Kingsleigh House, Culver Road, Saltash PL12 4DP comprises an extended grade 2 listed detached 2 storey building formerly occupied as a nursing home which ceased trading in 2014. Construction is of solid granite stone under a parapet pitched slate roof together with mansard extensions. The original building is believed to date back to early 18th Century.
The property has undergone significant alteration over its life including 20th century 2 storey flat roof extensions. With much of its original character lost, it is only really the front elevation and street scene that is considered to be the most significant elements in terms of heritage.
The property is located in Saltash town centre, falling just outside the Lower Fore Street conservation area and situated on the west side of the River Tamar in East Cornwall. Plymouth is 6 miles to the west, via the Tamar Bridge. Brunel's Royal Albert Bridge sits alongside taking the main railway line from London to Cornwall. Saltash has a population of circa 16,000.
Internally the property is arranged into 16 ensuite bedrooms, staff offices, a passenger lift, residents lounges, kitchens and dining room. The total size is around 6,794 sq.ft.
A listed planning consent has now been granted (PA16/03637) to provide luxury apartments as follows:
7 x 1 bed apartments
2 x 2 bed apartments
1 x 3 bed apartment
The property was purchased for £320,000 by KHP Developments Ltd. a JV set up between Philip Bailey, Kiel Bailey, James Yorke and Murat Haykir. The partners are all involved in property; Philip is an architect, Kiel a Building Surveyor, James and Murat are construction project managers.
CrowdProperty have already lent £227,000 as a phase 1 lend towards the purchase of the property. This Phase 2 loan will be for £387k and will be released in stages subject to monitoring surveyor reports. The loan will be for a minimum term of 6 months and a maximum term of 16 months.
Anticipated GDV of the project is £1.25 million and with total costs of £985,280 (including purchase price, build costs, sales costs, interest and fees), the developers will have a profit of £264,720 resulting in a profit on cost of 26.8%. Total borrowing from the crowd of £614,000 gives the project a loan to end value of 49%.
|Minimum 6 month Loan||Full 16 month loan period|
Capital and interest will be repaid from the sales proceeds.
The borrowers are a team of architects, building surveyors and Project Managers. They have formed a new JV vehicle called KHP Investments Ltd.
Philip Bailey, BA Dip Arch RIBA With 30+ years’ experience of running his own architectural practice specialising in residential and commercial property development and conversions including Listed building projects. Philip has completed the redevelopment of his current house converting it from a 2 bed bungalow to a 7 bed house. Prior to that he undertook the refurbishment and extension of his own house in St Albans.
Kiel Bailey Building Surveyor with 10 years’ experience working on both refurbishment and new build projects and a specialist in timber framed buildings.
James Yorke Experienced Construction Project Manager, having previously led multi-million pound commercial developments for a national construction company.
Murat Haykir Experienced Project Manager, specialising in leading large, global change initiatives for multi-national financial institutions.
The team have between them a Portfolio of 8 HMO’s with some 40 room houses and flats.
James and Murat ( with the assistance of Philip) have recently 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.
Phase 1 of this project, to purchase the building before planning permission was granted, proved to be very popular with the Crowd.
Now that listed planning permission has been granted, we are delighted to bring Phase 2 of this interesting project to the platform.
With a highly experienced team and a Loan to Value of just 49% of the end value, we believe this is a very safe project for our lenders and expect it to be as popular as Phase 1.
* 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