Fully Funded

The Water Tower, St George's Parkway, Stafford, ST16 3WF

Please note, for this project, pledges will be limited to a maximum of £0 until 10.05am. After 10.05am, you can create pledges larger than £0 or increase the size of your pre-existing pledge. This is subject to the project amount remaining which needs to be raised.

loan amount

£262,000

interest paid*

8%

funds pledged

£262,000

number of investors

313

% of target pledged

Fully Funded

project type

Commercial to Residential Conversion

loan term

up to 18 months

security

1st charge

project phasing

1 of 1

total loan facility

£262,000

floor area

2690 sq.ft.

rics valuation

£120,000

cost of work

£267,000

est. sales value (gdv)**

£500,000

initial loan to value

44.2%

loan to gdv

52.40%

owed at exit to gdv***

60.20%

strategy & vision

ABOUT THE PROJECT

This project will be a single raise to provide funding towards the restoration and conversion of an existing Victorian era water tower close to the town centre of Stafford, the county town of Staffordshire in the West Midlands.

The property comprises of a 4/5 storey derelict water tower estimated to have been constructed circa 1884. The property is located fronting onto St Georges Parkway and forms part of the redevelopment of the former St Georges Hospital in a residential location on the outskirts of Stafford town centre. Stafford is the county town of Staffordshire with a population of 63,681 (2011 census). Full planning permission has been granted by the Stafford Borough Council (ref. no.19/29943/FUL) in conjuction with listed building consent 19/29944/LBC to restore and convert the existing Victorian era water tower to a single-family residential unit. There will be no changes to the exterior and the interior will be converted to 3 bedrooms.

LOCATION AND DESCRIPTION

Stafford is located within Staffordshire approx. 6 miles (26 km) north of Wolverhampton, 18 miles (29 km) south of Stoke-on-Trent and 24 miles (39 km) north-west of Birmingham. The town is linked to major cities such as Birmingham and Manchester via the M6 at junction 13 and 14. The A34 runs through the town centre providing linkage to Stoke-on-Trent and Stone. The A518 road connects Stafford with Telford to the south west and Uttoxeter to the north east, and therefore is the main route to the major theme park at Alton Towers. The town is served by the Stafford railway station with regular services to Birmingham and Manchester.

The property is situated close to the town centre of Stafford within a residential location and is of traditional solid brickwork elevations beneath a roof formed out of the water tank.

Local amenities include:

-Stafford College - 0.7 miles
-Stafford Railway Station - 0.9 miles
-J13 and J14 M6 - 3.8 miles

Places of interest:

-Stafford Rugby Union Football Club - 1.6 miles
-Stafford Leisure Centre - 0.6 miles

SITE AREA/FLOOR AREA

Total site area: 0.062 acres
Total GEA floor area of the building: 2690 sq. ft (250 sq. m)

The accommodation will be laid out as follows after conversion:

Ground floor: entrance hall, bedroom with shower room/WC
First Floor: hall and kitchen
Second floor: open plan living room
Third floor: landing, bedroom with WC
Water tank: bedroom, bathroom/WC

exit strategy

On completion of the conversion works the borrower intends to either sell or refinance and hold the property

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

18 month loan

£600

£5,600

CrowdProperty Comments


This project offers a unique opportunity for the conversion an existing Victorian era water tower within a residential location. The proposed conversion of the former water tower will become a 3 bedroom house and form part of the new St Georges housing development. The Borrower has experience, training and skill to finish this project to a high standard.

The

CrowdProperty

Shield

Rigorous due diligence
1st Charge Security
Unparalleled expertise
more
*Please see full risk warning
**Estimated Sales Value is more formally referred to as GDV - Gross Development Value
***Owed at exit to GDV is calculated as the total capital + any planned loan interest against the RICS GDV for the project. These figures do include subsequences on projects funding development costs during the course of the project.

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Your capital is at risk. No FSCS protection. Past performance is not an indicator of future results. Tax treatment depends on individual circumstances and may change. full risk warning.

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