Brick by Brick; Blakeney, Norfolk.

We are really proud of this development in Blakeney, in the Norfolk Coast AONB, that was funded by BRIP 3 and developed by Fleur Homes and completed in 2022.
 
This project was a development of seven homes in the beautiful coastal village of Blakeney in north Norfolk.  Popular with holiday makers and second homeowners, the village is characterised by pretty flint cottages, independent shops, busy pubs and its proximity to expansive beaches.

The Location.

Blakeney, a coastal village in the Norfolk Coast Area of Outstanding Natural Beauty located five miles north west of Holt.

Blakeney was a commercial seaport but the harbour has now silted up and only small boats can make their way out to Blakeney Point. The harbour and surrounding marshes are owned by the National Trust and are now a nature reserve. One mile to the east is Cley next the Sea with its famous windmill. To the west, Wells-next-the-sea, a fully operational fishing port, is eight miles away, and further along the coast, is the village of Burnham Market. The county town of Norwich is located 28 miles to the south.

The Site.

The land of 0.87-acres (0.35 hectare) was occupied by a six-bedroom detached property known as Kimberley. 

The site is bordered to the south, east and west by residential dwellings and their gardens.

The Specification.

The homes included a mix of two to four bedroom detached and terraced dwellings, designed to reflect the style and character of the village, using materials that are traditional to the area, such as brick and flint.

All the homes were designed to have open plan living and kitchen areas, opening out to gardens and all had spacious double bedrooms, with the master bedrooms being en-suite.

The homes were completed to a high specification throughout with BOSCH appliances in the kitchens and granite worktops.  Hardwood flooring was laid throughout the ground floor with stone tiles surrounding the wood burners.

The homes were heated via air source heat pumps with zoned under floor heating on the ground floor and radiators on the first floors. Thermally efficient insulation and double glazed windows were installed to further enhance the energy efficiency of the buildings.  To preserve water, aerated taps and dual flush toilets were fitted within the properties and water butts for rainwater harvesting installed in the gardens.  The appliances were low energy (minimum rating ‘A’) and LED light fittings installed throughout the properties.

Electric vehicle charging points were also installed at each of the homes.

A final Energy Efficiency Rating of ‘B’ was achieved for the properties.

The Build.

The site was acquired in September 2020 and we had to navigate the challenges of covid related supply shortages as well as some technical on-site challenges but the scheme was successfully completed and to a very high specification. 

The Sales.

Before the homes were officially marketed, Fleur received numerous approaches from potential buyers.  When the homes were released to the market they were so popular that sealed bids were invited and 100% cash proof of funds had to be provided.  Each property still had multiple bidders.  The homes were all sold off-plan with the majority being bought as second home or buy to let investments. The achieved sales prices were 25% over budget.   

The Returns.

This project performed outstandingly for Fleur Homes, and the BRIP 3 investors and is exactly the type of project and partnership that BRIP targets and will continue to going forward.  This project delivered a 1.76x EM and 33% IRR to investors (net of fees). 

This reinforces BRIP's standing adage that we continually apply in our selection process; the right product in the right place.

Barwood Residential Investment Platform (BRIP) is only suitable for Professional Investors or Retail Investors who qualify as one of the following: Elective Professionals, Certified High Net Worth Investors, Certified Sophisticated Investors or Self-Certified Sophisticated Investors.  Where past performance and historic data are quoted in this document, these should not be taken as a reliable indication of future results or performance. Investors should be aware that, should they decide to invest in the Barwood Residential Investment Platform, their capital is at risk and they may therefore lost some or all of the amount invested.