{"id":642,"date":"2023-09-07T15:13:14","date_gmt":"2023-09-07T15:13:14","guid":{"rendered":"https:\/\/propconnections.co.uk\/?post_type=property_investments&#038;p=642"},"modified":"2023-09-25T13:21:11","modified_gmt":"2023-09-25T13:21:11","slug":"norwich-house-guildford","status":"publish","type":"property_investments","link":"https:\/\/propconnections.co.uk\/property_investments\/norwich-house-guildford\/","title":{"rendered":"Norwich House - Guildford"},"content":{"rendered":"\n<p><strong>Security:<\/strong> First Charge and Debenture<\/p>\n\n\n\n<p>The Office block has been purchased in Nov 22, and the Asset has a Redbook Valuation of \u00a31.7 million. The property has been fully stripped out ready for a complete refurbishment to turn it into a modern commercial office block over 3 floors, at Cat A+ Spec. The priority exit strategy is to develop, tenant fill and hold or secondary, sell as a tenanted commercial yield return block. We will look to be make \u00a3330k p\/a gross rent across the three floors, return yield based on low GDV of \u00a33.9m would be 8.5%.A single tenant for first and second floor confirmed, with 3<sup>rd<\/sup>&nbsp;floor awaiting to fill but with a ready willing and able buyer once a tenant has been acquired. There is an existing bridging loan contracted for \u00a31 million up to 7<sup>th<\/sup>&nbsp;November. The total funding requirement is for \u00a31.68 million. \u00a31 million to replace the bridging finance and \u00a3680k for Shell and core construction costs.<\/p>\n\n\n\n<p>The build timeline is a five to eight-month refurbishment project with a contractor confirmed and in place. Full design layout completed. We can be on site from October 23. GDV Low \u00a33.9 million High \u00a34.7 million. The property will be offered with first charge lending for the full loan stack.&nbsp;Fixed Interest (10% Interest + 2.5% in\/out)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Total Senior Debt Investment of \u00a31,680,000 required. Projected IRR = 12.5% Security offered by way of first &#038; only charge, and debenture over SPV: Norwich House (Guildford) Ltd. Low Gearing (Only 35.2% LTGDV) Term 8 Months<\/p>\n<p>Property is an existing office block and is already striped out ready to start conversion to a superior modern version. Tenants in place awaiting conversion. Property to be held once completed.<\/p>\n","protected":false},"featured_media":647,"parent":0,"menu_order":0,"template":"","completion_status":[6],"investment-category":[],"class_list":["post-642","property_investments","type-property_investments","status-publish","has-post-thumbnail","hentry","completion_status-completed"],"acf":[],"_links":{"self":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/property_investments\/642","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/property_investments"}],"about":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/types\/property_investments"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/media\/647"}],"wp:attachment":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/media?parent=642"}],"wp:term":[{"taxonomy":"completion_status","embeddable":true,"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/completion_status?post=642"},{"taxonomy":"investment-category","embeddable":true,"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/investment-category?post=642"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}