This raise is the 2nd raise of a 2 phase raise totaling £605,000 where we are raising £200,000 to provide funding towards the conversion costs of a part let part vacant property in Barwell Leicestershire. The loan commenced on 5th July 2019 for a period of 12 months paying 8% per annum interest after raising £405,000 in Phase 1.
Works commenced on the 10th June 2019 and are to be completed by 19th December 2019. The borrowers, Vision Corporate Finance Ltd are continuing to make progress with the conversion works on site and to date have completed the following:-
- Demolition (100% done)
- Stairs supply and installation (100% done)
- Access equipment (100% done)
- Partitioning/plaster/skim (100% done)
- Builders joinery work (60% done)
- Plumbing (50% done)
- Electrics (50% done)
- Masonry (30% done)
Works planned in the forthcoming months include:
- Structural steel
- Windows and doors
- Basement access works
ABOUT THE PROJECT
The property is a 2 storey detached building and comprises 2 let self-contained commercial units and a residential 2 bedroom flat together with a vacant former snooker hall. The property is located fronting onto High Street, Barwell a village in Leicestershire with a population of 9,022 (2011 census). Full planning permission has been granted by the Hinckley and Bosworth Borough Council (co.ref.no. 18/00354/FUL) for a change of use of first floor and part of the ground floor from snooker hall to form 8 residential apartments. A JCT contract is in place with Hallam Read Construction Ltd, the main contractors who have since progressed with works and estimate the project to be completed December 2019.
The agreed loan term is 12 months (max) from 5th July 2019 so the phase 2 loan will be for approx. 8 months. Each raise will merge into the existing legal agreement and as with all our loans 1st charge security registered with the Land Registry is confirmed. Lenders to this phase will receive interest at 8% per annum over the remaining period of the loan or when the loan is repaid in full or part.
LOCATION AND DESCRIPTION
Barwell is located within the district of Hinckley and Bosworth between Leicester and Coventry, 12 miles and 21 miles away respectively. The village is linked to Hinckley and Leicester via the A47 and Coventry via the M69. The village is served by the Hinckley railway station with services to Leicester and Birmingham.
The property is situated close to the centre of Barwell within a predominantly residential area. The two storey detached building is constructed of traditional solid brickwork elevations beneath pitched slated roofs. The let areas comprise an Indian restaurant generating £12,000 per annum and a separate motorcycle premises generating £5,000 per annum. The first floor comprises of an existing 2 bedroom flat which is also let for £5,400 per annum. The remainder of the property comprises a former snooker hall which will be converted into 8 self contained 1 and 2 bedroom flats.
Local amenities include:
- Hinckley Train Station – 3.6 miles
- Barwell Village Hall – 0.1 miles
- J21 M1 19 miles
- J2 M69 5 miles
SITE AREA/FLOOR AREA
Total site area: 0.144 Acres
Total GIA floor area of building: 6,275 sq. ft
Total GIA of proposed 8 residential apartments: 4612.3 sq. ft (428.5 sq. m)
The 8 new residential apartments will be laid out as follows:
Ground floor: Flats 1 and 2 ( 2 x 1 bed)
First Floor: Flats 3 - 8 (3 x 2 bed and 3 x 1 bed)
The existing flat 9 will not to be refurbished as it is separately let
On completion of the conversion works the borrower will rent out the individual rooms, refinance and hold.
min. loan (6 months)
8 month loan
This project offers an opportunity to convert the vacant accommodation of a part commercial, part residential property. The proposed conversion of the former snooker hall to 8 new residential apartments will complete a development that will have 11 separate rented parts. The Borrower has built an experienced team to deliver the project with a JCT contract in place with Hallam Read Construction. The project is currently estimated to be complete by December 2019
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