Estateducation purchases the Burlington Hotel, Sheringham, Norfolk, via the disruptive prop-tech firm, JaeVee.
Completed in September, 2018, Estateducation is celebrating the purchase of the Burlington Hotel in Sheringham, an iconic landmark, located in an area known as the ‘Champagne coast’ of the UK and within an Area of Outstanding National Beauty (AONB) in Norfolk.
West One Loans has provided the £3.9 million development finance facility for the purchase of the property with the equity coming from JaeVee's crowdfunding platform. Future drawdowns will be used to finance the sub-structure, including car parking. Over 15 months, the rest of the development will form a range of units from 1- and 2-bedrooms flats, to four-bedroom apartments. The finished units will be highly desirable given the location, sea view views, modern build and price point.
The purchase was completed via JaeVee, whom also takes up the role of Employer’s Agent working closely with us here at Estateducation. The property was purchased with existing planning permission for residential dwellings with a further application set to go in to increase the density further.
The successful acquisition was not without its challenges, involving a long, drawn-out conveyancing process as various parts of the hotel were at different stages of planning. The successful deal is testament to the expertise and skills of the JaeVee team in being able to handle complex and, at times, sensitive negotiations and the foresight of West One Loans who saw the potential of the opportunity and were prepared to be flexible.
“This marks and exciting stage in the expansion of Estateducation, as we continue to increase our pipeline of exciting and well thought out property development schemes,” says Chief Investor, Ben James Smith.
Project Execution Stage gets well underway
The project execution stage will involve a mix of part new-build, part demolition and part conversion of the 16,000 square foot hotel footprint. Estateducation will take the prime responsibility for achieves its goals in line with its project management plan, delivering on time and on budget in line with the agreed specification. With a target Gross Development Value (GDV) of nearly £7.5m, this project will offer great value to the area at a competitive cost per square meter.
Most notably, Sheringham, on the North coast of Norfolk, is less than one hour’s drive away from H M The Queen’s Sandringham Estate, to the South West and Cromer, a very popular seaside resort, just to the East. It is also near to Little Walsingham and Fakenham, both very popular tourist destinations for holiday makers and families alike.