HCD5 Bank Chambers, Stockport, Sales Update
HCD5 – Bank Chambers Stockport.
As of the end of February 2019 all capital has been repaid to all investors (phase 1 and 2).
As of mid April 2019 we have completed on the sale of all units including the commercial unit.
As of June 2019 there is an ongoing dialogue between ourselves, the local authority and the Historic England for Listed Buildings body due to an issue with the windows and acoustics. The work the council wants us to carry out with regards to the windows is in breach of the listed building requirements, so we are trying to clarify the issue with the listed buildings body and are in continued dialogue with all parties.
August 2019 we still have an outstanding planning discharge. The issue we have is that when the original acoustic test was carried out, the market place was not open but now it is and has impacted the previous results. The works need to be concluded to sort out the acoustics issue before a suitable time is allocated to re-carry out this test and the works are now ongoing. Building signoff is reliant on these works being completed.
August 2019 the freehold sale has fallen through due to the delays caused over the windows and the acoustics issue, so we are now legally obliged to offer the freehold to the residents for the same price as the previous offer. They then have 2 months to respond. If they indicate they do not wish to purchase the freehold we are able to sell it to any other interested parties.
The payment of interest is reliant on the freehold sale completing and we will continue to do all we can to progress a sale as we are aware that investors are waiting on their interest.
The CGI images below show the kitchen, living space and bathrooms.
Stockport Market has become the latest place to be with its historic market hall and popular teenage market and is also becoming a foodie hotspot with new eateries popping up along the cobbled streets.
We are looking for a good quality restaurant operator to take the ground floor. It’s in a great location directly opposite the market hall, so if you know of a restaurant owner looking to expand ask them to get in contact.