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Address
2 Templar Road, North Oxford, OX2 8LT
Option 2
Structurally alter the building, by doing the following: Extending out to the side of the property by 2.5m 3m along the length of the property, this could also be done on both floors. Converting the loft to provide a fourth bedroom & en-suite to the property. Remove the current lean-to and extend on the ground floor to provide a large kitchen diner.
The property would be substantially larger and this would look to add 30msq to the side 30msq in the roof 20msq to the rear
This would be at a cost of 80,000 and be in addition to the previous 15,000. The property would be valued approx. 525,000. See appendix B. See appendix C. After the current property has been developed, disposed of and funds released, development of the bungalow would begin. The only difference there would be from the currently approved plans that have been approved, would be the addition of a basement, this would be the footprint of the proposal. This would provide approximately a further 90msq to the 130msq development, almost doubling the size.
Option 2
Build same footprint and external size from architects with additional basement. Totalling approx. 200sqm Value would need to be investigated to see if viable
Location Maps
Plot Maps
Finance
Initial needed for acquisition of Property 505,700 Initial needed for development of Property 95,000 Total Needed 624,000 including a 10% contingency Currently Available 137,500 22% of total needed Outside Investment Krystian is happy to invest 65,000 into the project, bringing the total cash investment up to 202,500 He would need to be compensated when the properties are sold. Total Available including outside investment 202,500 34.5% of total needed Build Store will provide up to 80% of Land and build costs Maximum of 488,000 at a rate of 5.6 % Therefore only needing 122,000 of the available 202,500 Monthly Repayment costs of 2,277.33 6 months mortgage payments costing 13,663.98 8 months mortgage payments costing 18,218.64 These would provide an adequate time to sell the property and have funds to pay the mortgage. Trade Card/Accounts with Credit Buildstore also offer a trade card which will provide you a credit limit of up to 25,000 which will aid cash flow for the development. http://www.buildstore.co.uk/materials/what-is-tradecard.html http://forums.moneysavingexpert.com/showthread.php?t=2740056
268,740 88,740 75,740 63,740 56,180 55,180 550,180 370,180 270,180 270,180
221,740 41,740 28,740 16,740 9,180 8,180 503,180 283,180 183,180 183,180
Appendix A
3 Bedroom Flat - 375,000 http://www.rightmove.co.uk/new-homes-for-sale/property-38843330.html 4 Bed Detached House - 649,950 http://www.rightmove.co.uk/property-for-sale/property-36599459.html 3 Bed Semi 347,500 Similar Dated condition on smaller plot http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=31718822&sale=45330815&country=england
Appendix B
6 Bed Detached - 800,000 Shows it sold for 305,000 in 2009 and re-sold for 800,000 two years later. http://www.rightmove.co.uk/house-prices/detailMatching.html?prop=17765982&sale=23271924&country=england
Appendix C
Below shows what has been done at 14 Templars Road.
Ground Floor
They have extended to the side to provide a garage, utility area, and downstairs cloakroom. They have knocked through the rear reception room & kitchen to provide a large dining area. They have extended to the rear to provide a large open plan kitchen.
First Floor
They have extended to the side and used the current bedroom 3 box room to provide a large family bathroom as well as stair access to the second floor. They have also the current bathroom and made it part of an en-suite for the newly created double bedroom at the back of the property.
Second Floor
The have extended up into the loft to provide a fourth double bedroom and a further en-suite.
Appendix C
This shows a very similar development 0.2 miles away on a very busy roundabout.
The above property was sold for 525,000 2 months ago. I feel it would not be an issue to get something 30% larger in a better position a very similar amount, if not higher if designed to a similar spec internally.