
Comparable
Our
EVIDENCE
PRICING
Our research through gathering information from local agents, specifically those with experience of selling high specification new build schemes, suggest we should achieve circa £2m per unit. However due to the current economic uncertainty we are working towards achievable resale’s more in line with the conservative valuation conducted by Edward Symmons:
9
Unit 1 Value (£)
Sq/ft
£ per Sq/ft
1,750,000
2800
625
Unit 2 Value (£)
Sq/ft
£ per Sq/ft
1,830,000
3000
610
Unit 3 Value (£)
Sq/ft
£ per Sq/ft
1,830,000
3000
610
Total (£)
Total (Sq/ft)
Total (£ per Sq/ft)
5,410,000
8800
614
* photographs shown are from recent lusso homes developments
CONCLUSION A basic pound per square foot acts as a crude indicator of what we are likely to achieve with our development at Thackeray Close. Clearly there are many other factors including specification, design, balance of accommodation and precise location. It is also commonly accepted that smaller units will achieve a higher pound per square foot in most circumstance. The comparable evidence that follows demonstrates what is currently being achieved for a variation of unit sizes and represents an overall average of £658 per square foot. We are looking to achieve an average of £614 per square foot, which is 7% below current market activity despite the fact that we firmly believe our product will offer potential purchasers a better value buying proposition in all aspects.
LANCASTER GARDENS SW19 5DG Under Offer An uninspiring new build pair of semi-detached three storey houses with identical basement patio arrangement and a total of 3821 sq/ft with no garaging. These properties have been marketed at £3,195,000 and £3,295,000 respectively. The latter is already under offer at £3,145,000. This represents £823 per sq/ft.
CURRIE HILL CLOSE SW19 7DX Completed in December Another three storey 4/5 bedroom new build with garage and basement patio arrangement backing onto a secondary school. This property has a total area of 3541 sq/ ft. This property was marketed at £2,250,000 representing £635 per sq/ft in a far less convenient location. This property exchanged and completed in December at 1,900,000.
ARTHUR ROAD SW19 Completed in January A four storey townhouse of 3742 Sq/ft with garage in a good location at an asking price of £2,350,000. This represents £628 per sq/ft. This property completed last month at £2,150,000 achieving £575 per Sq/ft.
HOMEFIELD PLACE SW19 4QF Under Offer A much smaller second hand modern mid terrace mews style property with basement patio arrangement and no garage. This property is only 2324 Sq/ft and commanding an asking price of £1,500,000 representing £645 per sq/ft. This property is currently under offer and due to exchange at £1,400,000 achieving £602 per Sq/ft.
10
Feasibility
REPORT
Sales GDV
5,410,000.00
Cost of Sales
123,225.00
Net Sales
5,286,775.00
Purchase Costs
2,672,400.00
Professional Fees
51,000.00
Build Cost
1,314,600.00
Total Costs
4,038,000.00
Project Costs
Profit Before Finance Cost Profit before Finance
11
1,248,775.00
12 14
we delight “
in building
traditional
methods of construction
13
We delight in building beautiful homes using traditional methods of construction and work closely with our architects and designers to create a complimentary mix of properties, so each development has its own unique identity and blends with its surroundings. We have long standing relationships with leading architects, interior designers and landscapers. Because quality living demands advanced construction materials, technologies and specifications, we believe in pioneering innovation to deliver the highest standards. It is our experience and application of these values that make every property ... SO LUSSO.
“
beautiful homes using
A218
WIMBLEDON COMMON
A3
Hig
hS
t
Byp
ass
A219 Wimbledon
Kin
g
n sto
Thackeray Close
MERTON
B281 B235
A238 A3
A238 RAYNES PARK Bushey Rd
CANNON HILL COMMON
A24
B286
A239
Lusso Homes Limited Eldridge House 25 Windsor Street Chertsey KT16 8AY T 01932 858580 F 01932 855702 E [email protected]
Disclaimer: Statements contained within this brochure are believed to be correct at time of going to print and are made without responsibility on the part of the agent or the seller and are not to be relied upon as a statement or representations of fact. This brochure does not constitute any part of an offer or a contract. Lusso Homes Limited reserve the right as may be necessary to make alterations to the specification, layout and appearance at any time without formal notice. Intending purchasers or lessees must satisfy themselves, by inspection, of precise dimensions as to the correctness of each of the statements on matters of fact contained in these particulars.
THACKERAY CLOSE Wimbledon, London
THE INVESTMENT
STRUCTURE
Bentley-Leek Properties are now offering investors an exciting opportunity to invest in their latest venture “Thackeray Close”. This Development is in a prime Wimbledon Village location and investors are invited to partake on a “share of profit basis”.
This Project is offered to investors on a share of profit basis, whereby investors will buy shares in “Bentley-Leek Properties (JV3) Ltd”. The project will be fully funded, including contingencies, before the development commences, thus protecting investors from the potential pitfalls of having to raise funds at future stages of the development.
THE MARKET Adverse Market conditions have created opportunities for those Developers with capital at their disposal. When buying a site it is the projected Value of the completed development that determines the initial purchase price of the land. Therefore the price paid for land today factors in the property price reduction to date and any perceived further drop in prices, allowing developers to remain profitable when the market gets tough.
Bentley-Leek Properties (JV3) Ltd is a Special Purpose Vehicle set up for the sole purpose of developing Thackeray Close. Once the project has been completed the company will be wound up with initial capital and profits redistributed to the shareholders.
With some of the big name PLCs pulling out of the market and with many smaller Developers having cashflow worries, a lack of competition in the market place also works to our advantage in securing deals below their market value. This scenario presents a great opportunity to buy premium sites, like Thackeray Close, at a greatly reduced cost, enabling us to project very attractive profit margins for our investors.
1
close
* photographs shown are from recent lusso homes developments
will be
fully funded, including
contingencies
“
THACKERAY
the project “ before the development commences
2
THE SPECIFICATION The specification to these homes will be tailored specifically to meet the demands of our target audience of buyers. They will represent contemporary design with state of the art technology, without losing focus on traditional methods of construction, as seen in previous Lusso Homes developments.
The
DEVELOPMENT The development will comprise three four-storey Townhouses with integral garaging. The properties will be contemporary in design featuring large glass balconies servicing both first and second floors to take full advantage of the unprecedented views.
The lower ground floor will incorporate a state of the art kitchen with open plan breakfast area and family room. The family room area will benefit from a double height void with glass roof and bi-fold glass doors opening to a sunken terrace. The upper ground floor will encompass the formal lounge to the front of the property utilizing access to a large balcony offering views right across Wimbledon and beyond. The formal dining area is positioned with a garden outlook as well as an internal glass balcony overlooking the family room below.
3
* photographs shown are from recent lusso homes developments
The 1st floor is home to the master suite with a private balcony as well as two further garden aspect bedrooms. The second floor comprises two further bedroom suites. The overall design aims to provide a high level of balanced accommodation with a considerable “wow” factor and takes full advantage of the view potential from principle rooms.
4
ithin w N IO T A C O L d e rd a g re walking distance of
e g la il V n o d le b im W
“
“
hly Thackeray Close is a hig
THE LOCATION Thackeray Close is a highly regarded location within walking distance of Wimbledon Village. This location falls off the Ridgeway and although it is not a typical street of Victorian/Edwardian semi detached dwellings it does offer some very practical and real advantages over more traditional roads in this immediate vicinity.
THE VIEW
CUL-DE-SAC
THACKERAY CLOSE
The most poignant advantage is the views that the site offers. Most of the roads running from the Ridgeway run perpendicular to the hill and therefore grant owners all the disadvantages of living on a hill with very little or no vistas. Thackeray Close on the other hand is one of the few roads in this vicinity that runs parallel to the Ridgeway and therefore affords spectacular uninterrupted views. The long term future of these views is protected by virtue of the consecrated land to the front of property making future development impossible.
The proposed development is situated at the end of a cul-de-sac, therefore offering the significant advantage of having no through traffic. This will also enable us to give the development its own exclusive identity with walled segregation from its immediate nieghbours and secure private parking. This is again seen as a significant advantage in this area where on road parking even in this price range is commonplace.
The other properties found on Thackeray Close are detached and 1970s in nature. Whilst we accept that this is not to everyone’s taste these are sought after properties that local agents value in the £1m bracket. In any event our intention is to produce an exclusive walled development that will create its own environment. We therefore expect any negative effect of these properties to be minor and have priced the scheme accordingly.
5
* photographs shown are from recent lusso homes developments
The development site lies in an elevated setting to the south west of a beautiful church, which is a stunning example of gothic architecture. Aside from the pleasing aesthetics of this well known and highly regarded building, as previously mentioned the church grounds extend in front of the development site offering complete protection of the amazing views. There are no regular bell ringing sessions and as there is no pedestrian or vehicle access from Thackeray Close. The immediate proximity of the church will have no effect on parking or traffic congestion.
6
LONDON BUYERS Typically the contemporary design will appeal to London buyers looking for better value than central London but without compromising the luxury feel of the London market they are used to. For those looking to move a young family to “greener” surroundings whilst remaining within touching distance of central London Wimbledon is an ideal location. Recent studies have shown that prior to the credit crunch a large number of high earners in the city bought large properties in the country as well as having a flat in London for the week. For many this is no longer affordable and we expect Thackeray Close to be an ideal compromise. Easy connections by rail and road make Wimbledon the obvious choice for these buyers and a Wimbledon Village postcode adds further prestige to this development.
LOCAL BUYERS
BUYER profile This development will target a variety of buyer profiles 7
* photographs shown are from recent lusso homes developments
14 Thackeray Close will offer huge appeal to the trendy wealthy buyer that in SW19 are plentiful. The high spec, contemporary design, and renewable energy elements of this development will prove to be a highly desirable combination for this type of purchaser.
INTERNATIONAL BUYERS Wimbledon is renowned as a highly desirable location through out the world. Despite recent events London is still one of the major economic centres in the world and Wimbledon is a popular choice for international purchasers. The Walled nature of the development allied with the garaging makes this an ideal “lock up and leave” development for buyers who do not intend to live at the property all year round. The current financial climate makes Thackeray Close an appealing purchase for international buyers. A fall in house prices allied with the weakening pound means that property in the area is over 40% cheaper than it was a year ago.
8
Comparable
Our
EVIDENCE
PRICING
Our research through gathering information from local agents, specifically those with experience of selling high specification new build schemes, suggest we should achieve circa £2m per unit. However due to the current economic uncertainty we are working towards achievable resale’s more in line with the conservative valuation conducted by Edward Symmons:
9
Unit 1 Value (£)
Sq/ft
£ per Sq/ft
1,750,000
2800
625
Unit 2 Value (£)
Sq/ft
£ per Sq/ft
1,830,000
3000
610
Unit 3 Value (£)
Sq/ft
£ per Sq/ft
1,830,000
3000
610
Total (£)
Total (Sq/ft)
Total (£ per Sq/ft)
5,410,000
8800
614
* photographs shown are from recent lusso homes developments
CONCLUSION A basic pound per square foot acts as a crude indicator of what we are likely to achieve with our development at Thackeray Close. Clearly there are many other factors including specification, design, balance of accommodation and precise location. It is also commonly accepted that smaller units will achieve a higher pound per square foot in most circumstance. The comparable evidence that follows demonstrates what is currently being achieved for a variation of unit sizes and represents an overall average of £658 per square foot. We are looking to achieve an average of £614 per square foot, which is 7% below current market activity despite the fact that we firmly believe our product will offer potential purchasers a better value buying proposition in all aspects.
LANCASTER GARDENS SW19 5DG Under Offer An uninspiring new build pair of semi-detached three storey houses with identical basement patio arrangement and a total of 3821 sq/ft with no garaging. These properties have been marketed at £3,195,000 and £3,295,000 respectively. The latter is already under offer at £3,145,000. This represents £823 per sq/ft.
CURRIE HILL CLOSE SW19 7DX Completed in December Another three storey 4/5 bedroom new build with garage and basement patio arrangement backing onto a secondary school. This property has a total area of 3541 sq/ ft. This property was marketed at £2,250,000 representing £635 per sq/ft in a far less convenient location. This property exchanged and completed in December at 1,900,000.
ARTHUR ROAD SW19 Completed in January A four storey townhouse of 3742 Sq/ft with garage in a good location at an asking price of £2,350,000. This represents £628 per sq/ft. This property completed last month at £2,150,000 achieving £575 per Sq/ft.
HOMEFIELD PLACE SW19 4QF Under Offer A much smaller second hand modern mid terrace mews style property with basement patio arrangement and no garage. This property is only 2324 Sq/ft and commanding an asking price of £1,500,000 representing £645 per sq/ft. This property is currently under offer and due to exchange at £1,400,000 achieving £602 per Sq/ft.
10
Feasibility
REPORT
Sales GDV
5,410,000.00
Cost of Sales
123,225.00
Net Sales
5,286,775.00
Purchase Costs
2,672,400.00
Professional Fees
51,000.00
Build Cost
1,314,600.00
Total Costs
4,038,000.00
Project Costs
Profit Before Finance Cost Profit before Finance
11
1,248,775.00
12 14
we delight “
in building
traditional
methods of construction
13
We delight in building beautiful homes using traditional methods of construction and work closely with our architects and designers to create a complimentary mix of properties, so each development has its own unique identity and blends with its surroundings. We have long standing relationships with leading architects, interior designers and landscapers. Because quality living demands advanced construction materials, technologies and specifications, we believe in pioneering innovation to deliver the highest standards. It is our experience and application of these values that make every property ... SO LUSSO.
“
beautiful homes using
