Business
Developments - Tring & Hayes
Developments - Tring & Hayes.
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[{"type":"text","content":"\n Off-Plan Fund Limited (The)\n05 March 2007\n\n\nFor Immediate Release 5 March 2007\n\n\n\n The Off-plan Fund Limited\n\n\n Contracts signed in respect of new developments at Tring and Hayes\n\n\nThe Board of The Off-plan Fund Limited (the 'Fund'), which specialises in\nproviding forward finance to UK housebuilders, is pleased to announce the\nexchange of contracts for the purchase of 38 apartments to be built at a\nproposed development in Tring, Hertfordshire and 31 apartments to be built in\nHayes, Middlesex.\n\n\nTring, Hertfordshire\n\n\n •The development consists of 38 new-build two bedroom apartments with\n parking and a total of 26,860 square feet.\n\n\n •Construction of the development is expected to commence within the next\n 3-6 months subject to the establishment of a s106 agreement. The apartments\n are due for completion in mid 2008. As part of the agreement the Fund may\n rescind on those units selected as part of a s106 affordable housing\n requirement.\n\n\n •The site adjoining Brook Street is well located; within half a mile of\n Tring town centre, approximately 15 miles north of Watford and 40 minutes\n commute by train from London Euston station.\n\n\n •The Fund has agreed to pay £218 per square foot (a total of £5.86m) on\n completion, a discount of 27.1% to the Red Book valuation provided by\n independent valuers, Douglas Duff of £299 per square foot (£8.03m).\n\n\n •The Fund will pay a 5% deposit (£292,774) once all permissions are\n complete. This will then be held in escrow pending completion.\n\n\n •Should the Fund achieve the Red Book valuation for this site, taking into\n account the likely s106 requirement, it would generate a profit of £558,000,\n a 6p uplift on the Red Book NAV.\n\n\n\n •The Fund's unique financing model has enabled it to secure a very\n competitive purchase price in a beneficial partnership with the developer.\n\n\n\nHayes, Middlesex\n\n\n •The Fund has also agreed to purchase 31 new-build studio, one, two and\n three bedroom apartments with parking, comprising 18,063 square feet, from\n the same developer at a proposed development at Yeading Lane, Hayes in\n Middlesex.\n\n\n\n •The agreement is conditional upon the Developer obtaining planning\n permission and securing the remaining portion of the site.\n\n\n •Construction of the development is expected...