Crown House is a substantial office building located on Great Yarmouth Way, Great Yarmouth with views overlooking the River Yare from the upper floors of the building. The property is approximately 500 metres from the town centre, and is a 10 minute walk to the waterside quay and beach front.
Great Yarmouth is a medium sized town with a population of around 100,000. In recent years Great Yarmouth has become a hub for the North Sea oil industry, with over 250 energy companies based in Great Yarmouth. Current estimates suggest that the decommissioning of the oil platforms will cost around £46 billion spread over the next two decades. The town also has a strong tourist industry with an all year round visiting population of holiday makers, with over 5 million day visitors per annum.
The property is currently an office building and has planning permission to convert it into 1 one bedroom, and 28 two bedroom apartments. The property is well suited to residential conversion, with large square footplates on each floor with well-spaced pillars. The building has already been stripped of all of the internal walls and the floors and ceilings have been prepared for the installation of stud walls and the internal fit out of the apartments. A total construction timeframe of 14 months has been allowed for the works.
An independent RICS valuation report places a gross development value upon the completed development of approximately £4m. This is based upon sales prices of £115,000 to £150,000 for the two bedroomed flats, and £90,000 for the one bedroomed unit. The purchase price of the development site is £700k. However, the attached valuation report values the site in its current condition and with the benefit of the extant planning permission at £1.6m.
Daylight Developments is a joint venture between two experienced property professionals Jason Rounce and Richard Wombwell, together with a third commercial partner Sarah Boult. The focus of the company is on commercial to residential conversions and new build projects. The team have over 50 years of combined property development and construction experience.
Richard started out as a property developer and landlord in the 1990s and subsequently went on to build a successful design and build company in West London. More recently he has developed several apart-hotels, including one in Great Yarmouth.
Director and project manager at Daylight Developments Ltd., Jason has worked in the construction industry for over 30 years gaining vast experience. Jason has led projects for national house builders such as Bovis, Persimmon and Hopkin Homes.
Sarah comes from a business background. Sarah established Sarah Boult Dental Ceramics in 2010 after qualifying in Dental Technology in Germany and working for 18 months in the USA. Sarah also has a successful property rental business in the city of Norwich.