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%.
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