team foundation server - TFS 2012 - error TF218017 SharePoint site ...

I have an out of the box install (SharePoint and TFS on same box, external SQL server) and when I attempt to create a project I get an error as per the screenshot.

I have checked under Central Admin -> Site Settings -> People and Groups - Farm Administrators.

I can see my user domain account is listed, so technically I am a farm administrator and can do what i want.

Any idea why I get this error and what can I do about it?

Source: http://serverfault.com/questions/448321/tfs-2012-error-tf218017-sharepoint-site-cannot-be-created

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