The existing property comprises a grade 2 listed former Chinese restaurant. Listed planning has been granted for the conversion of the property into 3 self contained town houses, granted by Tunbridge Wells Borough Council (THBC) - ref. 17/03335. This area of Southborough, Tunbridge Wells is earmarked for a new £30m town centre re development to include new commercial and residential development and is being jointly brought forward by TWBC, Cala and JVIP Group of Companies. The area will be known as Southborough Hub and include a new library and theatre. JVIP Group of Companies (The Dabners) are one of our established borrowers and they have owned the property for about 2 years. There offices are directly opposite. This particular property is held in a SPV called Water Margin Ltd Co. Reg. No. 10855934 The 3 town houses will be arranged over 3 floors and all have the same layouts as follows:- Ground floor – open plan living room/dining room, kitchen and cloakroom/WC First Floor – Bed 1 and bathroom 2nd Floor – Bed 2 Externally the houses will have small courtyard gardens at the front and rear. Each house will include their own private off road car parking space. There will be a private pedestrian right of way from the main road (A26) so each householder has pedestrian access to the rear. Each house will have the same floor area of 527sf except house 1 which will be slightly larger as it is end of terrace. The property is located on A26 within Southborough neighbourhood centre. Southborough is an extension of Tunbridge Wells approx. 2 miles to the south. Access to UK road network via A21 2 miles to the north The conversion works are estimated to take 30 weeks and the borrower intends to sell the completed development. Cost of works is estimated at £330,000. The loan terms will be 18 months and as with all our opportunities a 1st charge security will be registered at the Land Registry. RICS valuation of existing property with the benefit of planning permission is £600,000. The RICS estimate of GDV is £1,020,000 and once the conversion works of the 3 properties has been completed. CrowdProperty has agreed to lend the borrower £350,000 as phase 1 of a 2 phase raise with phase 2 being £250,000 and set against the conversion works. The total amount CrowdProperty has agreed to lend will be £600,000. The loan is due to commence on 21st September 2018. The Phase 2 raise is expected to be launched in Q1 2019 and will only be drawn on Independent Monitoring Surveyors verification.
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