223a Hatfield Road, St Albans

£70,200
of £720k
 
9.75%
Funded
-4
Days left to fund
£5,360,000
Total GDV
19 months
Project Length
20%
Est. Annual Return
100%
Investor Equity
REGISTER TO INVEST

Already have an account?

LOG IN TO INVEST
Address:  Benedict Court, 223a Hatfield Road, St Albans, Hertfordshire, AL1 4TB

➢ 14 private apartments all with terraces and off-road parking
➢ Pre-agreed sale already in place for the completed 6 commercial units.
➢ Good location only a short walk from St Albans train station.
➢ Full planning permission in place (Developer ready to start building August 2017).
➢ Developer registered with Help To Buy
➢ Total GDV: £5,360,000
➢ Total Raise including LandDevelop 5% fee & legal fees: £720,000
➢ Estimated fixed annual return after fees: 20%*
➢ Project length: 19 months
➢ Investor Equity:100%

*Investors who invest in this project will be issued with preference shares with preferred return rate of 25% based on the Total Raise amount, after deducting LandDevelop success fee of 20%. Investors estimated fixed annual return is 20%.

N.B

The annual return will be calculated from the date of completion of exchange of contract after fully raising the equity. It is not from the date the investor makes the banking transfer. The Length of Investment for all the investors will be approximately around 19 months.

You should note that investing in property carries potential risks as well as rewards. This means that you could lose all or some of the money that you put in. If you cannot afford to lose all or some of your investment, this project is not for you. LandDevelop cannot provide you with investment advice and you should seek advice from an appropriately qualified advisor.                                                                                
 Private Accommodation – 14 units
  • Gross Development Value (GDV): £5,220,065
  • Expected Size: 7,630 sq. foot
  • Price Per Square Foot: £684
  • Average Unit Size: 545 sq. foot
  • Average Unit Price: £372,862

Commercial – 6 units

Gross Development Value (GDV): £140,000

This ground floor commercial space will be at a 999-year sale and leaseback agreement at peppercorn rate. The residual land price agreed was reduced since they will be building these units out but not retaining them. Risk is therefore reduced as the sale and leaseback are agreed at a viable residual land value for the residential development. In return, the vendor has requested a charge on the land behind any senior debt/equity charges if Tillingbourne Estates or the proposed SPV undertaking the scheme were to go into liquidation during construction. The developer has made it clear that any such charge will only be a token one and have no real value and the seller understands this.

Project Appraisal

20-Jun-17

 

 

 

 

Project Name

Hatfield Road, St Albans

 

Applicant

Tillingbourne Estates Ltd

 

 

 

Project length

18

months

 

      Build

14

months

 

      Sales

4

months

 

 

 

Gross Development Value

£5,360,000

 

 

Total Costs (including finance & sales)

£4,577,426

 

 

Gross Development Cost

£3,980,325

      Purchase (including associated costs)

£1,549,575

      Build & refurbishment Costs

£2,200,000

      Prelims

£0

      Contingency

£40,000

      Professional fees

£83,000

      S106/278

£15,750

      Office fit-out

£45,000

      Development management fee

£35,000

      VAT unrecovered

£12,000

 

 

Total Finance Costs

£457,000

      Senior Loan Arrangement Fee

1.00%

£37,520

      VAT loan commitment fee

£1,000

£1,000

      Senior Loan Interest

10.00%

£320,980

      Senior Legal Fees

tba

tba

 

      Senior Loan Exit Fee

1.00%

£37,500

      Senior Project Monitoring Surveyor

£22,500

      Broker Fee

1%

£37,500

 

 

Total Costs of Sale

£140,101

      Marketing Costs

£35,000

     Sales Agents Costs

£78,301

     Sales Legal Fees

£26,800

 

 

Expected Profit - before finance costs

£1,239,574

 

 

Expected Profit - after finance costs

£782,574

 

 

Total Fundable Costs

£4,434,825

Senior Debt Loan(gross)

70%

£3,752,000

Senior Debt: Land Loan

£876,750

Total Equity Requirement

£682,825

      of which LandDevelop Investor equity

100.0%

of equity

£682,825

      of which Developer equity

0.0%

of equity

£0

 

The closest station to 223a Hatfield Road is St. Albans City Station from which Central London is just 18 minutes away. There are numerous schools and colleges situated in the area with the University of Hertfordshire a mere 10-minute drive away. The closest airport is Luton airport, where both domestic and international flights take-off.

St. Albans has a population of 1.16m people, the majority being families, who flock here for the schools and young professionals who work in Central London but cannot afford London’s steep property prices.

The area is well known for its Cathedral & Abbey Church of Saint Alban and the Verulamium Park

Tillingbourne Estates’ focus is on residential development in areas of high demand and growth within London and the Home Counties, attracting both purchasers for owner occupation and investors from the UK and overseas. The four cornerstones of their business approach are strategy, quality, value and location. Their aim is to optimise development potential by identifying a realistic and achievable exit strategy from inception to delivery on each project.


Paul Richard Mazzetta

Paul is an entrepreneur having co-founded many successful companies, including “We Love Movies” and “Cluny House.” He also has significant experience working within the corporate sector at International level. He has been a successful property developer since 2005, developing both residential and commercial properties within Glasgow and Edinburgh.



Gordon N Laurie

Gordon has over 30 years’ experience in the institutional commercial property investment and development sectors, both in private practice with major London chartered surveyor consultancies Hillier Parker.


Previous projects:

Arun Court, Station Close, Horsham RH13 5UB
• New build of 11 private residential apartments
• Purchase/Start: June 2015
• 12 Month build
•Sales Completed: October 2016
• Total Project Life: 17 Months
• Land cost : £ 755,000 + VAT (reclaimed)
• Build cost: £ 1.348m Fixed price D&B Contract
• Total Development Cost: £ 2.512m
• Total Project Receipts: £ 3.105m
• Profit: £ 593,011 or 24.15% Profit on Cost.

Wootton Court, 42 New Dover Road, Canterbury CT1 3DT
• New Build of 11 private residential apartments.
• Purchase: February 2016
• Build Start: April 2016. Delayed completion due to clearing pre-commencement planning obligations (bat licences etc)
• 14 Month build
• PC Date: End July 2017
• Estimated Sales Completion: September 2017. Phase 1 to launch mid-June 2017.
• Estimated Total Project Life: 21 Months
• Land cost : £ 950,000
• Build cost: £ 1.46m Fixed price D&B Contract
• Total Development Cost: £2.912m
• Estimated GDV: £ 3.552m (sales £ 3.430m + £ 122,000 FH reversion agreed)
• Estimated Profit: £ 639,000 or 22.41% Profit on Cost.

Location

Supporting Documents

Further Questions

If you have a question about this property, please click below and submit a question to us directly.


Log In to ask a question