This project is Phase 2 of a 3 Phase raise where we are seeking £300,000 for a term of 9 months where lenders will receive interest at 8% per annum equivalent rolled up and paid at exit to the scheme. The total loan agreed was £1.25m and this commenced in June 2019 expiring in September 2020. The project is situated in the small hamlet of Maidencombe just north of Torquay. Torquay is a seaside resort town in south Devon with a population of 65,000. Exeter is about 20 miles to the north via A380 with links to M5. Tourism is the largest employer with circa 1.45 million staying visitors and 3.8 million daily visitors per annum. The immediate surrounding area of Maidencombe includes individual houses, a restaurant, hotel and the local beach (popular with walkers and tourists) is a short walk. The 2 storey detached property is constructed of traditional rendered brickwork under pitched concrete tiled roofs. Detailed planning permission has been granted by Torbay Council reference: P/2018/1216 for conversion to 10 apartments. The apartments will provide the following accommodation:- Flat 1 - 58m2 (G/F - 1 bed) Flat 2 - 83m2 (G/F - 2 bed) Flat 3 - 64m2 (G/F - 1 bed) Flat 4 - 63m2 (G/F - 2 bed) Flat 5 - 57m2 (F/F - 2 bed) Flat 6 - 54m2 (F/F - 1 bed) Flat 7 - 76m2 (F/F - 2 bed) Flat 8 - 62m2 (F/F - 2 bed) Flat 9 - 70m2 (2/F - 2 bed) Flat 10 - 72m2 (2/F - 2 bed) Total - 660m2 / 7,104sq.ft. On completion of the works the borrowers intend to sell the 10 apartments. The works have commenced and the IMS surveyor inspected the works on 29th November and reported as follows:- Works completed to date include site set up, internal strip out, demolition of part, new foundations excavated and structural investigation exploratory works commenced. The total revised conversion work contract is £977,000 and the building contract has been entered into and provides for sectional completion so the borrowers can bring completed flats to market as early as possible. The estimated works completion date is 29th May 2020 – 32 week programme The 1st show flat (No. 3) will be opened and marketing will commence on 31st March 2020. The IMS validated £61,650 to cover the works in this phase. The Borrower has since advised internal and external demolition complete, foundations dug and poured, scaffold erected, utilities ordered, G/F steels supplied and fitted, M&E design completed It is expected the IMS surveyor will undertake his next inspection in early January 2020.
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