First Special Opportunities Fund

The First Special Opportunities Fund was launched to acquire an 86 acre site at Kilverstone, near Thatford, in Norfolk. 42.5 acres of the site benefited from an existing planning consent for residential development, and the fund strategy was to undertake the construction of the spine road, together with the provision of other services, to enmable the land to be sold in smaller parcels at enhanced values.  The site was purchased for £10.75 million utilising £4 million of equity with the balance comprising debt.  This valued the residential development land at £253,000 per acre compared to a targeted sale price of up to £430,000.

Protracted planning issues meant that it was decided to accept an offer for the whole site in mid-2002 which returned an IRR of 9.7% per annum to investors*

The Fund is closed to further investment.

Key Facts
Launch Date	Spring 2000
Activity	Land Dealing
Equity	£4.0m
Original Fund Size	£11.0m