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Project: The Old Woollen Mill, Devon
Executive Summary
The team behind The Old Woollen Mill Ltd, Suzanne Jenkins and her mother Gaynor, have a great deal of experience with listed buildings (and all the skills that they require), as well as commercial to residential conversions, agricultural conversions, ultra-modern construction techniques and new build.
Previous Planning Uplifts: They have successfully gained full planning consent and discharge of planning conditions for more than 10 sites; several were completely bogged down by conditions, which were successfully discharged. Some they designed themselves, others they consulted upon. They also specialise in finding the best use for a site, in collaboration with planners and neighbours, so that the outcome is a success.
Project Details
Planning permission for The Old Woollen Mill site has previously been granted for a development of 62 units (01990/2011 and 2010/19/LBC). These units, along with those in the phase 1 development are allocated as part of the Neighbourhood Plan. The planning permission was allowed to lapse by the developers who obtained it, along with their option so the property reverted to the owners.
In December 2020, the fundraisers obtained an option agreement over the whole site. This option agreement allows them to purchase both phases at a fixed price once their respective planning permissions are granted.
Phase 1, consists of 11 town houses and 3 bungalows. This comprises the 3 listed buildings that form the Old Woollen Mill and its associated warehouse building. The altered designs are a reflection of the historical report produced for the Phase 2 application. Phase 2 comprises 18 houses and 6 bungalows (based upon community demand). The fundraisers have also increased their self-build plots from 10 to 13.
In December 2020, the fundraisers obtained an option agreement over the whole site. This option agreement allows them to purchase both phases at a fixed price once their respective planning permissions are granted.
Phase 1, consists of 11 town houses and 3 bungalows. This comprises the 3 listed buildings that form the Old Woollen Mill and its associated warehouse building. The altered designs are a reflection of the historical report produced for the Phase 2 application. Phase 2 comprises 18 houses and 6 bungalows (based upon community demand). The fundraisers have also increased their self-build plots from 10 to 13.
Project Location
The Site in North Tawton is 6.5 miles from the A30 which links directly to the A5, 31 miles from Exeter Airport and 20 miles from Exeter’s St David’s Station with its mainline link to London and the Midlands.North Tawton is a small ancient market town in picturesque West Devon, pleasantly situated alongside the River Taw. Dartmoor National Park is approximately 6 miles from North Tawton.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.
Financials
Investment and Exit
Crowd Investors receive a projected 50% Return on Investment (ROI) per annum by way of priority shares. Priority share means that the crowd investors will receive their profit share before the fundraiser receives theirs. 50% ROI per annum on £42,000 equals £21,500, representing 1.11% on the projected profits, estimated to be £1,892,820 (excluding the cost of stamp duty).
The following are potential exit strategies (not in any chronological order):
1.Sale of the thirteen self-build plots.
2.Sale of the entire development site.
3.Off-plan sales/reservations.
4.Combination of the above.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you are unlikely to be protected if something goes wrong.
Some images used are for illustrative purposes only.
Suzy Jenkins
Director
Suzy, after fulfilling her childhood and teenage dreams of becoming a scientist and completing my degree in Science and Business Management, migrated into the building trade.
Having been raised by a family dedicated to renovating property and listed buildings, followed by developments, trained as a bricklayer then carpenter/joiner and roofer, before finally putting her Science and Business Management degree to good use by undertaking Site & Project Management, where she work on private, commercial and public sector builds.
Suzy, and her team, have successfully gained full planning consent and discharge of planning conditions for more than 10 sites; several were completely bogged down by conditions, which were successfully discharged. Some they designed themselves, others they consulted for. They specialise in finding the best use for a site, in collaboration with planners and neighbours, so that the outcome is a success
Having been raised by a family dedicated to renovating property and listed buildings, followed by developments, trained as a bricklayer then carpenter/joiner and roofer, before finally putting her Science and Business Management degree to good use by undertaking Site & Project Management, where she work on private, commercial and public sector builds.
Suzy, and her team, have successfully gained full planning consent and discharge of planning conditions for more than 10 sites; several were completely bogged down by conditions, which were successfully discharged. Some they designed themselves, others they consulted for. They specialise in finding the best use for a site, in collaboration with planners and neighbours, so that the outcome is a success
Gaynor Jenkins
Project Management
Gaynor is a highly skilled Project Manager in Financial Services and Corporate business who diversified, re-trained in Commercial Finance before joining up with her daughter Suzy, to do property!
She has successfully worked together with her daughter to deliver investment projects to their investors, including a Crowdfunded Peer-to-peer development with planning uplift. She also has experience with listed buildings (and all the skills that they require), commercial to residential conversions, agricultural conversions, ultra-modern construction techniques and new builds.
Together they have built up a "black book" of contacts, which have proven vital for the various projects they undertake.
She has successfully worked together with her daughter to deliver investment projects to their investors, including a Crowdfunded Peer-to-peer development with planning uplift. She also has experience with listed buildings (and all the skills that they require), commercial to residential conversions, agricultural conversions, ultra-modern construction techniques and new builds.
Together they have built up a "black book" of contacts, which have proven vital for the various projects they undertake.
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