This raise will be the 1st of 2 raises totaling £420,000 to provide funding towards the conversion costs of the project. For this project, a £2,500 pledge limit will be in place for the first 5 minutes to provide all those who have taken the time to perform their due diligence a chance to participate, given the current demand for CrowdProperty projects. After 10:05am, pledges greater than £2,500 can be created or existing pledges can be increased, subject to availability. Additionally, CrowdProperty AutoInvest functionality can automatically pledge on your behalf at 10:00am although the actual pledge on a project might be scaled back subject to demand and therefore your AutoInvest pot may be spread across more loans than your original settings. The proposed project is situated in Hinckley within an edge of town centre location fronting Station Road. Station Road comprises a mixture of tertiary retail and office buildings. Hinckley has a population of 105,078 and is located about 10 miles south west of Leicester. The town is centrally linked to Leicester via the M69 at junction 21 and Coventry at junction 2 some 15 miles to the south west. The town also benefits from a railway station with direct trains to Nuneaton, Leicester and Birmingham. Hinckley has a history dating back to the 11th century and is well known for being the former centre of the hosiery industry. Major local employers include Next HQ, Caterpillar and Triumph Motorcycles. The property comprises a three storey mid terraced building originally used as offices and built circa 1900. The construction is of traditional solid brickwork elevations beneath a double pitched slate clad roof and attached single storey flat felted roofs. Externally, there is direct pavement access to the front. To the rear, there is a hard-surfaced yard providing limited off road parking. In total the site is approximately 259 sq. m and includes an area of flying freehold whereby the first and second floors of the property over-sail a ground floor retail unit to the south east of the building. Planning permission has been granted by Hinckley and Bosworth Borough Council ref: 18/00801/FUL for the change of use of existing offices to form a house in multiple occupation (HMOs) and 2 self contained apartments. The planned development will comprise 13 units, an 11 bedroom HMO and 2 apartments. Following completion of the proposed conversion the accommodation will be laid out as follows: Basement: Communal utility room Ground Floor: HMO room 1 1 self-contained en-suite studio flat 1 bedroom flat (en-suite) First Floor: HMO rooms 2 - 6 (12.9 sq. m - 14.2 sq. m) Second Floor: HMO room 7 - 11 (10.4 sq. m - 16.1 sq. m) Works have commenced on site with stripping out, demolition and excavation of the basement. The total build programme is scheduled to take approx. 22 weeks. Upon completion, the borrower intends to let the individual rooms, refinance and hold. Based on comparables in the area, the borrower anticipates the rooms will generate between £450 - £675 pcm.
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