News

Sycamore V, Bristol site achieves planning consent- December 2011
We are delighted to announce that planning has been successful to convert from commercial to residential the student accommodation project in Anchor Road, Bristol. Now that planning has been granted we have already received an offer on this project and waiting on a second offer. This is excellent news as the fund is yet to do its final close and we are still in the raise process.

Sycamore II, Woolavington Development Proposal - August 2011
The following website is now available to track the ongoing progress of the Woolavington Development Proposals. www.woolavingtondevelopmentproposals.co.uk

PM Asset Management Newsletter - Summer 2011
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CPD Test released for Sycamore V Property Development Fund LP - August 2011
A questionnaire for the Sycamore V Property Development Fund LP has been released for your files and continuing CPD. This questionnaire is to be viewed in conjunction with the Sycamore V Property Development Fund LP Information Memorandum which can be found on the Funds section of this website. Please contact any member of our business development team for the answer sheet.

Sycamore V Second Project Signed - July 2011
Promotion Agreement - Bristol
With Bristol being home of University of Bristol and University of West of England, two very well established and strong universities, the demand for university places in the city remains robust.

This is a Promotion agreement to facilitate the change of use from Commercial to Residential which has been agreed in principle on a pre-application meeting with the planning department.
A number of operators are interested in the purchase of this project upon planning.
The project is for a Student accommodation build of 147 beds including a mix of non-ensuite, ensuite and studio accommodation to appeal to both undergraduate and postgraduate markets.
With an overall outlay of approximately £237,000 we anticipate a RoCE of 100%. The duration of the project is expected to take 12 months to achieve planning. Upon planning being granted we then have the option to build the site out.

Sycamore V First Project Signed - 16th May 2011
JV Option – East of England

This project is to enter into a Joint Venture with a Development Partner to facilitate the commencement of the build of a large project which includes construction of a primary and secondary school, community and medical welfare facilities alongside retail and residential developments.
This Option with significant planning history was purchased from a UK house builders
The Joint Venture requires an input of £85,000 which is secured by way of a personal guaranteed by the Joint Venture Partner. This in turn locks the return of 100% per quarter for 6-12 months, RoCE 360%.

Sycamore V First Close – Officially Launched - 11th May 2011
We are delighted to announce that the Sycamore V Property Development Fund has reached its first £1m and is therefore fully launched. We are currently in the process of signing our first two projects for the Fund and as soon as the contracts have been finalised details will be posted on the website.

Sycamore II, Shoreham Apartments - 23rd February 2011
Back in 2009 we purchased from Bovis Homes a shell of an apartment block in Shoreham-on-Sea consisting of:
8 x apartments
4 x B1 office units.
As of January 2010 all 8 apartment blocks were completed and under offer.

We are pleased to announce that this week we have successfully obtained planning permission to convert the 4 x B1 Office units to Residential. We will be looking to start marketing these apartments in May 2011.

Sandhurst School, Worthing - 28th January 2011
The option was purchased today for the second phase of Sandhurst School. This phase includes the build of a new 4-bedroom 2-bathroom house, the renovation of the existing Victorian building to make an impressive 5-bedroom, 3-bathroom house with sea views and a smaller 3-bedroom house.

New Fund Launch, Sycamore V Property Development Fund - January 2011
January 2011… A report has been compiled for the launch of the Sycamore V Property Development Fund. This report was carried out in January 2011 by AKG Actuaries & Consultants Ltd an independent actuarial company based in Dorking who specialise in the provision of ratings, information and market assistance to the financial services industry. To download this report please click here

PM Asset Management Newsletter - Winter 2010

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Sycamore II Property Development Fund has closed at £8.1m - 27th October 2010

We are pleased to announce that Sycamore II Property Development closed at £8.1m. News about the current projects will be updated in the Winter 2010 Newsletter which is due to be released in December.

PM Asset Management Newsletter - May 2010

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AKG Report on PM Asset Management - February 2010
A report has been compiled for both the Sycamore II Property Development Fund and Sycamore IV Mezzanine Finance Fund. This report was carried out in January 2010 by AKG Actuaries & Consultants Ltd an independent actuarial company based in Dorking who specialise in the provision of ratings, information and market assistance to the financial services industry. For more information please visit their website – www.akg.co.uk

At PM Asset Management we feel this type of independent report will be required more and more by compliance officers to ensure the bona fides and suitability of product providers. PM Asset Management embraces this requirement for more due diligence to be carried out. To download this report please click here

Sycamore II Property Development Fund - 18th January 2010
We are pleased to announce that as of yesterday all 8 apartments are now under offer at our Shoreham development within the Sycamore II Property Development Fund. We can now move towards the change of use for the 4 office units below to residential.

Flat No.	Location	Market Price £	Sale Price £	Position
3	1st flr left	178,500
4	1st flr left	175,000
5	Show flat	179,950	175,500	Offer Accepted
6	2nd flr left	176,500	176,500	Offer Accepted
9	1st flr right	172,500	171,000	Offer Accepted
10	1st flr right	169,950	168,000	Offer Accepted
11	2nd flr right	173,500	172,500	Offer Accepted
12	2nd flr right	171,500	169,500	Offer Accepted

Updated figures for Shareham	Original	Updated
Gross Development Value	£1.52m	£1.86m
Completion Costs	£320k	£320k
Profit	£520k	£860k

PM Asset Management Newsletter - December 2009

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Sycamore II – Shoreham Apartment update - 2nd December 2009

A show flat was completed at the beginning of November. In the last three weeks six flats have gone under offer all for approximately £20,000 more per unit that our original valuations.

Sycamore II: OPTION AGREEMENT CONFIRMED - 6th November 2009

PMAM is entering into an option agreement to purchase a 2 acre site located in the heart of one of the most desirable villages around Winchester which is especially well located for commuters. This site was won through a bidding war with a major UK House Builder and although our bid was lower the vendor chose us due to the speed at which we can complete and the communication throughout the process so far.

The numbers are as follows

•       Option to purchase site for £1.4m – Current Value is £2.3m
•       Vendor requires £20,000 up front & £700k on planning = £700k on completion of whole site
•       Total Equity required t purchase and build out the site = £1.5m
•       GDV £6.8m = Profit £2m
•       Return on Capital Employed = 131%

Sycamore II: Shoreham Apartments - 5th November 2009

You may recall that back in April we purchased a shell of a block of flats that needed completing from Bovis Homes with the intention of either renting or selling the flats depending on the market. We estimated in our original figures the value of the flats at £150,000 each. With the show flat complete and the rest close to being finished the apartments were put on the market 4 days ago.

I have the pleasure of informing you that so far in 4 days we have sold three flats at the following prices:

For Sale Price    Sold Price
£178,500              £175,000
£171,500              £169,995
£179,995              £175,000

Updated Figures for Shoreham	Original	Updated
Gross Development Value	£1.52m	£1.86m
Completion Costs	£320k	£280k
Profit	£520k	£800k

Sycamore II: Jasmine Cottage - 15th October 2009

Yesterday Sycamore II purchased a renovation and infill project on the edge of the New Forest. Jasmine Cottage is a 2 bedroom semi-detached cottage in need of comprehensive refurbishment. The cottage sits in 0.2 of an acre with most of the garden located to the side and rear of the property. We will split the title, leaving the cottage with a relatively large garden but more importantly a building plot for a new dwelling. After completing the refurbishment of the cottage and selling on we can realise our initial investment immediately.

The property was purchased for £212,000 at auction, £28,000 under our maximum budget. The additional plot is large enough for an 1800 sq. ft. house with detached garage. There has also been interest from local developers to purchase the land upon planning. Based on today’s prices and valuations the returns are as follows:

Net Profit of GDV        28%
Net Profit                    £188,975
RoCE%                         39.51%
RoCE Annualised         31.61%

Should we decide to build the site out then the estimated turnaround time of the new build from start to completion of sale is a maximum of 15 months.

Jasmine cottage is a very small development that we would not usually look at. With the interest rates so low, leaving money on deposit for any length of time is not making best use of funds. Jasmine Cottage will be refurbished and on the market for sale by the end of January 2010. From the sale we will recoup our initial investment. The main profit will come from the sale of the new build. Jasmine cottage is an ideal small project to boost the 3 year distributions.