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Schoolyard, N1

The Development

The Schoolyard development consists of 34 individual converted apartments within
the existing building, the extension and refurbishment of the former Lodge House and Caretakers Cottage and the erection of 28 contemporary apartments within the existing grounds. We have agreed to purchase 10 units, 6 units in Block E and 4 units in Block F, both blocks are contemporary buildings. There are 9 one-bedroom apartments and 1 two-bedroom apartment. Whilst contracts to purchase will issue shortly, the construction will not commence until April 2007 (site is currently operational as a school) and thus will not complete until spring 2009.
The apartments are spacious and built to a very high standard. All apartments come with fully fitted kitchens and integrated appliances. Bathrooms are partly tiles with fittings.

• Gas Central heating
• Full 10 year NHBC warranty
• Video door entry phone system to all apartments
• Downlighters to hall, living area, kitchen, bathrooms and bedrooms where possible
• Chrome double sockets throughout
• Chrome light switch plates
• Chrome ironmongery
• Built-in wardrobe to master bedroom
• Stylish contemporary kitchens with integrated stainless steel single oven, hob and extractor hood
• Granite or similar worktops
• Integrated dishwasher and fridge/freezer plus plumbed in washer/dryer.
• Luxury white bathroom sanitary ware with steel baths and over bath shower with
glazed bath screen
• Ceramic part tiles walls and floors
• Electric heated chrome tail rail
(The development plans are contained in Appendix I)

As is the norm in the UK, investors will purchase long leaseholds from the Developer, who will retain ownership of the freehold. The leasehold term will be 125 years and leaseholders will have rights of renewal under current UK legislation. Leaseholders will pay an annual ground rent to the owner of the freehold at a proposed rate of Stg£250 per annum, indexed every 10 years in line with the UK Retail Price Index. The investor price and accommodation and schedule are listed the next page:

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