Fully Funded

The Avenue, Leigh, Lancashire, WN7 1ES - Phase 2

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

£300,000

interest paid*

8%

funds pledged

£300,000

number of investors

284

% of target pledged

Fully Funded

project type

Commercial to Residential Conversion

loan term

up to 10 months

security

1st charge

project phasing

2 of 3

total loan facility

£1,000,000

floor area

9092 sq.ft.

rics valuation

£500,000

cost of work

£770,000

est. sales value (gdv)**

£1,567,500

initial loan to value

70%

loan to gdv

63.80%

owed at exit to gdv***

69.29%

strategy & vision

This is the second phase of a three phase raise for the conversion of a former bank in Leigh to 18 apartments. The borrower entered a 15 month (max) loan agreement commencing on 5th April 2019.

Current progress includes:

The borrower has commenced the installation of the steel beams, creating window openings and internal door openings.
All fixing material-metal profiles and windows/external doors have been paid for in advance by the borrower.
The windows have been ordered and are expected on the site by the 30th August.
External scaffolding has been erected to the rear of the building, scaffolding will be erected to the front of the building this week.

The subject property namely 2 The Avenue, Leigh, Lancashire, WN7 1ES (a former bank) is located in Leigh, which is 7.7 miles south east of Wigan and 9.5 miles west of Manchester. The town has a population of approx. 43,000 and has good network links being 6.1 miles from the M61. Train links from Daisy Hill train station (3 miles north of the site) provides direct travel to Manchester in 30 minutes and Liverpool in 1 hour.

The town also benefits from several amenities including, public houses, Sacred Heart Catholic School, ASDA superstore (among other superstores), Town Hall, Central Primary School, Town Centre and Central Bus Station etc. Further details can be found on the interactive map at the top of page.

Leigh has undergone some regeneration including it’s Sports Village – with an 11,000 capacity stadium, athletics arena and a Morrisons store. In 2011 “The Loom” a £50 million retail development opened (near Bridgewater Canal) which comprises a cinema, Tesco Extra, Nando’s and many other retail/leisure facilities.

exit strategy

The borrowers strategy is to hold the property for it's rental potential. With this in mind, the borrowers intend to re-finance on completion of the works.

indicated return for your pledge

interest

total

min. loan (6 months)

£200

£5,200

10 month loan

£600

£5,600

CrowdProperty Comments


With the borrowers continuing to make good progress across all of their active loans, CrowdProperty are delighted to launch another raise, which will provide the monies towards the initial construction costs at their project in Leigh.

The

CrowdProperty

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Rigorous due diligence
1st Charge Security
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*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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