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.
On completion of the works the borrower will sell the properties
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.
min. loan (6 months)
18 month loan
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.
Our in-house property experts thoroughly assess each project proposal. We scrutinise the developer and any of their partners’ track records. Only the most promising projects, by the most experienced developers, will receive an informal offer. CrowdProperty will only work up to certain loan-to-value and loan-to-cost percentages, and each project must meet our 25% profit-on-cost criteria. For more information please view our risk statement.
A ‘1st legal charge’ gives CrowdProperty the legal right to take ownership of a property in the unlikely event that a property professional defaults on their loan repayments. 1st legal change is the highest level of security and gives CrowdProperty all the rights that a mortgage company holds. We have 1st legal charge on every project listed on our platform. This is an essential, non-negotiable criterion to ensure your funds are safe.
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.