Fully Funded

Wyndham Hall, Wyndham Street East, Plymouth, PL1 5HE

Developer: Philip Bailey

loan amount

£300,000

interest paid*

8%

funds pledged

£300,000

number of investors

73

% of target pledged

Fully Funded

project type

Commercial to residential conversion

loan term

up to 18 months

security

1st charge

project phasing

1 of 3

floor area

2874 sq.ft.

purchase price/value

£250,000

cost of work

£1,030,000

loan to value

70%

est. sales value (gdv)**

£1,900,000

owed at exit to gdv***

63.6%

strategy & vision

Wyndham Hall, Wyndham Street, Plymouth PL1 5HE is located immediately to the west of Plymouth City Centre and within a predominantly residential area.

Plymouth is situated in South Devon and is best known for its maritime heritage and historic Barbican district with narrow, cobbled streets. With a population of 234,982 the city is the largest conurbation in the South West and is connected to the rest of the country via the A38 and A30. Bristol is approx. 80 miles to the north whilst London is a further 110 miles; both connected via the M5 and M4 motorways. Plymouths mainline railway station is 0.7 miles to the east with direct trains to Bristol and London Waterloo.

The property comprises a detached former listed chapel last used as a gymnasium but lain empty for a few years. Construction is of solid rendered stone under a pitched roof. Internally the property is full height. The property sits on a site area of 490 sq m with the building occupying circa 90% of this.

Planning has been granted by Plymouth City Council Ref: 17/02043/FUL for a change of use from a gymnasium/sports hall to 6 separate high-end HMOs providing a total of 30 rooms all with en-suites and generous communal areas.

The 6 separate HMO units will have floor areas as follows:

• Unit 1 Lower ground floor 181.3 Sq m
• Unit 2 Ground floor 106.9 Sq m
• Unit 3 Ground floor 104 Sq m
• Unit 4 First floor 105.4 Sq m
• Unit 5 First Floor 104.8 Sq m
• Unit 6 Second Floor 141.1 Sq m

The borrowers have recently purchased the property with no 3rd party debt. They have commenced the conversion works and completion is expected in June 2019. The RICS valuation of the existing property with the benefit of planning is £250,000. The RICS estimate of GDV once works have been completed is £1,900,000. Estimated conversion cost is £1.031m – QS estimate.

CrowdProperty has agreed to offer the borrower a facility of £1,050,000 to be raised over 3 phases. The Phase 1 raise is £300,000 with further monies being raised during Q1 2019 and as the conversion works progress. The loan term will be 18 months (max) and as with all our loans 1st charge security registered with the Land Registry will be confirmed.

The day 1 release will be £175,000 representing an Initial LTV of 70%, The LTV will fall to 63.6% (including rolled up interest) once works have been completed. All other monies held by us will be released on the verification of our Independent Monitoring Surveyors inspections as works are completed.

The borrowers intend to exit the loan by refinancing and holding the property as an investment. The loan is planned to commence on 31/10/18.

exit strategy

On completion of the conversion works the borrowers will refinance onto a long term mortgage, repay CrowdProperty and hold the property as an investment

the borrower
& project team

The borrower is KHP (Wyndham Hall) Limited ( Company Reg. No. 10929009). The KHP Group of Companies specialise in commercial conversions and particularly listed building conversions for either the sale or rental markets. In 2016 KHP borrowed £614,000 from CrowdProperty to convert a former nursing home into individual flats. They subsequently sold the flats and repaid our lenders in full in 2017.

KHP has development projects across South Devon. The directors are listed below and between them they have over 50 years of combined experience in residential and commercial property investment and development.

Philip Bailey, BA Dip Arch RIBA. With 30+ years’ experience of running his own architects practice specialising in residential and commercial property development and conversions including listed building projects.

Philip has also completed the redevelopment of his current house converting it from a 2 bed bungalow to a 7 bed family home.

Kiel Bailey Building Surveyor with 10 years’ experience specialising in timber frame buildings. He previously worked for an architect’s practice for over 10 years. His focus for KHP is on the drawings and construction detail, putting together specifications, and monitoring on-site productivity, quality and cash flow.

Xylina Bailey is a professionally qualified HR Consultant and is passionate about saving historic buildings. Her focus is providing internal design schemes for all KHP projects, sales and marketing and the HR agenda for there growing team.

James Yorke is an experienced Construction Project Manager, having previously led multi-million pound commercial developments for a national construction company. James studied construction management at Plymouth University and then joined a nationwide construction company. 
James manages the projects for KHP ensuring a competent supply chain is appointed to deliver the schemes on budget and on time with the health and safety agenda being paramount.

Murat Haykir (Mo) is an experienced Project Manager specialising in leading large, global change initiatives for multi-national financial institutions.
Mo is a full time property investor and developer and is co-founder and Director of KHP Group of Companies. Prior to jumping in to property full-time, Mo worked for both Lloyds Banking Group and HSBC as a Project Manager, working on global, multi-million pound regulatory change projects.
James and Murat have 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.

They also own and operate an HMO Lettings agency called Moorview Lets in Plymouth where they manage some 120 rooms. Moorview Lets will manage Wyndham Hall to ensure KHP have quality tenants.

The team have between them a Portfolio of HMO’s with some 80+ rooms together with single houses, flats and Serviced Accommodation properties mainly located in Plymouth and the South West.

indicated return for your pledge
interest
total
min. loan (6 months)
£200
£5,200
18 month loan
£600
£5,600

CrowdProperty Comments


In 2016 KHP Investments borrowed £614,000 (79 lenders) towards the conversion of a former nursing home in Saltash into 10 self contained apartments. These were successfully sold and CrowdProperty's lenders were repaid in full and on time. Having secured an option on Wyndham Hall in mid 2017 KHP Investments have worked tirelessly to secure a qualifying listed planning consent, necessary Party Wall Agreements and technical design issues so they could purchase the property. From the start they have communicated with us on progress and having purchased the building, designed and tendered the works commencement on site has begun.
The Directors are experienced in every aspect of the development process including architect, engineers and construction management.

The

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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.

Your capital is at risk and you may lose all you lend. See our full risk warning for more information

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