Lealand Road - Portsmouth

Key Information

• Proposal to construct 7 new build apartments and refurbished house
• 591 sq. m. (GIA) for apartments, plus house
• Purchase Price: £350k for 46a & £470k for 46
• Purchased in 2013, however planning was refused and appealed, then finally granted after a re-submission in June 2018. Please note this was the first development purchased beforewe discovered the Prior Approval model, hence the planning issues and delay experienced.
• Estimated Profit: £51k
• Estimated GDV: £2.65m
• Timescales: Currently in the process of being sold with planning for £1.025m
• Investors: Julian Marriott and Paul Towlson, both Directors of Rhema Project Management (the borrower).
• Glenn acted as a consultant with a 50% profit share.

Please note we do not hold any other financial information for this scheme as it is being dealt with directly by the investors.