Family farm looking to raise capital. Class Q permitted development needed.
Region:
Debt Raised:
Yorkshire
£550K
Rural properties with outbuildings offer very desirable potential for development into dwellings for sale or letting income. And Class Q permitted development can make it happen sooner. Conversion costs can be high, but the uplift in value is impressive.
The Scenario
Clients need to raise funds, but only had their family home/farm as an asset. As farming in general is reliant on grants and subsidies as well as the normal income (which is declining), the automated model from the banks wont fund. They are aware from other local farms that Class Q permitted development is potentially available, however acting on this is not something they’re confident with and raising funds was something they had no idea about either.
The Solution
We managed to get Class Q permitted development to convert 2 of their outbuildings into residential dwellings (this included separate title and access confirmed too). Upon approval of the development, we secured 100% of the build costs for each property by using the existing value of the land with consent. To keep costs down we did this over 4 staged payments, with a QS overseeing each staged and drawdown. Each residence was sold off plan giving profit before tax of over £600k.
Similar?
If this sounds like something you would like to do, it’s worth us having a 5/10-minute conversation. It costs nothing to talk through and even if we don’t find the immediate solution, we can certainly advise and plan how it can be achieved.
Get in touch here or use the form below, we can call you during the day or evenings/weekends.
Let us know when suits and we’ll find a solution/make a plan.