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Transcript of JOHN STREET - estateagentslive.net · Given the exceptionally desirable location of John Street,...
P20-25
SUNDERLAND
JOHN STREET, SUNDERLAND2 3
P28-29P26-27
LOCATIONTHE CONSTRUCTIONCOMPANY
SUNDERLAND
JOHN STREETP4-7 P8-9 P10-13
P14-17
P30-31
INVESTMENT OVERVIEW
RENTAL VALUATION
PROJECTED RETURNS
PROPERTY SPECIFICATION
PURCHASE PROCESS
P32-33
DISCLAIMER
P18-19
CONSTRUCTIONUPDATE
INVESTMENTOVERVIEWJohn Street is an exceptional opportunity to invest in an excellent below market value development at the heart of the growing maritime city of Sunderland.
JOHN STREET, SUNDERLAND
£89,950
£104,950
Q4 2016LEASEHOLD
ONE BEDROOMAPARTMENTS
TWO BEDROOM APARTMENTS
COMPLETION SCHEDULED250 YEARS
4 5
CONSUMER PROTECTION FROM UNFAIR TRADING REGULATIONS 2008 (CPR)
These regulations prohibit unfair practices. To satisfy our obligations under the CPRs, our sales particulars have been prepared by us upon the instruction of the vendor and in accordance with these regulations. The property details are produced in good faith and are not intended to form part of a contract.
BELOW RICS* VALUATION
ONE BED: 5.32% BELOW
TWO BED: 10.11% BELOW
*Royal Institute of Chartered Surveyors
JOHN STREET, SUNDERLAND6 7
“Sunderland has a fast growing digital sector with the third highest digital salary growth in the UK between 2012-2015, putting them on the top 20 highest digital salaries in the UK in 2015.”
TECH NATION 2016
JOHN STREET, SUNDERLAND
RENTAL VALUATION
8 9
John Street is located in the heart of Sunderland’s city centre, providing an excellent central location for tenants in the city.
With the Central Rail and Metro Stations just 0.10 and 0.12 miles from the development, John Street is ideally placed for commuters looking to travel to work in the surrounding areas, as well as enjoy excellent transport links to neighbouring Newcastle.
John Street is also suitable for student tenants, standing less than 800 metres from the University of Sunderland city campus.
Given the exceptionally desirable location of John Street, the lettings agent for the project – Hackett Property – has provided the following rental valuations for the property:
1 BED APARTMENT
NET ANNUAL RENT
GROSS ANNUAL RENT
£6,480
£8,160
2 BED APARTMENT
NET ANNUAL RENT
GROSS ANNUAL RENT
UP TO £8,324
UP TO £10,200
JOHN STREET, SUNDERLAND
Launch Price £104,950
Gross Rent (Per Month*) £850
Gross Rent (Per Annum*) £10,200
Projected Service Charges £697
Lettings Fee £979
Ground Rent £200
NET Rent (Per Annum) £8,324
NET Rental Return % 7.9%
PROJECTEDRETURNS
10
Launch Price £89,950
Gross Rent (Per Month*) £680
Gross Rent (Per Annum*) £8,160
Projected Service Charges £697
Lettings Fee £783
Ground Rent £200
NET Rent (Per Annum) £6,480
NET Rental Return % 7.2%
11
FULL CASH PURCHASE1 BED APARTMENT 2 BED APARTMENT
BASED ON UNIT 3 BASED ON UNIT 2
STAMP DUTYLAND TAX
To find out if your purchase will incur Stamp Duty, please visit the Stamp Duty overview and calculator at:
https://www.gov.uk/stamp-duty-land-tax/overviewhttp://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm
The purchaser may be liable for property related taxes in connection with property purchases and ownership in addition to any ongoing personal or corporate taxation which may apply.
Please Note:
This example is for illustration purposes only; the projections for the income, occupancy levels, room rates and management charges are not guaranteed and are subject to change. We accept no responsibility for any changes or inaccuracy with these figures; they are provided in good faith as a general guide and based on what we believe to be correct but do not form part of any offer or solicitation.
* Projected
JOHN STREET, SUNDERLAND12
Sunderland’s rental yield was the 8th highest in the UK for the period of 2010-2016. Higher than the national average.
13
STUDY BYBUY-TO-LET INDEXAND ZOOPLA 2016
CENTRALLOCATION
CONVERTED OFFICE
BUILDING
PROPERTYSPECIFICATION
HIGH-QUALITY CONTEMPORARY
DESIGN
1 BEDROOMAPARTMENTS
51M2
14 15JOHN STREET, SUNDERLAND
0.10 MILES FROMSUNDERLAND STATION
0.27 MILES FROM THE BRIDGES
SHOPPING CENTRE
2 BEDROOMAPARTMENTS
54-67M2
MODERNSHOWER ROOM
16 JOHN STREET, SUNDERLAND
FURNITURE PACKSFor each style of apartment, there is a furniture pack available, providing purchasers with a carefully selected range of contemporary designs, chosen specifically for apartments at John Street.
The Developer will contribute £1,000 towards the furniture packs below. There is no cash alternative and the offer is not transferable if investor buys their own furniture pack.
1 BEDROOMAPARTMENT
2 BEDROOMAPARTMENT
DOUBLE WARDROBE 2X DOUBLE WARDROBE
CHEST OF 3 DRAWERS 2X CHEST OF 3 DRAWERS
4FT BED WITH FAUX LEATHER HEADBOARD AND MATTRESS
2X 4FT BED WITH FAUX LEATHER HEADBOARD AND MATTRESS
BEDSIDE CABINET 2X BEDSIDE CABINET
MICROWAVE, TOASTER & KETTLE MICROWAVE, TOASTER & KETTLE
FRIDGE/FREEZER FRIDGE/FREEZER
COFFEE TABLE COFFEE TABLE
3 SEATER FAUX LEATHER SOFA 2 & 3 SEATER FAUX LEATHER SOFA
17
£3,150 + VAT - £1,000 CONTRIBUTION FROM THE DEVELOPER
£2,650 + VAT - £1,000 CONTRIBUTION FROM THE DEVELOPER
IMAGES TAKEN ON SITE
IN OCTOBER 2016
18 JOHN STREET, SUNDERLAND 19
CONSTRUCTIONUPDATEJohn Street is currently undergoing the construction process to make this office to residential conversion one of the most desirable apartment locations in Sunderland and is due to complete in Q4 2016.
21JOHN STREET, SUNDERLAND20
277,150PEOPLE LIVE INSUNDERLAND
Sunderland is a thriving city with a lot of opportunities for its residents with 80 international companies, such as Nike and Nissan, having relocated to the city, catering to over 25,000 employees.
Sunderland city council is investing money in the city centre to breathe new life into the city. Redevelopment projects comprise a new 1.8million public square which was completed in 2015.
Source: Office For National Statistics
ONLY NON-CAPITAL CITY WITH A FRIENDSHIP
AGREEMENT WITH WASHINGTON DC
UK DIGITAL CITY 2014
UK CITY OF CULTURE 2021
CANDIDATE
GREAT TRANSPORT LINKS WITH DIRECT
TRAINS TO LONDON, CARLISLE AND NEWCASTLE
SUNDERLANDSource: Sunderland 2021
HIGHER PERCENTAGE OF PEOPLE IN WORKING AGE (16-64) THAN THE NORTH WEST ENGLAND
AND UK AVERAGESource: Nomis Labour Market
Report 2015
INVESTED IN THE NEW WEAR CROSSING PROJECT
£100M
Source: Sunderland Council
23
400THE GROWTH OF OVER
INVESTED IN A NEWVIBRANT CULTURAL
QUARTER
£2.4MTHE TURNOVER FOR THE
DIGITAL SECTOR INCREASED BY
BETWEEN 2010 & 2014
44%
Source: Office For National Statistics
Source: Sunderland CouncilSource: Tech Nation 2016
JOHN STREET, SUNDERLAND22
SUNDERLANDIN NUMBERS
£1 BILLIONINVESTED IN
REDEVELOPMENTSACROSS THE CITY
Source: Sunderland 2021
8,459 PEOPLEBETWEEN 2014 AND 2015
RELOCATED TO SUNDERLAND
SOFTWARE BUSINESSES HAVE BEEN SUPPORTED BY
SUNDERLAND SOFTWARE CITY
OF THE GREENEST CITIES IN THE UK WITH 57%
GREEN SPACE IN THE CITY AREA
TOP 5
Source: Sunderland 2021
Source: Sunderland Software City
THE AVERAGE
HOUSE PRICEHAS INCREASED BY
BETWEEN JANUARY 1995 AND JUNE 2016
225%Source: Home.co.uk
25JOHN STREET, SUNDERLAND24
The average property price in Sunderland increased by 4.6% year-on-year in July 2016
LAND REGISTRY
PRIESTLEY CONSTRUCTION
PREVIOUS DEVELOPMENTS
THE GRAND MILL
QUEBEC STREET
SANTORINICOURT
BRADFORD
63 student studio apartments and pods in a mill conversion
19 self-contained student studio apartments in a mill
conversion
16 high specification two bedroom apartments
LEEDS
MANCHESTER
27
Priestley Construction specialise in conversions and have an excellent track record of delivering projects on time and to an exacting standard.
Priestley Construction have a growing portfolio of conversion schemes ranging from small, luxury developments such as Stableford Hall, Manchester and Boyds Mill, Leeds to large residential apartment schemes with projects in the pipeline which will deliver 400+ new homes over the next two years.
Other completed developments include Airedale House, The Grand Mill and Quebec Street in Bradford, Sartoria Court in Manchester and the Boat House in Liverpool.
Priestley Construction will be principal contractor on the project. In house expertise and a hands on approach ensures rigorous attention to detail throughout the build process.
THE CONSTRUCTION COMPANY
26 JOHN STREET, SUNDERLAND
29
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9
JOHN STREET, SUNDERLAND
LOCATION
28
2
1
7
10
4
3
5
Sunderland, SR1 1HT18 JOHN STREET
4
12
3
5
7
8
9
6
0.07 milesLibrary & Arts Centre1
0.10 milesCentral Station2
0.12 miles
Sunderland MetroStation
3
0.14 miles
Sunderland SoftwareCity
4
0.70 milesStadium of Light8
0.85 milesSunderland Docks9
50.18 milesEmpire Cinema
0.27 miles
The Bridges Shopping Centre
6
7
0.48 miles
University of SunderlandCity Campus
31
RESERVATION
SOLICITORS INSTRUCTED
EXCHANGE OF CONTRACTS
LEGAL COMPLETION
Reservation form completed & £1,000 non-refundable fee paid and deducted from the
deposit on exchange
Solicitors instructed, legal pack sent out & anti-money laundering
process completed
100% of purchase price, less the reservation fee, paid to solicitors & contracts exchanged within
28 days reservation
The purchase is completed & Title Deeds registered with
the UK Land Registry
JOHN STREET, SUNDERLAND
PURCHASEPROCESS
30
JOHN STREET, SUNDERLAND32
DISCLAIMER
33
1. This information is and remains the property of the Master Agent is made available to the addressee subject to the terms and conditions of this Disclaimer. A copy of this information is made available to you for your personal use and must not be given, shared or communicated with any other person except for your own professional advisors for the sole purpose of obtaining their advice.
2. The Agent and the Master Agent endeavour to provide accurate, up to date and complete information but makes no warranties or representations as to the accuracy, reliability or completeness or otherwise of the information contained herein. The Master Agent assumes no responsibility or liability for any omissions or errors contained in the information.
3. The Agent acts as a sub-agent to the Master Agent; specifically, the Master Agent accepts no liability to the Purchaser for fraudulent misrepresentation made by the Agent.
4. The Master Agent acts as an agent for the Developer and as such accepts no liability to the Purchaser. Further and in any event, if notwithstanding this provision liability is established against the Master Agent, then it is agreed that the total maximum amount of such liability is limited to and shall not under any circumstances exceed the amount of the net Reservation Fee of any reservations made.
5. Purchasers are required to conduct their own due diligence and make their own judgement on the property being offered. Purchasers must verify the information and any speculative information offered by the Agent and the Master Agent. Purchasers are
strongly recommended to perform their own financial and legal assessment of any opportunity prior to making any commitment to participate.
6. Neither the Agent nor the Master Agent provides or offers an opinion as to whether a particular property is appropriate for a particular individual and owes no duty of care to the Purchaser.
7. The Agent and the Master Agent, respectively, each offer only an opinion on the opportunity in general terms and in relation to the market as a whole. Neither the Agent nor the Master Agent is able to comment on or give opinions on the strength or validity of any bond or insurance policy and Purchasers are strongly recommended to perform their own diligence and seek legal opinion.
8. Neither the Agent nor the Master Agent accepts any responsibility for amendments to or changes in rates of taxation, introduction of new taxes, changes to existing legislation or the introduction of new legislation or any matters relating to the final contractual arrangements for any purchase.
9. The Purchaser may be liable for property-related taxes in connection with property purchases and ownership in addition to any ongoing personal or corporate taxation which may apply; for the avoidance of doubt, neither the Agent nor the Master Agent shall have any liability for such taxes.
10. Where rental assurances or guarantees are offered as part of the purchase, the Developer will contract directly with the Purchaser to assure the rental income at the specified rate and for the specified duration, but this is not supported by an insurance policy, bond
or bank, unless specified, nor is this warranted or supported by the Agent or the Master Agent.
11. Descriptions of property, homes, buildings, locations or Development particulars, specifications and pictures and artists impressions of any property, home, building, location or Development are given in good faith and believed to be correct, but they do not form part of any offer or solicitation and are intended only as a general guide. Neither the Agent nor the Master Agent controls the building or development of any project.
12. All descriptions are intended only as a general guide and are not to be relied upon by the Purchaser or by any other interested parties as a statement or representation of fact and the Purchaser or any interested parties should satisfy themselves by inspection or otherwise.
13. The Purchaser acknowledges that Developers reserve the right to alter plans, designs and specifications at any time without prior notice. Therefore, neither the Agent nor the Master Agent will be responsible for such changes.
14. The Agent and the Master Agent have endeavoured to provide the highest quality information, backed up by substantial experience and proven evidence from the marketplace. However, individual interpretation of information may vary, and individual circumstances, skills, abilities, knowledge and attitude play an important part in achieving a particular outcome. In addition, the future behaviour of the property market may not follow past experience, either, internationally, nationally or locally. For this reason, Neither the Agent nor
the Master Agent warrants, guarantees or promises that Purchaser will make a profit from any property transaction entered into, whether as a result of acting on information contained within this document or otherwise. As with any purchase, this may result in a loss.
15. Where applicable, as in the case of a consumer and not a business customer (“Consumer”) the Consumer Protection from Unfair Trading Regulations 2008 and the Consumer Protection (Amendment) Regulations 2014 (singly or together the “CPR”) which prohibit unfair practices, shall apply. To satisfy the obligations under the CPR, the sales particulars have been prepared by the Master Agent upon the instruction of the Developer and in accordance with these Regulations. The sales particulars are produced in good faith and are not intended to form part of a contract. Where the CPR apply, the Consumer may, without giving reason, cancel this Agreement within 14 (fourteen) days from the day it was signed. Such cancellation must be in writing and may either be in the Consumer’s own words, or he / she may ask the Master Agent for a form of cancellation notice. For the avoidance of doubt, if the Consumer cancels, the Developer must re-pay the Reservation Fee to the Consumer
16. Neither the Agent nor the Master Agent is authorised or regulated by the Financial Conduct Authority (“FCA”) and as such neither is permitted to offer financial advice about investments, whether regulated or unregulated; accordingly, neither the Agent nor the Master Agent offers financial advice. In case of queries or doubt, Purchaser and any other interested parties should consult an FCA-regulated Independent Financial Advisor.