Single Family Housing
255-plot Turn-key Development
Investment Summary
This is a turn-key, 255-unit (234 open market + 22 affordable) single-family housing-led development in Devon on a brownfield former commercial site, with Reserved Matters planning approval granted and fully implementable. The site benefits from existing infrastructure connections, reducing upfront enabling costs. Total Gross Development Value is assessed at £69.76m (£66.55m open market, £3.22m affordable) across 205,097 ft².
Asset Details
- ESTIMATED GDV
- £69.76m
- UNIT COUNT
- 255
- FLOOR AREA (ft²)
- 205,097 ft²
- COMPLETION DATE
- 35 months post commencement
Unit Mix Summary
By tenure:
| TENURE | UNITS | TOTAL FLOOR AREA |
|---|---|---|
| Open Market | 234 | 189,697 ft² |
| Affordable | 22 | 15,400 ft² |
| Total | 256 | 205,097 ft² |
Detailed unit schedule:
| UNIT | COUNT | TYPICAL SIZE | EMV (£) |
|---|---|---|---|
| 2-bed house (open market) | 75 | 753 ft² | £265,000 |
| 3-bed house (open market) | 110 | 904 ft² | £320,000 |
| 4-bed house (open market) | 8 | 1,044 ft² | £380,000 |
| 1-bed apartment (open market) | 12 | 530 ft² | £157,500 |
| 2-bed apartment (open market) | 21 | 630 ft² | £220,000 |
| 3-bed apartment (open market) | 8 | 730 ft² | £240,000 |
| 3-bed house (affordable) | 10 | 904 ft² | £210,000 |
| 1-bed flat (affordable) | 12 | 530 ft² | £93,000 |
By bedroom count:
| BEDROOMS | COUNT | % OF TOTAL |
|---|---|---|
| 1 Bed | 24 | 9.4% |
| 2 Bed | 96 | 37.5% |
| 3 Bed | 128 | 50.0% |
| 4 Bed | 8 | 3.1% |
| Total | 256 | 100% |
The mix reflects broad demand from first-time buyers, families and downsizers across the wider local market.
Development Overview
Planning Position
Reserved Matters approval has been granted for the development of up to 255 residential dwellings on this brownfield former commercial site. The site benefits from existing infrastructure connections, reducing upfront enabling costs, and planning is fully implementable.
Indicative Programme
| MILESTONE | DATE |
|---|---|
| Construction start | TBC |
| Sales commence | 13 months post commencement |
| Practical completion | 35 months post commencement |
The underlying monthly cashflow model uses illustrative calendar dates for modelling purposes (land purchase/Day One dated January 2026, first modelled sale January 2027, sell-out February 2029). Treat the relative timings above as the current position; the cashflow's calendar labelling is a modelling convention, not a confirmed start date.
Development Economics
Figures from the summary appraisal, excluding finance costs.
| APPRAISAL ITEM | VALUE |
|---|---|
| Total units | 255 (234 open market + 22 affordable — 256 per cashflow) |
| Total floor area | 205,097 ft² |
| Estimated GDV | £69,761,000 |
| Estimated Net Development Profit | £14,798,005 |
Finance costs (bank interest, arrangement and exit fees) are not included in the total development cost or net profit figures above. The true net profit, once finance costs are added, will be lower than stated.
Particulars are given without responsibility on the part of PRSim or the seller/landlord and do not constitute an offer or contract. Prospective buyers should satisfy themselves as to the accuracy of all information, including price, availability, dimensions, specification and VAT position, and should not rely on computer-generated images. PRSim accepts no liability for any variation or discrepancy save where caused by its own negligence or fraud. GDV, cost and profit figures are drawn from a development appraisal and cashflow model, are pre-finance-cost estimates, and do not constitute a guarantee of achieved sales values, build costs, or programme.
