CrowdProperty have entered into a development loan to fund the construction of 6 detached houses. This project is an 18 month total loan facility totaling £4,200,000 gross. The Borrower owns the site, having purchased with a CrowdProperty bridge after obtaining full planning permission for the development of 6 residential units whilst under option. Whilst on the bridge they then improved the planning consent and mobilised on site. Works have continued as can be seen in the photographs and this raise will provide construction funding. Interest is rolled and paid at exit on this loan with Lenders receiving interest at 7.7% per annum equivalent. The project is situated in Preston which is located approximately 10 miles West of Blackburn, 17 miles South East of Blackpool, 22 miles South of Lancaster and 33 miles North West of Manchester. Preston had a population of 141,000 as at the 2018 (ONS) however, the estimated population of the wider Preston built up area is 313,322. Preston enjoys good road communications with the surrounding area and regional motorway network, the city being situated on the A59 which runs between Liverpool and York. The M6 is approximately three miles to the East of the city centre. Preston also lies on the West Coast mainline where there are direct long distance rail services to a number of major UK cities including Birmingham, Bradford, Glasgow, Lancashire, Liverpool and London. The Property is located in Fulwood, a popular residential suburb approximately three miles to the North East of the city centre. Fulwood Row is a quiet road with large detached housing providing the predominant house type. The Property backs onto the Hills and Hollows Local Nature Reserve. Junction 31a of the M6 Motorway is approximately 0.5 miles to the North but any noise is minimised by the established trees and buildings separating the Property from the motorway. The Property comprised a parcel of land which was overgrown with vegetation and included an old unused tennis court. The borrower had started work on site prior to laon start. The Borrower obtained planning permission granted by Preston City Council, planning reference: 06/2019/1397, granted in May 2020 for the development of 6 residential dwellings. Images of the 3 house types are shown along with interior concepts and the development comprises a total of approximately 23,595 sq ft. Plot 1 Type 2 Three storey detached four bedroom house extending to 3,431 sq ft (318 sq m) Plot 2 Type 2 Three storey detached four bedroom house extending to 3,431 sq ft (318 sq m) Plot 3 Type 1 Three storey detached six bedroom house extending to 3,417 sq ft (317 sq m) 320 3,444 Plot 4 Type 1 Three storey detached six bedroom house extending to 3,417 sq ft (317 sq m) Plot 5 Type 1 Three storey detached six bedroom house extending to 3,417 sq ft (317 sq m) Plot 6 Type 3 Four storey detached six bedroom house extending to 6,482 sq ft (602 sq m) Since the last phase works have progressed with: - The access road construction including sub-base - Plot areas for units 1&2 initially being used for material storage on site leaving these units further behind in progression: - Plot 1 – Baselevel dug out and foundation concreted. Foundation trench block will commence next week. - Plot 2 – Awaiting drainage diversion agreement this week and will start to be dugout next week. - Plot 3 - Steelwork partially up front and rear, brickwork being done upto first chamber, First floor joists onsite ready to install. - Plot 4 - Steelwork up front and rear, brickwork being done to second chamber, First floor joists installed fully. - Plot 5 – Steelwork up front and rear, brickwork being done to second chamber, First floor joists installed fully. - Plot 6 – This is going through detailed design at the minute.
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