Fully Funded

Priory Farm Barns, Wolston Warwickshire - Phase 1, CV8 3FX

Developer: Richard Morgan

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

£400,000

interest paid*

8%

funds pledged

£400,000

number of investors

161

% of target pledged

Fully Funded

project type

Conversion of existing residential property to multiple units

loan term

up to 18 months

security

1st charge

project phasing

1 of 2

floor area

5658 sq.ft.

purchase price/value

£300,000

cost of work

£650,000

loan to value

56.7%

est. sales value (gdv)**

£1,635,000

owed at exit to gdv***

64.2%

strategy & vision

Due to unprecedented product demand and as a result of user feedback, we have introduced a pledge limit for this project on a trial basis. This is to give those that take valuable time to perform necessary due diligence the greatest opportunity to successfully pledge at 10 a.m. Pledges will be limited to £5,000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £5,000 can be created, or an existing pledge for this project can be increased (subject to availability).

The site is located in semi rural surroundings to the northern edge of the village of Wolston, Warwickshire. The surrounding area comprises a mix of residential and farmland. Coventry is approx. 7 miles to the north west and Rugby is 6.5 miles to the east. The site comprises a number of dilapidated brick constructed grade 2 listed farm buildings situated on a parcel of land totalling .64 acres. There is also an additional area of pastureland totalling 6.6 acres which formed part of an old Priory, a moated earthworks site now designated a Scheduled Ancient Monument by English Heritage.
Wolston sits in the Rugby Borough of Warwickshire and has a population of about 2,300 – 2011 census. Road connections to Coventry and Rugby are via the A45 and Fosse Way. The mainline railway connecting Coventry – Rugby runs just to the north across a viaduct constructed in 1830s. The village contains a primary school, small collection of shops community centre and The Red Lion Pub. The River Avon meanders through the village.

Planning consent for the farm buildings has been granted for conversion to 3 residential units under planning ref. nos. R15/0862; R17/1831 and R18/0546.
Total site area is 0.64 acres + additional pastureland to the north and west.
The 3 barns will comprise the following:-
Unit 1 – single storey dwelling with entrance hall, dining room, lounge, master bedroom with en-suite, bedroom 2 and communal bathroom. Total area 697sf
Unit 2 – 2 storey dwelling with entrance hall, kitchen, WC, family room, utility room, store and lounge at G/F level. Master bedroom with en-suite bathroom and dressing room, 4 separate bedrooms and communal bathroom. Total area 3,110sf
Unit 3 – 2 storey dwelling with entrance hall, kitchen, WC, dining/living room, utility room and study at G/F level. 2 bedrooms both with en-suites and galleried landing at 1st floor. Total Area 5,658sf
Units 2 + 3 will also include separate garages

The conversion works are expected to take 42 weeks and the Borrower intends to sell the development on completion of the works.
The Borrower took an option on the site, secured planning and has exchanged contracts and will complete the purchase on 29th March 2019
RICS valuation of the property with benefit of planning consent is £406,000. RICS estimate of completed development (GDV) is £1,515,000
CrowdProperty has agreed a development loan facility of £850,000 over 2 raises. The 1st phase raise is for a total of £400,000 with £230,000 being provided day 1 towards the purchase of the site. The remainder and 2nd raise will provide monies towards the conversion works being forwarded on verification of the Independent Monitoring Surveyors Inspections and only once stated works have been completed. The loan will be raised in 2 phases
The initial LTV is 56.7%. LTV at project completion is estimated at 56.8% with LTV including rolled up interest and assuming full term 64.2%.
CrowdProperty will take 1st charge security against the property as registered with the Land Registry.
The maximum loan period is for a term of 18 months with a minimum loan period 6 months
The loan will commence on 29/3/2019 to coincide with borrowers purchase date.

exit strategy

On completion of the works the borrower will sell the properties

the borrower
& project team

The borrowers are Richard Morgan and Mark Shimwell. They have set up SPV called Yew Tree Hall Developments Ltd to purchase the site (co. reg.no. 10510669). Richard has been a property developer and civil engineer since 1989 specialising in local authority roads and drainage works. Both Richard and Mark have been developing and constructing residential projects for circa 30 years. Mark is Managing Director and Richard a Director of Middlemarch Construction Ltd a locally based company who will be appointed as main contractors. Middlemarch have been trading since 1993 specialising in listed buildings, new build, civil engineering and commercial buildings. Middlemarch is NHBC registered
Featured comparable projects within the Warwickshire area include:-
Conversion of barns and Farmhouse at Stretton On Dunsmore
Conversion of listed hay barns and cow sheds at Moat Farm Rugby
Conversion of Listed Building into 5 dwellings plus 3 new builds at Clifton
Construction of new build 4/5 bed at Chapel Orchard in the Cotswolds.

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

CrowdProperty Comments


This project offers the chance to convert some dilapidated Victorian farm buildings into new dwellings. The site sits on the northern edge of the village of Wolston midway between Coventry and Rugby. The village is well placed for people to commute into the wider West Midlands and Warwickshire area. The village offers a good set of amenities for the residents.

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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. No FSCS protection. Past performance is not an indicator of future results. Tax treatment will depend on individual circumstances and may be subject to change. See our full risk warning.

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