Unique Property Syndicate 6
Milton, By Campbeltown, Argyll, PA28 6QW
Our Unique Property Syndicate Number 6 – Building Site, With Foundations For 6 Detached Chalets. Meaningful Start Principle.
Seaviews across to the Islands of Arran, Pladda, Ailsa Craig & Davaar.
Bought 14th May 2001: £14,000.
Sold 7th Nov 2002: £24,500.
Gross Profit: £10,500
This site was bought to test the principle of “meaningful start”. Approximately 14 years earlier the previous owner had obtained a full planning permission to erect 6 detached holiday chalets. That document stated that the development had to be “commenced within 3 years”. It did not state the completion date.
Unique Property Syndicates had heard of this planning enigma. However, a real life version to test drive legally, with a lucrative end result held significant attraction on a number of levels.
After several useful exchanges between our group and the local council planning department, a local couple became aware of the site, and made an offer. This was increased. An abiding guideline from one of the three founders of unique property syndicates was to “keep the penny rolling”. In other words where there was a decent profit to be made by the property club, then there will always be more adventures, so it is wise to give serious consideration to accepting a healthy profit and moving onto the next project. A main purpose of these individual property ventures is for each member to grow small nest eggs, with an asset-backed, mortgage-free process in a safe manner and one which ultimately helps each person achieve sufficient funds to buy there own dream home.
With a respectable profit on offer, the members of unique property 6 chose to sell.
The gross profit of 105%.
Seemed more than reasonable. Ironically, the buyers did not want to take advantage of the rebooted planning consent to build 6 chalets, but preferred to build a large detached house with beautiful sea views…
Apologies for the grainy photograph
New House Built At Milton of Smerby, Campbeltown, Argyll, PA28 6QW
Not built by us, but by the people who bought the building site from Unique Property Syndicate 6
Click Here to see the surroundings and views via Google Streetview
It is also worth noting that this modest property syndicate ran for a little longer than normal – 18 months – due to engagement with the planning process. A lesson worth noting: any planning application, even one to reinstate or obtain a letter of comfort in relation of a material start takes a significant amount of time when compared to a simple property renovation and resale without needing to engage a local authority.
For the sake of establishing bona fides and proof of this syndicate, here are copies of the relevant documents. Please note, these are not to be reproduced without express permission from Unique Property Syndicates Ltd first.
PURCHASE PRICE – EVIDENCED IN THIS DOCUMENT: £14,000…
HM LAND REGISTRY TITLE PLAN…
SALE PRICE – EVIDENCED IN THIS (BUYER DETAIL REDACTED) DOCUMENT: £24,500…