General Information

  • IRR%: 8
  • CoC%: 8
  • Minimum: 0 GBP
  • Type: -
  • Asset: -
  • Investors: 556
  • Start Date: 2020-06-20
  • End Date: -
  • Target: 290k GBP
  • Completed: 100%

Additional Information

  • The Former South Waid School, Melville Terrace/Farm Road
  • KY10 3JS
  • Fife
  • Fife
  • Great Britain

Due to product demand, and as a result of lender feedback, we have reintroduced a pledge limit for this project, on a trial basis. This is to give those that take valuable time to perform necessary due diligence the greatest opportunity to successfully pledge at 10 a.m. Pledges will be limited to £5000 for the first 5 minutes that the project is live. Post 10.05 a.m pledges greater than £5000 can be created, or an existing pledge for this project can be increased (subject to availability). To ensure all lenders are treated fairly, roughly half the project is allocated to AutoInvest with the remaining amount available to self-select lenders. This is phase 2 raise of a 2 phase project involving the conversion of a former school into four apartments, together with the construction of a new build in the former school playground. The development is at The Former South Waid School, Melville/Terrace Farm Road. Anstruther, Fife, KY10 3JS, Scotland. LOCATION AND DESCRIPTION The project is located in Anstruther, a small coastal resort town in the county of Fife in Scotland. It is located on the North shore of the Firth of Forth. The town has a population of 3,500 people, is just 9 miles South of St Andrews and approximately 50 miles East of Edinburgh. The property itself is located in between Melville Terrace and Farm Road and is located centrally in Anstruther. The property is just 0.5 miles from the harbour which provides a waterfront with several restaurants, including The Water Front, as well as a number of chip shops. Whilst being a small town it also provides a Town Hall and a RNLI lifeboat station. The site is approximately 0.19 ha (0.48 acres) and was previously utilised as The South Waid Academy School. The site comprised an original stone single storey building built circa 1901 along with a later two storey extension building. The former playground is circa 0.19 acres. The site is situated within the Anstruther Conservation Area. The project involves the refurbishment and conversion of this former school into four apartments and the creation of a detached new build house in the former school playground. Demolition of the more recent two storey part of the school has been completed. Planning permission and listed building consent was granted by Fife Council under the planning numbers 19/00241/FULL & 19/00440/LBC for the creation of four flats within the former school and the creation of a new build on the former school playground. The floor areas of the five units will be as follows: Unit 1: 1,560 sq. ft (145 m2) Entrance hallway, lounge, kitchen with dining area, 2 bedrooms with en-suite shower rooms, bathroom and study area Unit 2: 1,388 sq. ft (129 m2) Entrance hallway, lounge, kitchen with dining area, 2 bedrooms with en-suite, utility and main bathroom Unit 3: 1,173 sq. ft (145 m2) - this will be across 2 levels Entrance hallway, living room/dining room and kitchen, bedroom with en suite and utility area Unit 4: 1,840 sq. ft (109 m2) - this will be across 2 levels Entrance hallway, living room/dining area and kitchen, bedroom and bathroom Detached House: 1453 sq.ft (135m2), Ground Floor: Entrance, lounge, living/dining/kitchen with utility, bedroom 3 and shower room First Floor: Landing, master bedroom with ensuite and bedroom 2 and bathroom These areas have been validated by an independent monitoring surveyor as well as during the RICS survey. The IMS latest report dated 31st May is as follows:- The development works have been on site for 29 weeks The site was shut for approx. 8 weeks during the Pandemic March – May, re opening end of May With the loss of 8 weeks the revised anticipated end date is now Dec 2020 The new house has completed foundations with external walls 35% complete, roof 40% complete and some internal fit out is underway. The old school is generally at 60% complete of builders works including a new roof and incorporation of velux windows. Internal walls are in main completed with 1st fix electrics and plumbing about to commence. All planning matters have been addressed Drawdowns validated as £74,735 in January, £42,113 in March and £104,054 in June. £75,000 was drawn down day 1 for initial works . CrowdProperty is providing 61.5% of the IMS validated costs with the borrower providing the remainder. It is estimated that a further £350,000 is required to complete the works

Project offered by

CrowdProperty

Earn 8%p.a. first-charge secured returns, tax-free through the CrowdProperty ISA.

Would you like to add this platform to your list?

Please Log In first

Don't have an account yet?

Sign up & enjoy all the services BrickFunding provides
Register