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Unique Property Bulletin 20 April 2014

Sans Sail For Sale, Plus Home

Currently Without Sails, This Iconic Style of Tower Is Ready For Restoration

Ingleborough Mill Tony Bennett

Ingleborough Windmill & Mill House (c) 2014 Tony Bennett

The full listing for this property shows a fine Mill House which is a unique property in it’s own right. But this offering is a bit special. It has a very nice home ready to occupy, plus a fabulous windmill tower just waiting for a unique property enthusiast to restore to it’s former glory. Both properties inclusive …

£450,000.

Click Here For Further Details of Ingleborough Windmill & Mill House

Tel: 01406 364623.

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Boathouse Bargain

Boathouse CE 1

Boathouse & Land, Fore Street, Lerryn, Cornwall, PL22 0PT.

Boathouse CE2

Boathouse & Land, Fore Street, Lerryn, Lostwithiel, Cornwall.

Renovation opportunity – subject to planning consents.

Guide £80,000 to £100,000

http://www.cliveemson.co.uk/listing_view.asp?Lot=160&Auc=169

Tel – Clive Emson Auctioneers: 0845 6013633

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Station Buildings Now Standing

Station Buildings Market Rasen Roger Geach Photograph Copyright 2014 Mr Roger Geach

The Station, Chapel Street, Market Rasen, Lincolnshire, LN8 3AQ.

Guide: £50,000

http://www.countrywidepropertyauctions.co.uk=81631_BDA140007

Tel – Countrywide: 0114 254 1185

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New Format Unique Property Bulletin

A Photograph of Each Property;

An Address;

A Price;

A Weblink;

A Telephone Number.

Gone is the duplication of a long agency description. This is redundant, as the weblinks will have it. We did include descriptions in case weblinks and destination webpages became broken or were taken offline by the forward linked estate agency website. However, the wonderful …

Way Back When Machine

…an internet archive facility cures that worry of lost information.

This will free up the limited volunteer research time to locate more unusual properties, and especially add the new section …

Editorial – Unique Edge

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Belton & Burgh Railway Station!

Railway Barn

Or What Is Left Over

Railway Barn, Station Road South, Belton, Norfolk, NR31 9NA.

Guide: £75,000 – FAILED TO SELL AT AUCTION – BARGAIN TIME

http://www.auctionhouse.uk.net/eastanglia/search-results.aspx?lotid=35631

Tel: 01603 505 100

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Ammo Abode ?

OLYMPUS DIGITAL CAMERA

Former Munitions Store, Britannia Way, Priddy’s Hard, Hampshire, PO12 4FZ.

OLYMPUS DIGITAL CAMERA

Former Munitions Store, Britannia Way, Priddy’s Hard, Hampshire, PO12 4FZ.

Guide: £35,000

http://www.cliveemson.co.uk/listing_view.asp?Lot=113&Auc=169

Tel – Rob Marchant or Mike Marchant: 0845 6001265.

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Unique Property Competition

For this month, the Unique Property Bulletin competition prize is a lucky

Nostalgic Prize

Crisp Nostalgic & Lucky £1 Note – Unique Property Bulletin Prize

This is a very modest prize – for fun. Here is the

Competition Hint

On every Bulletin page you can see the first name starting D****** . This month’s competition is what is the surname of the 20th century American president with this first name?

Free to enter. Just let us know your guess of who you think the above Competition Hint refers to? Please email your entry to us by 30th April 2014. Email free entries to:-

Unique Property Bulletin Competition Entry Contact Page

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In Treatment

Water Treatment Assynt

Assynt Water Treatment Works, Evanton, Alness, IV16 9XW

Former Treatment Works Site Suitable for Residential Development.

Highland Council have indicated, on the basis of pre- application advice, that they would support, in principle, a planning application to re-develop the redundant complex for two houses. A copy of this advice is available from the auctioneers. Alternatively redevelopment proposals should be discussed with The Highland Council Tel 01349 868 426 ref 13/03681/PREAPP

Approximately 0.4 Hectares / 0.988 Acres

Guide £GPOA

http://www.sva-auctions.co.uk/html/Lots/April2014/lot13_details.html

Tel – SVA Auctions: 0131 624 6640.

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Special Article – 12 Churches List

Church St Georges Carlisle Bill Henderson UPB

St. Georges United Reformed Church & House (c) 2014 Bill Henderson

A Unique Property & A Home – Guide: £150,000.

Just one of 12 churches for sale.

This week we have a Special Article Feature listing 12 churches for sale. This is an added extra for those readers who like this genre of unusual building. There is a modest £1.56 donation to access this extra list of 12 churches for sale. The modest donation significantly helps towards our fundraising, and pays for this website’s hosting and IT fees. These donations also keeps the main Sunday night, 9pm Unique Property Bulletin FREE to access for everyone. To access this spiritual abode list, please click the following Donate Button – with our thanks and appreciation:

 

 

It is important to note, the Donate/Paypal system doesn’t let you back into the 12 Churches Special Article webpage for a second look – or as many visits as you wish for the currency of the article [two months]. The good news is you can revisit this webpage by clicking here:

Special Article Feature: Return Visit Page – Click Here

Please remember the PASSWORD that your Donation Reply gives you.

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F5 Protocol

IMPORTANT

For those readers, like us, that don’t yet have a thorough knack of the internet, please use the F5 Button. Why? This refreshes the content for any website page you are on. Particularly if that is a dynamic webpage with changing content. Your computer “caches” or stores the page automatically in it’s temporary filing system so when you revisit it, the system doesn’t have to download the whole thing again from the hosting website. The one drawback is if that website has news or useful updates. Sometimes you might miss these until your computer flushes it’s cache. Yup, we aren’t too sure what that means either!

F5 Button Webpage Refresh

To ensure you don’t miss anything, start using theF5 Button on your keyboard every now and then. It flushes your cache don’t you know 🙂

The F5 Button is located at the top row of your keyboard.

Hopefully, like us, something new is learned every day.

We know some things in life we would like to F5

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Architecturally Unique …

Chenequa Residence Creative Copyright Cameron Neilson

Chenequa Residence (c) 2014 Cameron Neilson & Oshatz Arcitectural.

This week we have a Robert Harvey Oshatz design made real. Truly a unique architect, this is the second time in two years we have featured work from the creative minds at Oshatz Architectural Practice. Sublime, just sublime as the old saying goes …

http://www.oshatz.com/text/chenequa.htm

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Try Before You Buy …

The property included within the try-before-you-buy section of the Unique Property Bulletin – is NOT for sale. Our endeavour is to provide a sample, and actual experience of what it would be like to live in any particular genre of unusual abode. This specific listing is for a short-stay break. Our offering this week is:

Carr Hall Castle

Carr Hall Castle W Daxuk

Carr Hall Castle, Shaw Lane, Halifax, HX4 9DH

An amazing holiday experience …

http://www.carrhallcastle.co.uk/

Enquiries:

Auxillary Contact Page – Carr Hall castle Enquiries

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Unique Property Bulletin …

Editorial – Unique Edge

As well as a pleasure, this new format Unique Property Bulletin has a fresh dynamic for the volunteers at this end. Why? The two way communications between Bulletin reader and writer. A case in point: the old Series 3 paper version of Unique Property Bulletin as displayed last week was intended to illustrate what went before, and to show a little of the editorial that used to appear. The same editorial type of section you are reading now. This week’s editorial element was scheduled to cover a truly unique World War II sea located place to live. One that, in 25 years of writing the Bulletin hadn’t figured in our consciousness. Well it had in other areas of life, but not as an unusual home.

Anyways our readers put that one back for a later issue. How? By writing in after each one looked at the old paper format Bulletin

OLD PAPER FORMAT BULLETIN INTERIOR PAGE …

UPB RSZ Paper Copy S3 Issue 9 Scotland Edition Page 2

Bulletin: Editorial & Real Life Adventures (c) 2014 Unique Property Bulletin

So what were the emails from our readers about? Apart from the front cover and the page two editorial section, what did we overlook and our readers see?

The Unique Property Syndicate.

In fairness, when the paper version was uploaded we had our hands full with IT issues, and HTML coding. Not a favourite subject. But the eye line of several site visitors was drawn to the numbers showing profitable adventures on the lower right of page two.

For now, in answer to the dozen or so enquiries about the old Unique Property Syndicates, and to further explain to several more emails from readers of the Unique Property Manual who have also contacted us over the months, we now make best efforts at explaining what these Unique Property Syndicates were. Along with some examples of the adventures that may arise. Plus very positive results in some 100 jobs coming out of those days – more by accident than design. The figures for Unique Property Syndicates quoted last week were fact based from the lawyers:-

SIXTH SYNDICATE RESULTS

Turnover £152,500.00

Purchase Price £120,000.00

Gross Profit £ 32,500.00

Legal/Auction Stamp Duty etc £ 7,118.38

Net Profit £ 25,381.62

21.15% Return in 8 Weeks

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GRAND TOTAL OF RESULTS TO SIXTH SYNDICATE

Total Turnover of SIX Syndicates £382,500.00

Total Purchase Price £204,500.00

Total Gross Profit £178,000.00

Less Legal, Auction Admin, Fees etc £ 24,907.90

Total Net Profit of First SIX Syndicates £153,092.10

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PLEASE TAKE A MOMENT TO STUDY THE FIGURES ABOVE. THIS IS REAL MONEY. IT IS ALSO THE KEY TO REALISING UNIQUE PROPERTY ADVENTURES.

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In 1999 with banks and commercial lending still raw after an earlier recession, we had a dilemma over an unusual property – the location was genuinely unique, on the Mull of Kintyre – the property, whilst a splendid Art Deco structure, was, sadly, ruinous….

Keil Hotel UPS1 Main

Keil Hotel, Mull of Kintyre (c) 1999 Unique Property Bulletin

But there was something about this building and the views – open sea to Sanda Island, Ailsa Craig Island, Ayrshire, Northern Ireland, that meant we had to have an adventure.

Seaview From Keil Hotel Roof

Seaview From Keil Hotel Roof (c) 1999 Unique Property Bulletin

The price tag for this huge, derelict hotel was eventually agreed at around £24,000. The renovation budget somewhat larger. After a chat with two friends, the writer of this editorial joined up what was to become our first Unique Property Syndicate – three friends pooling resources and saying bu66er the banks. In this example, long story short, the funds were put together £12,000 + £6,000 + £6,000 from savings respectively. The legal protocols and agreements were sorted and then the solicitors instructed. The purchase was concluded and a beautiful pile of bricks on Sir Paul McCartney’s beloved …

Mull of Kintyre – Youtube 

… was bought – lock stock and barrel.

Then fate played a hand. We had an awful time with a government agency that was paid millions of pounds to help rejuvenate economically challenged areas. A modest request to repeat a 10% support offer to renovate the Keil Hotel [that had already been made to previous owners] was met with a dull response akin to watching paint dry. One of our group of three said: stuff that, just sell the hotel.

This is where the financially interesting thing happened. A marvellous young auctioneer by the name of Chris Glenn at London’s Barnard Marcus Auction House did the honours, selling this building and with some style. The total receipts once the Hotel ….

RDD Keil 1 RSZ

& The Old Generator Station [included in the deal] …

Old Keil Generator Station RSZ

Former Generator Station: Keil Hotel (c) 1999 Unique Property Bulletin

… had all sold, topped the £100,000 mark! This was jaw dropping for all of us. In a good way. But a startling result nonetheless.

After deducting the [well deserved] auction house fees, legal costs, planning consultant invoices, insurance fees etc., there was still a great deal of spare money left over form the original £24,000 cost of buying this unique wreck.

It doesn’t require a degree in mathematics to work out the profit on that!

After the very healthy settlement cheques went out to each member, the two friends of the writer became very …

Good Friends

From that first Unique Property Syndicate seventeen more flowed. Not all were successful, but the cumulative total in profits for all concerned amounted to more than could ever be hoped for. “All concerned” had also grown in number such was the interest way back then: 44 participants at the peak.

Of the 18 Unique Property Syndicates:-

14 Declared a surplus which was distributed amongst the members

2 Syndicates broke even.

2 Syndicates made a loss, underwritten by the members.

After the first few Unique Property Syndicates the accountant said this was an inefficient way of funding projects – a lot of profit was being given away. To which the response was that profit, whilst important was not the primary mover. The unique adventures were. The second part of the reply was – far better to share profits with friends than have the usurious banks messing things up and grabbing more than their fare entitlement to the proceeds of these enterprises.

As the Unique Property Syndicates progressed, various members spent part of their surplus on other projects. One example was funding the renovation and re-opening of closed down commercial premises. This might seem mundane, but over 10 years it has proven life changing with many many positive experiences. This effort …

Real Dragons’ Den

… could not have happened without Unique Property Syndicates. It is still a heart lifting thing to have witnessed over 100 jobs created from an embryonic first Unique Property Syndicate. All from a derelict shell of the poor old Keil Hotel. Good on the old building.

But back to the subject in hand. Over the past 14 years the laws have changed. The rules about raising funds are quite rightly tight and well regulated. Legal advice meant we had to test a public share issue approach. This was a very expensive way to raise funds. Just mention the supposedly solid letters “plc” to any accountant and an extra zero seems to appear on the invoice. A £750 accountancy fee magically becomes £7,500. A neat trick for that particular profession!

The short explanation is that plc share issues are one way to raise funds – but very expensive and eats way into any profit. There is an alternate way – where each individual member of any given syndicate is at liberty, after proper due diligence and independent legal advice, to buy a specific buildings within a compound containing several buildings. Each building clearly delineated on a proper legal red line curtilage Title Plan Deed.

So this is where things progressed. It kind of made sense, and has worked well.

For example, if an organisation is selling several buildings in one lot, then at times of recession and banks’ being very tight about any lending, the number of people that can buy such a large and complex set of buildings reduces to near zero. This of course brings the price down. A lot.

Strathy Lighthouse RSZ

This Compound Had 5 Dwellings Within It (c) 2001 Unique Property Bulletin

The key is to have good legal advice and to sort out your syndicate rules. For example the lawyer MUST handle ALL money and ALL Title Deeds. That is a strict rule that anyone considering their own group of friends syndicating a property adventure should abide by. We certainly believe it to be a cardinal principle.

Next, for this Unique Property Syndicate explanation of how funding has worked in the past, the best way of progressing a syndicate, in our opinion is to have each friend buy their own legally defined part of a title. In the example of a lighthouse compound, have the Title Deeds distilled into the various properties. Then with precision by the conveyancing lawyer, co-ordinate all the individual purchases with the one overarching sale of the compound, or complex of several properties.

It is very likely the overall price for an unwieldy lump of buildings can be negotiated down, then each constituent building will likewise cost the new owner of that element significantly less than might otherwise be the case.

After the purchase each participant can either sell their property or keep it.

An example of one such property that has seemingly “stuck” is the three buildings compound of Point Lynas Lighthouse, Llaneilian, Amlwch, Isle of Anglesey.

Point Lynas, Lighthouse Compound, Isle of Anglesey

Point Lynas 1

Point Lynas Lighthouse Compound, Anglesey (c) 2013 Williams & Goodwin

Originally placed for sale in July 2010 by the current owners for £1,500,000 …

http://www.bbc.co.uk/news/uk-wales-10777054

… the price has gently descended to £1,375,000.

The number of people that can afford £1,375,000 is a fairly rarefied market to start with. However with 3 buildings and 17 acres in this compound, the arithmetic on a Unique Property Syndicate basis may become interesting.

Using the most crude of calculations divide the £1,375,000 by 3 and this values each [4 star] building a ballpark figure of £458,000. Plus each house would have around a third each of 17 acres from this purchase [about 5.65 acres per house].

Point Lynas 2

Point Lynas Lighthouse: Around 17 Acres of Land (c) 2013 Williams & Goodwin

That is still a big lump of cash. But there are many more people able to finance a £458,000 property purchase than £1.3 million plus. Especially as an individual building may be bought on a residential mortgage, rather than the commercial mortgage the £1,3750,000 current compound would require. Also the restrictions on commercial lending, and ultra large deposit is play a direct role in why Point Lynas has remained unsold for so long.

So by distilling East Keeper’s Cottage, West Keeper’s Cottage and the Principal, or Head Keeper’s Cottage into three, the elements become easier to sell. Not least but if a mortgage for any is required by an onward buyer, it is more likely to be secured on a residential mortgage basis than a very challenging £1,375,000 commercial loan.

 Point Lynas 4

A Point Lynas Lighthouse Former Keeper’s Cottage (c) 2013 Williams & Goodwin

So where would a Unique Property Syndicate work in all of this?

Three friends would join together and negotiate the £1,375,000 to as low a figure as possible [bear in mind Ailsa Craig island was reduced from £2,500,000 to £1,500,000 cutting a cool £1,000,000 off of that price tag].

What the WHOLE Point Lynas Lighthouse Compound might be bought in at is for three private individuals to work out.

Once a price is agreed, the pro-rata valuation of the three residences is calculated [they won’t all be the same arithmetic or aesthetic value].

The percentage reduction negotiated on the head global price of £1,375,000 is applied to each of the three constituent title parts.

The lawyers sort out the legal Title Deed elements to each new portion for the three – soon to be separate – buildings for each new owner.

Point Lynas 3

A Point Lynas Lighthouse Former Keeper’s Cottage (c) 2013 Williams & Goodwin

Result: each syndicate member then owns outright the individual lighthouse building of their choice at a discounted price.

They can then either keep a bargain unique property to live in and enjoy.

Or they can sell the individual building onwards. Bearing in mind the very competitive buy-in price, and fact that there are many more buyers that would afford a £458,000 purchase than a £1,375,000 commercial acquisition.

Also remembering that individual building sales are likely to have an onward buyer who is eligible for a residential mortgage rather than the rare-as-hens-teeth commercial loan.

This is an explanation and an example of how Unique Property Syndicates have worked in the past, and how they might work in the future. We, here at Unique Property Bulletin like Anglesey, but are a fair old distance away and at this time have NO intention of putting a syndicate together for Point Lynas Lighthouse Compound. But you and a couple of friends might like to look at Point Lynas in a new light.

We have utilised the Point Lynas Lighthouse Compound sale as a worked example. The numbers may or may not work. That is part of the whole Unique Property Syndicate exercise. Taking a forensic approach to each project under consideration and establishing whether it works, and captures the interest of those looking to forge ahead. There are MANY eligible unique properties for syndicate scrutiny. Assessing the right one is both important and exciting.

Whilst we are probably out of this particular property portfolio on Anglesey, other folk may very well like to consider Point Lynas Lighthouse Compound and putting their particular group of friends together to make a Unique Property Syndicate of their own. More due diligence and detail for example …

http://www.pointlynaslighthouse.com/

and

 Point Lynas Lighthouse Compound Information 2

and

Point Lynas Lighthouse Compound Information 3

and

Point Lynas Lighthouse Compound Information 4

There are a LOT more to these syndicates to study than we have time for in this editorial treatise, but hopefully the above gives a flavour, and some answers to the emails from readers on this subject.

We would heartily recommend unique property syndicate style endeavours to anyone who likes this sort of thing. A lot of fun is found along the way. Not to mention a fact certificated by our solicitors the past enterprises have, in the majority, been very profitable. Albeit on the basis of 14 successes; 2 break-evens, and 2 loss making efforts. Cumulatively an overall success.

The percentage profits disclosed in the old paper format Bulletin are all REAL and verifiable.

So we wish all those so inclined to go on one of these adventures the very best. We have thoroughly enjoyed all of ours, and as a by product, many jobs were also created. Not a bad set of results when taken in the round.

If you have any questions or would like news of future syndicates, please consider emailing and we shall do our best to answer …

Unique Property Bulletin Contact Page

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Previously on Unique Property Bulletin …

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