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).
Sales update: As of mid April 2019 we have completed on the sale of all units including the commercial unit.
The payment of interest to investors continues as of January 2020 to be delayed by the fact that we cannot complete on the sale of the freehold until we have building control sign off – further information regarding the issues are below.
January 2020 we are continuing to carry out the final works needed to comply with planning requirements. As this is a listed building, it is proving more time consuming and difficult than originally envisaged. Some snagging to the apartments is still being carried out as well.
Early September 2019 we have managed to negotiate a lower price with the same purchaser of the freehold so the sale can now progress without the requirement to ask leaseholders if they wish to purchase the freehold. We will do all we can to progress this sale as quickly as possible but as of September 209 we are still waiting on the council and building control with regards to the acoustics issue (see above). A final acoustic report is being prepared to send to the council. As of the start of October 2019, completion of the acoustic report was delayed due to a few flat owners not giving us access to their properties. We now have their permission to do so. As of the end of October 2019 we are fixing a leak in one property before that apartment owner will let us access their property. November 2019 we are carrying out repairs to the lift.
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. This is still an issue as of September 2019 – despite constantly chasing the appropriate department, they are being extremely slow to progress this matter which is frustrating for all parties.
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.
Information re interest payments:
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.