Hinton St George, Somerset, TA17 8SL is situated 4 miles north west of Crewkerne, 12 miles south west of Yeovil and 17 miles south east of Taunton.
Crewkerne Railway Station is based on the West of England mainline approx. 5 miles from Hinton St George with trains to Exeter (50 mins) and London Waterloo (2.5 hours).
Hinton St George is a popular and affluent South Somerset village with a population of circa 442 (2011 Census). The village includes a primary school, pub and village store.
The site is situated on the East side of the village and has been in the ownership of the same family for nearly 40 years. It is rectangular in shape with a level topography and totals approx. 1.02 acres. Access to the site is directly off Merriott Road a public highway. There is a private farmers right of way from Merriott Road through the site to access the rear field. The land is unencumbered and the borrowers have covered all planning and technical fees - circa £150,000 - from their own resources.
Planning consent was granted ref. no. 17/02545/FUL on 19th April, 2018 by South Somerset Council. A further application no. 18/01345/S73 has been lodged to vary internal layouts, window positions, the removal of car ports and minor external alterations. A decision is pending on these alterations.
The total no. of new units to be erected will be 10 ranging from 2 – 4 bedroom houses. There is no Affordable Houses required within the planning consent. Construction will be high quality traditional 2 storey, local “ham” stone elevations under pitched and hipped roofs.
The breakdown of the sizes of the houses are as follows:-
Plot No Description Area
Plot 1-3 3 x 2 bedroom house 811 sq ft each
Plot 4 1 x 4 bedroom house 1354 sq ft
Plot 5-6 2 x 3 bedroom house 1026 sq ft each
Plot 7 1 x 3 bedroom house 1018 sq ft
Plot 8 1 x 4 bedroom house 1231 sq ft
Plot 9 1 x 4 bedroom house 1246 sq ft
Plot 10 1 x 4 bedroom house 1331 sq ft
Total floor area: 10,665 sq ft (991 sq m)
CrowdProperty has agreed to lend the borrower £2,800,000 over 5 phased raises as follows:-
First phase raise of £455,000 on site value of £650,000 - RICS verified.
4 Subsequent raises of about £586,000 to fund the construction phase in months 3, 6, 9 and 12.
All phases will have the same loan expiry date being 18 months after commencement of the 1st phase.
All raises will have equal security by way of 1st charge on the land.
The initial sum transferred of £455,000 represents 70% LTV against a land value of £650,000 - RICS verified. Subsequent raises will be drawn by the borrower on reaching certain milestones during the construction phase and only once our IMS has inspected the works and verified there completion.
The build programme is estimated to be 48 weeks and the borrower expects to be on site at the end of September 2018.
Anticipated Loan to Value at expiry (inclu rolled up interest based on the above phased draw down) will remain at 70%.
RICS view on GDV is £4,345,000 for the completed development representing sales prices of £407psf.
Legal Completion of documentation and start of loan will be 10th August 2018.
Build out in one phase and sell
The site is owned by Strawberry Property Ltd – co. reg no. 08899542. It has been in the family ownership for over 40 years. Owner and director of this company is Tim Percival. His wife Klare is a 50% shareholder.
Tim trained as a community GP Specialist with the NHS. He still works 20% part time as GPS at the student health service looking after 15,000 Bristol University students. He also holds a monthly gynaecology clinic at St. Michaels Hospital, Bristol.
80% of Tim's and Klare's time is devoted to the property investment and development business which spans co-living accommodation and new build developments.
They set up Strawberry Property Ltd approximately 5 years ago.
Their current property investment portfolio has a value of £6.9m.
Their experience covers about 20 small to moderate refurbishments and conversion of single houses to Co – living accommodation. These have been in and around the Bristol area. Some they have held, others have been sold on. The total number of rooms they own is 104 and in the last 2 years have become NLA accredited landlords.
The site at Hinton St George is a natural progression of their property experience as they move into new build development. With the land having been held in the family for many years they have engaged the consultants to secure planning and bring the site forward for development. They are now ready to commence the building phase with a clear strategy to provide a quality development that will enhance the extension to Hinton St George.
6 month loan
18 month loan
Whilst this may be the borrowers 1st residential development scheme they have demonstrated their professional approach to bringing the site forward. They have built the Consulting team around them, secured a qualifying planning consent and are now moving into the construction phase of the development. They have spent over £150,000 of their own money on securing planning and addressing the technical fees.
Moreover their existing portfolio provides a quality and well run business.
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Our in-house experts perform strict and rigorous checks on all projects proposed. With almost 100 years’ experience in the industry, we work in partnership with our borrowers. We work in partnership with our borrowers until project completion. If a borrower were to default, CrowdProperty’s 1st legal charge allows us to take ownership of the project. Here we would utilise industry experience to ensure the most suitable exit strategy was followed.