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New Development
New Development.
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[{"type":"text","content":"\n Off-Plan Fund Limited (The)\n18 December 2007\n\n\nFor Immediate Release 18 December 2007 \n\n\n\n The Off-plan Fund Limited\n\n\n Contracts signed in respect of new development at Wallington, Surrey\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 118 apartments to be built at a new\ndevelopment in Wallington, Surrey for an aggregate total of £25,000,000 on\ncompletion, a discount of 18% to the prevailing 'Red Book' valuation of\n£30,595,000.\n\n •The scheme consists of 118 apartments in a part-conversion/part new-build\n development. The units will comprise a mix of studio, one and two bedroom\n apartments totalling 69,500 square feet with 81 parking spaces. Many of the\n apartments will have terraces or balconies, with some spectacular views\n towards the London skyline. There will be a private residents' gym and a\n running track around the residents' roof garden which, together with a\n concierge service, offer purchasers a range of modern day lifestyle\n requirements.\n\n •The development is extremely well located on Manor Road, adjacent to\n Wallington railway station where travel times to London Bridge and London\n Victoria are approximately 30 minutes. Wallington is located between the two\n large employment areas of Croydon and Sutton, with the M25 located 8 miles\n south offering easy access to Gatwick (18 miles) and Heathrow (23 miles).\n\n •A strong development team has been appointed by the developer Henry\n Homes, with Gardiner Theobald as project managers and Carey Jones as\n architects. The developer itself is well established and operates primarily\n in the Home Counties and London where it has undertaken a range of inner\n city and suburban apartment and house developments. Full planning permission\n for the development is in place. The strip out of the existing building is\n underway with the main construction program to commence March 2008. It is\n anticipated to take 20 months with completions scheduled for late 2009/early\n 2010.\n\n •The Fund has agreed to pay an aggregate total of £25,000,000 on\n completion, a discount of 18% to the prevailing 'Red Book' valuation of\n £30,595,000 provided by independent valuers CBRE. The Fund has paid a 5%\n ...