development proposal.docx

7/31/2019 Development Proposal.docx

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Development Proposal Templar Road,

OxfordAddress

2 Templar Road, North Oxford, OX2 8LT

Site Details & Surrounding AreaBay fronted semi-detached house needing refurbishment on plot of circa .22 of an acre. Permission has been

obtained for a detached three bedroom bungalow to the rear. No. 2 Templar Road is located 3 miles north of Oxford

City Centre, on the northern side of the A40 and on the eastern side of the Banbury Road.

The site is located on the southern side of Templar Road on a corner plot at the junction with Lovelace Road.

Templar Road and Lovelace Road are wholly residential in character, generally consisting of detached and semi-

detached two storey houses which were built circa 1930. The site is located in walking distance to the Banbury Roadand the A40, both of which are on the main bus routes.

The site comprises a semi-detached two storey house. Pedestrian access is provided to the front of the site off

Templar Road. Vehicular access is provided to the side of the site off Lovelace Road. The existing house is served by a

detached garage within the rear of the site.

The site is not located within a Conservation Area or within a designated area of exceptional character and the

existing building is not listed.

The site of No. 2 Templar Road is rectangular in shape with an area of approximately 0.08 hectares. The existing

property is located to the front of the site with its primary amenity area being located immediately to the side and

rear of the building. The rear section of the site contains an orchard with the rear most section being presently

overgrown. Close boarded fencing between 1.6m and 2m in height is located along the side and rear boundaries

along with a variety of vegetation.

No. 4 Lovelace Road is located to the west of the site, with No. 4 Templar Road, the adjoining semi-detached

property, located to the east of the site. Townhouses and flats within Harefields are located to the rear of the site,

with a terrace of 4no. two storey houses in Marriott Close being located adjacent to the south-eastern corner of the

site. It appears that the buildings in Marriott Close have been erected on land which would have previously formed

part of the rear garden of the remaining buildings on the southern side of Templar Road (i.e. No. 4 onwards). The

northern boundary of the properties in Marriott Close is bounded by mature trees.

Oxford City Centre c. 2.9 Miles, Summertown Shops c. 1.2 Miles, M40 Junction 9 c. 9.2 Miles, Oxford Train Station

(mainline Paddington) c. 3.4 Miles


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Site Opportunities / StrengthsThe existing dwelling benefits from a very long rear garden, with a total maximum depth of some 66m. The rear

garden is longer than many of the rear gardens serving other properties within this part of Templar Road and in

many cases is more than three times longer than the rear gardens serving the properties in Lovelace Road. The site is

also substantially wider than the other sites within this part of Templar Road with a total width of between 14m

15m at the rear of the site.

The site, by reason of its depth and width, clearly lends itself to being subdivided into two plots and it is clear thatthe size and shape of the resultant plots would be comparable and in many cases larger than the neighbouring plots

within Templar Road and Lovelace Road.

The existing access off Lovelace Road is a further benefit of the site as it effectively provides a readymade access

point for any new development to the rear, although the existing driveway would need to be widened. The existence

of the access establishes a principle for taking access off Lovelace Road to serve the site.

Proposed Development of Current Property

Option 1

The property currently at 2 Templar Road is in good condition, but needs to be updated throughout. An internal

refurbishment of the property would be estimated to cost under 15,000 and the only structural work would be to

remove internal walls. The property would be valued at approx. 375,000.

See appendix A.

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 bedone 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.


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Proposed Development of Land

Option 1

Build current design from Architects 130msq at a cost of 1,400. This would total 180,000

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


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Location Maps


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Plot Maps


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Finance

Initial needed for acquisition of Property

505,700Initial needed for development of Property

95,000

Total Needed

624,000 including a 10% contingencyCurrently Available

137,50022% of total neededOutside Investment

Krystian is happy to invest 65,000 into the project, bringing the total cash investment up to 202,500 Hewould need to be compensated when the properties are sold.

Total Available including outside investment

202,500 34.5% of total neededBuild 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
http://www.buildstore.co.uk/materials/what-is-tradecard.htmlhttp://www.buildstore.co.uk/materials/what-is-tradecard.htmlhttp://forums.moneysavingexpert.com/showthread.php?t=2740056http://forums.moneysavingexpert.com/showthread.php?t=2740056http://forums.moneysavingexpert.com/showthread.php?t=2740056http://www.buildstore.co.uk/materials/what-is-tradecard.html


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Cash Flow Scenario 1 - Option 1 Current Property Option 1 Land

IN OUT CURRENT

Total Deposit 202,500

Total Mortgage 488,000

Total Money 690,500

Acquisition 505,700 184,800

Development 95,000 89,800

Contingency 9,500 80,300Mortgage Repayments 20,000 60,300

Sales Fee 7,560 52,740

Convayancing 1,000 51,740

Sale of House 525,000 576,740

Mortgage Repayment 488,000 88,740


Total Mortgage 180,000 268,740


Contingency 13,000 75,740Mortgage Repayments 12,000 63,740

Sales Fee 7,560 56,180


Sale of House 495,000 550,180


Pay Krystian 100,000 270,180

Total Profit 270,180

Cash Flow Scenario 2- Option 2 Current Property Option 1 Land

IN OUT CURRENT


Total Mortgage 488,000

Total Money 690,500

Acquisition 505,700 184,800


Contingency 1,500 168,300

Mortgage Repayments 20,000 148,300

Sales Fee 7,560 140,740


Sale of House 350,000 489,740


Total Deposit 1,740

Total Mortgage 220,000 221,740


Contingency 13,000 28,740

Mortgage Repayments 12,000 16,740

Sales Fee 7,560 9,180


Sale of House 495,000 503,180Mortgage Repayment 220,000 283,180

Pay Krystian 100,000 183,180

Total Profit 183,180


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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 B6 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
http://www.rightmove.co.uk/new-homes-for-sale/property-38843330.htmlhttp://www.rightmove.co.uk/new-homes-for-sale/property-38843330.htmlhttp://www.rightmove.co.uk/property-for-sale/property-36599459.htmlhttp://www.rightmove.co.uk/property-for-sale/property-36599459.htmlhttp://www.rightmove.co.uk/house-prices/detailMatching.html?prop=31718822&sale=45330815&country=englandhttp://www.rightmove.co.uk/house-prices/detailMatching.html?prop=31718822&sale=45330815&country=englandhttp://www.rightmove.co.uk/house-prices/detailMatching.html?prop=17765982&sale=23271924&country=englandhttp://www.rightmove.co.uk/house-prices/detailMatching.html?prop=17765982&sale=23271924&country=englandhttp://www.rightmove.co.uk/house-prices/detailMatching.html?prop=17765982&sale=23271924&country=englandhttp://www.rightmove.co.uk/house-prices/detailMatching.html?prop=31718822&sale=45330815&country=englandhttp://www.rightmove.co.uk/property-for-sale/property-36599459.htmlhttp://www.rightmove.co.uk/new-homes-for-sale/property-38843330.html


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Appendix CBelow 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.


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First Floor

They have extended to the side and used the current bedroom 3 box room to provide a large familybathroom 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 bedroomat the back of the property.


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Second Floor

The have extended up into the loft to provide a fourth double bedroom and a further en-suite.


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Appendix C

This shows a very similar development 0.2 miles away on a very busy roundabout.


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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.

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