Trelawne, Porthrepta Road, Carbis Bay, St. Ives, TR26 2LB is located within easy walking distance of Carbis Bay which includes a vibrant restaurant sector and internationally renowned galleries such as the Tate St. Ives and the Barbara Hepworth Museum.
The main A30 trunk road is 3 miles away and connects to the M5 at Exeter whilst the mainline train station at St. Erth is also 3 miles away, offering direct trains to London. Porthrepta Road is a well established residential district of the town which connects to the fishing and resort town of St. Ives on the north Cornish coast. St Ives has become well known for its picturesque views and has 3 of the 8 Blue Flag beaches in Cornwall (Carbis Bay being one of them). Other amenities close to the property include, Carbis Bay train station, The Parish Church of Saint Anta and All Saints, Carbis Bay, Tesco Superstore and St. Unys C of E school.
In 2014 Cornwall attracted approximately 4.3m holiday visitors and a total of 14.7m day visitors generating £2.6bn of business to the economy and supporting 53,000 jobs.
Trelawne comprises a traditionally built C1900 Edwardian 2 storey semi detached house and has been owned by the borrower since 2006. He has secured Planning through Cornwall Council - ref. PA17/06897 for the construction of a new detached 4 bed dwelling in the garden. The new property will have a floor area of 188m2.
Having commenced the ground works he is seeking funding to complete the construction of the new house.
RICS valuation of existing property with the benefit of planning permission is £600,000.
RICS estimate of GDV of existing house and completed new house is £965,000.
Estimated build cost of the new house is £207,000. Rolled up interest, contingencies and selling fees are estimated at £175,000 giving a total cost of £767,000 and providing the borrower with an estimated profit on cost of 25.8%.
Upon completion of the new building the borrower intends to title split, sell Trelawne, re-finance the completed new build and live in it.
CrowdProperty have agreed to lend the borrower £590,000 in a single phase. £420,000 will be released as phase 1 to pay off his existing mortgage of £385,000 and recoup his initial construction costs. The remaining £170,000 will be drawn on our Independent Monitoring Surveyors verification that the works are progressing.
The loan term will be for a maximum period of 12 months.
As with all CrowdProperty projects this loan is secured by means of a Land Registry registered first legal charge on the land.
|Minimum 6 month Loan||Full 12 month loan period|
The borrower will complete the works on the new house, sell Trelawne, refinance the new property onto a standard mortgage and live there.
Roger graduated from the University of Surrey with Ba (hons) Business Studies and French where he later went on to achieve a PhD in his thesis “A Consideration of the UK Food Retail Business”.
Throughout his professional career Roger has focused very much on opening new businesses and managing them to a success and proceeding to sell the firms on for a healthy profit. Roger opened a franchisee store, Domino’s, making it a top 20% store (in terms of sales) in the UK within two years before he later sold the business.
Roger has undertaken other residential refurbishments of properties including:-
The refurbishment of a large terraced house in Eastbourne, East Sussex. This involved a full rewire, new plumbing, tanking of basement to create office and games room, new kitchen, new bathroom, addition of downstairs cloakroom, landscaping of garden with decking added. Purchased for £176,500 this property was sold for £325,000 in 2006.
The refurbishment of Trelawne. Works involved a full replacement of plumbing and heating system, opening up by removing internal walls, new bathrooms and kitchen, installation of solar panels for hot water, part new roof and the landscaping of the current garden.
The main project consultants and Trades are as follows:-
Poynton Bradbury Wynter Cole Architects - who have completed major projects such as Porthcressa Regeneration, Cornwall College and St Hellier Marina Regeneration
Structural Engineering- Richard Gowan Structural Engineers
Absolute Groundworks- currently on site progressing the foundation and drainage works
Frame UK- manufacturing and will erect the timber frame. Frame UK were established in 1974 and are one of the South West’s leading timber frame companies boasting a highly mechanized production facility
JHAI building control- engaged to advise on building regulations surrounding the project
MP Roofing. The roof will be fitted in slate
Newquay Plastics – suppliers and fitters of UPVC sash windows and exterior doors
Novo Electrical – first and second fix electrics
Protek - Site Insurance and Structural Warranty
This is a classic example of owner occupier adding value by securing planning for a new build in his garden. Roger has demonstrated his ability to secure planning and move forward with the construction of the new house. The foundations have now been laid and the delivery of the timber frame is programmed for 3rd week in August adding further proof that he has the ability to project manage the development. Furthermore he has a well planned exit strategy to repay The Crowd.
* 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