Chrystals Market Support Statement

Mr James Greenhalgh Hartford Homes Unit 2 Middle River Douglas Isle of Man IM2 1AL

To whom this may concern Re: Proposed development of 8 large dwellings on land adjacent to Castleward Green, Ballanard Road, Douglas, Isle of Man We are pleased to provide this statement in support of the planning application being submitted by Hartford Homes for the above.

We are a firm of estate agents operating solely on the Isle of Man and have been established for over 160 years. We have extensive knowledge of the local market and deal in all sectors of the residential and commercial property market. We have a strong track record in negotiating the sale of high-value houses, often to residents new to the island. We have found that the requirement of purchasers changes through the price bands. The lower and mid-price band purchasers have considerable choice and therefore are reasonably well catered for in terms of location, condition and arrangement of accommodation. However, towards the upper end of the market, choice is more limited with the majority of second hand properties being dated in appearance or lacking the desired layout of accommodation and plot size. Elements of existing stock are over-priced, with many vendors having an aspirational view on value.

We find that the buyers of higher value property have greater demands on location and quality. Some prefer to be in the countryside and the privacy this provides whilst others value more the convenience of being close to town but at the same time requiring the space and quality associated with high end properties. They have specific requirements for state of the art specification with price being less critical for the right product in the right location. Potential new residents from the UK have high expectations from their experience of what is available in the UK, particularly in the London market. With a lack of good quality stock, we have experience of applicants reluctant to commit to the Island when they have not been able to find somewhere suitable to reside. At this end of the market applicants have plenty of choice in other jurisdictions such as Jersey, Guernsey and Switzerland, albeit entry restrictions do vary considerably.

Since 1854

DOUGLAS	PORT ERIN	RAMSEY	COMMERCIAL
31 Victoria Street Douglas IM1 2SE T. 01624 623778 F. 01624 623284 E. [email protected]	23 Station Road Port Erin IM9 6RA T. 01624 833903 F. 01624 835864 E. [email protected]	5-7 Market Hill Ramsey IM8 1JT T. 01624 812236 F. 01624 814661 E. [email protected]	Douglas Office: 01624 625100 [email protected] RENTALS Douglas Office: 01624 625300 [email protected]

We need to cater for high end purchasers who:

• Demand high quality properties.
• Can’t or don’t wish to wait for planning permission to modify existing properties.
• Generally speaking applicants do not want the hassle of refurbishing a second hand property.
• Like the benefits offered by a new property. Applicants and lenders often require a NHBC 10 year warranty on new build property, improved energy efficiency, ability to customise to suit their requirements.

As the population on the Island has gradually increased, the number of people looking for larger properties has likewise increased. The Island would be better served if there were an increased choice of larger properties around Douglas and the South as this is where we have seen the greatest demand.

We have been asked by Hartford Homes to provide our professional opinion on their proposed development of a site off Ballanard Road/Castleward Green, Douglas. The proposals are for 8 properties on large plots accessed from a cul de sac approach. We are informed that the majority of the plots extend from 1.5 – 2 acres with the largest extending to 3.5 acres.

From the outset, we see this development being very important in addressing some of the problems we have highlighted above. If planning approval is granted, we understand Hartford Homes propose to build the external envelope of the houses and market the properties to include an internal design and fit out package to the purchasers’ specification. This is exactly what this sector of the market is looking for. If this type of property, on the size of the plots being proposed, were available now, we would have applicants on our data base to approach. Purchasers at this level, whilst not wanting the long drawn out process of building a house from scratch, do want the ability to decide on the detail and internal finish of the house.

The location of the proposed site is close to Douglas, which is a significant plus point for many purchasers. We therefore have no hesitation in offering our support for this development by Hartford Homes. Yours sincerely

Shane Magee Chairman of Chrystals Estate Agents

Since 1854

Directors: Shane Magee M.R.I.C.S.; David Watson M.R.I.C.S.; Neil Taggart BSc (Hons). M.R.I.C.S.; Consultant: Keith Kernalsh Registered in the Isle of Man No. 34808. Chrystal Bros. Stott & Kernalsh Ltd. Trading as Chrystals. Registered Office: 31 Victoria Street, Douglas, Isle of Man.

DOUGLAS	PORT ERIN	RAMSEY	COMMERCIAL
31 Victoria Street Douglas IM1 2SE T. 01624 623778 F. 01624 623284 E. [email protected]	23 Station Road Port Erin IM9 6RA T. 01624 833903 F. 01624 835864 E. [email protected]	5-7 Market Hill Ramsey IM8 1JT T. 01624 812236 F. 01624 814661 E. [email protected]	Douglas Office: 01624 625100 [email protected] RENTALS Douglas Office: 01624 625300 [email protected]