SUMMARY
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PROPERTY DETAIL

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.

DEVELOPER INFO

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.

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IMPORTANT RISK NOTE

The value of your investment can go down as well as up. Gross Rent and Dividends may be lower than estimated. You may have to wait until the next five year anniversary of the property’s listing on the Crowd with Us platform for an exit event. See Key Risks for further information.
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PLEASE NOTE

Capital at risk. The value of your investment can go down as well as up and historic performance is not a guide to future performance. Please read Risk Statement before investing.

Crowd with Us (FRN707804) is an appointed representative of Share In Ltd (FRN603332). Share In Ltd is authorised and regulated by the Financial Conduct Authority. Crowd with Us is the trading name of Crowd with Us Limited, a company registered in England No: 9243491. The registered office of the company is 3rd Floor, 207 Regent Street, London, W1B 3HH.
Neither Crowd with Us Limited, Share In Ltd nor any of their affiliates or group companies provides any advice or recommendations in relation to this website. If you have any doubt about the suitability of any investment marketed by Crowd with Us Limited, or you require financial advice, you should seek a personal recommendation from an appropriately qualified financial advisor that does give advice.
Investments are only available to certain specified persons who are sufficiently sophisticated to understand the risks. Investments in property and unlisted shares carry risk and you may not receive the anticipated returns and your capital may be at risk. Click here to read our Risk Statement.

Capital at risk. The value of your investment can go down as well as up and historic performance is not a guide to future performance.
Investments are not covered by the Financial Services Compensation Scheme (FSCS). Please read Risk Statement before investing.