Kingsleigh House, Culver Road, Saltash PL124DP comprises an extended grade 2 listed detached 2 storey building formerly occupied as a nursing home which ceased trading in 2014. Construction is of solid granite stone under a parapet pitched slate roof together with mansard extensions. The original building is believed to date back to early 18th Century.
The property has undergone significant alteration over its life including 20th century 2 storey flat roof extensions. With much of its original character lost, it is only really the front elevation and street scene that is considered to be the most significant elements in terms of heritage.
The property is located in Saltash town centre, falling just outside the Lower Fore Street conservation area and situated on the west side of the River Tamar in East Cornwall. Plymouth is 6 miles to the west, via the Tamar Bridge. Brunels Royal Albert Bridge sits alongside taking the main railway line from London to Cornwall. Saltash has a population of circa 16,000.
Internally the property is arranged into 16 ensuite bedrooms, staff offices, a passenger lift, residents lounges, kitchens and dining room. The total size is around 6,794 sq.ft.
The borrowers intend to convert the property into 10 self contained apartments comprising:-
7 x 1 bed apartments
2 x 2 bed apartments
1 x 3 bed apartment
A listed planning application has been submitted reg. no. PA16/03636 following extensive discussions and positive indications from both the planners and Conservation team. The net internal area of the proposed conversion will be 5,599 sq.ft.
The property has been purchased for £320,000 by KHP Developments Ltd. a JV set up between Philip Bailey, Kiel Bailey, James Yorke and Murat Haykir. The partners are all involved in property; Philip is an architect, Kiel a Building Surveyor,
James and Murat Construction and finance project managers. Completion is due for 24th June 2016 when the loan will commence.
CrowdProperty have agreed to lend them £227,000 as a phase 1 lend. The length of the loan is a minimum of 6 months and a maximum 18 months.
The RICS valuation values the property in its present condition at £325,000. The LTV will be 70.1% of purchase price.
Assuming the borrowers achieve the desired planning consent it is estimated the cost of the works will be £566,280 (including fees) and they will return for a phase 2 raise of around £387,000. The RICS valuation estimates a GDV of £1,250,000.
|Minimum 6 month Loan||Full 18 month loan period|
The borrowers are a team of architects, building surveyors and Project Managers. They have formed a new JV vehicle called KHP Investments Ltd.
Philip Bailey, BA Dip Arch RIBA With 30+ years’ experience of running his own architectural practice specialising in residential and commercial property development and conversions including Listed building projects. Philip has completed the redevelopment of his current house converting it from a 2 bed bungalow to a 7 bed house. Prior to that he undertook the refurbishment and extension of his own house in St Albans.
Kiel Bailey Building Surveyor with 10 years’ experience working on both refurbishment and new build projects and a specialist in timber framed buildings.
James Yorke Experienced Construction Project Manager, having previously led multi-million pound commercial developments for a national construction company.
Murat Haykir Experienced Project Manager, specialising in leading large, global change initiatives for multi-national financial institutions.
The team have between them a Portfolio of 8 HMO’s with some 40 room houses and flats.
James and Murat ( with the assistance of Philip) have recently completed a Grade II listed conversion of a substantial house in Plymouth into a 6 bed high end professional HMO and a two bed flat.
This is an interesting project with a highly qualified team, who have worked together previously and come together on this new project.
As this project does not have full planning permission yet, we have split it into two phases to minimise risk for the lenders. Once planning is granted and we lend the second phase of £387000 the total loan will be £614000 which means that the LTV will drop to just 49% of Gross Development Value (£1.25M).
With such an experienced team and a low LTV, we see this as a low risk loan which is why we have been happy to give it the CrowdProperty stamp of approval.
* Please see full risk statement here.
† Estimated Sales Value is more formally referred to as GDV - Gross Developed Value
‡ Interest Cover is a measure of the project's ability to cover the interest payments from profits and is calculated by dividing the Projected Return on Costs by the Total Interest incurred throughout the loan period