Trophy asset with re-development potential in the thriving city of Canterbury, one of the most visited places in the Southeast. This is a high yielding, fixed interest investment opportunity secured against a high-quality asset, providing excellent risk adjusted returns. The Mile Group are looking to partner with equity investors to capitalize on this lucrative opportunity.<\/p>\n\n\n\n
ACQUISITION SUMMARY<\/strong><\/p>\n\n\n\n The property is to be acquired unconditionally in an off-market transaction and with the vendor entering into a 15-month leaseback arrangement at above market rent, on a fully repairing and insuring basis.<\/p>\n\n\n\n FUNDING SUMMARY<\/strong><\/p>\n\n\n\n Junior Debt - raising now. Senior debt funding package agreed.<\/p>\n\n\n\n AGREEMENT TO ACQUIRE THE ENTIRE SITE<\/strong><\/p>\n\n\n\n There is a mixed-use commercial property on a site measuring approximately 0.4 acres with car parking to the rear.<\/p>\n\n\n\n Predominantly use class E offices with smaller area being a bar\/ club.<\/p>\n\n\n\n Overall gross internal area is approx. 16,000 sqft with 22 parking spaces to the rear.<\/p>\n\n\n\n Highly prominent building in one of the most sought-after locations within the City Walls.<\/p>\n\n\n\n Presently occupied by a large accounting practice with multiple offices across the South East.<\/p>\n\n\n\n There is a previous but positive pre-planning application for comprehensive redevelopment of the site.<\/p>\n\n\n\n Project vision<\/strong>:<\/p>\n\n\n\n Planning permission will be submitted for comprehensive re-purposing to provide best in class, design led mixed use scheme.<\/p>\n\n\n\n Works to include conversion and new build \/extensions to maximise the available space.<\/p>\n\n\n\n Once the lease expires after 15 months, The Mile Group will repurpose the building to provide luxury serviced office suites and co-working space on the ground floor and residential accommodation to the upper floors and to the rear or a secondary option of high end student, co-living or serviced apartments.<\/p>\n\n\n\n Different exit strategies:<\/strong><\/p>\n\n\n\n 1. Sale of the site with planning permission for re-development after the lease expiry;<\/p>\n\n\n\n 2. Redevelop and refinance once works completed. Hold for mixed rental income - commercial and Residential<\/p>\n\n\n\n 3. Redevelop and sell the whole site as investment once works completed<\/p>\n\n\n\n 4. Refurbish the existing and keep as fully commercial serviced office offering (Fallback position);<\/p>\n\n\n\n Currently there is no option for renting a premium office space in the entire Canterbury and wider region, with no differentiation.<\/p>\n\n\n\n The Mile Group intend to create a design led, luxurious office space with car and bicycle parking to serve both small and larger businesses and corporations looking to establish their satellite offices in the thriving city of Canterbury.<\/p>\n\n\n\n Creating a business lounge with individual meeting rooms, offering a modern feel while retaining the period features of the original property.<\/p>\n\n\n\n There will be private office suites available to rent monthly, but also co-working spaces for more ad-hoc requirements.<\/p>\n\n\n\n LUXURIOUS RESIDENTIAL LIVING ON THE UPPER FLOORS<\/strong><\/p>\n\n\n\n There is a strong opportunity to create bespoke residential units on the upper floors in this attractive building which is minutes from Canterbury Cathedral.<\/p>\n\n\n\n Other planning options which are still profitable include high end student units, luxury apartments and\/or serviced accommodation aiming at the high-end segment of the income producing market.<\/p>\n\n\n\n Combining the convenient location, contemporary interior design behind the iconic historical fa\u00e7ade and some units benefitting from amazing views, The Mile Group believes that the newly created properties will be highly desirable. There is also probability to further re-develop the rear car park with additional residential units to fully capitalise on the space available.<\/p>\n\n\n\n Considering the lack of available supply for a similar products, the development could expect to achieve record values. At precent the average sale price for unmodernised apartments \u00a3450\/sqft<\/p>\n\n\n\n Secondary option Student accommodation across upper floors average gross annual rent \u00a355\/sqft at 10% yield.<\/p>\n\n\n\n EXIT PLAN<\/strong><\/p>\n\n\n\n Refinance upon build completion to repay the existing investors<\/p>\n\n\n\n Sale of the site to an investor and repay the existing investors.<\/p>\n\n\n\n Sale of existing shares in the SPV to a 3rd party investor during the investment term<\/p>\n\n\n\n Process to partner. An investment memorandum is sent with the details regarding the opportunity.<\/p>\n\n\n\n Initial call or a meeting is arranged with a director of Mile Property Group to discuss finer details and to answer any enquiries.<\/p>\n\n\n\n Details and 2 forms of ID are sent by the investor to our solicitor and draft contracts are sent (the solicitor\u2019s firm used is one of the most renowned and respected in Kent and the southeast).<\/p>\n\n\n\n Yearly rental income and anticipated end profit is offered to investors.<\/p>\n\n\n\n Contracts are signed and a reservation is made, the solicitor then holds funds until the completion of contracts takes place upon which full amount of investment (as agreed) is requested.<\/p>\n\n\n\n Full shareholder agreements are sent, and shares are officially registered at companies house, at this point the investors become shareholders of a company which owns the property.<\/p>\n\n\n\n Shareholders are to be sent project updates on regular basis, either via email, conference call or a face-to face meeting with Mile Property Group\u2019s director.<\/p>\n","protected":false},"excerpt":{"rendered":" A high-yield, fixed-interest investment in Canterbury, one of the South East's most visited cities. The Mile Group seeks equity partners for a prestigious redevelopment project that promises excellent risk-adjusted returns. Prime spot within Canterbury City Walls, site occupying 0.4 acres, 16,000 sqft, 22 parking spaces. Off-market, unconditional purchase with a 15-month leaseback at above-market rent allowing an income and low financial liability while planning approval is sought. Transforming this trophy asset into a design-led mixed-use development. Post-lease expiry, the project will feature luxury serviced office suites and co-working spaces on the ground floor, with high-end residential units or student accommodations above.<\/p>\n","protected":false},"featured_media":831,"parent":0,"menu_order":0,"template":"","completion_status":[5],"investment-category":[],"class_list":["post-830","property_investments","type-property_investments","status-publish","has-post-thumbnail","hentry","completion_status-live"],"acf":[],"_links":{"self":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/property_investments\/830","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\/831"}],"wp:attachment":[{"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/media?parent=830"}],"wp:term":[{"taxonomy":"completion_status","embeddable":true,"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/completion_status?post=830"},{"taxonomy":"investment-category","embeddable":true,"href":"https:\/\/propconnections.co.uk\/wp-json\/wp\/v2\/investment-category?post=830"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n