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Development Proposal Templar Road, Oxford

Address
2 Templar Road, North Oxford, OX2 8LT

Site Details & Surrounding Area


Bay 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 semidetached two storey houses which were built circa 1930. The site is located in walking distance to the Banbury Road and 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

Site Opportunities / Strengths


The 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 that the 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 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.

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

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

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


IN Total Deposit Total Mortgage Total Money Acquisition Development Contingency Mortgage Repayments Sales Fee Convayancing Sale of House Mortgage Repayment Total Deposit Total Mortgage Development Contingency Mortgage Repayments Sales Fee Convayancing Sale of House Mortgage Repayment Pay Krystian Total Profit 202,500 488,000 505,700 95,000 9,500 20,000 7,560 1,000 525,000 488,000 88,740 180,000 180,000 13,000 12,000 7,560 1,000 495,000 180,000 100,000 690,500 184,800 89,800 80,300 60,300 52,740 51,740 576,740 88,740 OUT CURRENT

268,740 88,740 75,740 63,740 56,180 55,180 550,180 370,180 270,180 270,180

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


IN Total Deposit Total Mortgage Total Money Acquisition Development Contingency Mortgage Repayments Sales Fee Convayancing Sale of House Mortgage Repayment Total Deposit Total Mortgage Development Contingency Mortgage Repayments Sales Fee Convayancing Sale of House Mortgage Repayment Pay Krystian Total Profit 202,500 488,000 505,700 15,000 1,500 20,000 7,560 1,000 350,000 488,000 1,740 220,000 180,000 13,000 12,000 7,560 1,000 495,000 220,000 100,000 690,500 184,800 169,800 168,300 148,300 140,740 139,740 489,740 1,740 OUT CURRENT

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.