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 March 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. The impact of the Coronavirus pandemic means it is unlikely this issue will be resolved in the near future as the majority of non-essential services throughout the country are being impacted.
As of June 2020 we are still waiting on the discharge of planning conditions and some outstanding health and safety issues. These have all been held up by the ongoing Pandemic.
As of March 2020 we have been continuing to try to sort the discharge of planning conditions, however, held up by various bits of works needed. We have been tending to the works where raised but still need to sort an acoustic test from within one of the apartments; however gaining access to any apartment at present is proving problematic and will continue to be for the immediate future due to social distancing requirements.
Once the final planning condition has been discharged we can conclude the freehold sale, which is the final act for our involvement in this site. The time frame for this to conclude has now been further impacted due to the Coronavirus pandemic.
February 2020 we have not yet been able to carry out all the acoustic tests. These could not be carried out over the Christmas period due to the noise from nearby markets. We have been waiting for suitable weather to carry them out, and also require the cooperation of all tenants. Work is also being carried out to the lift to resolve some health and safety issues before its ongoing maintenance can be handed over to the management company.
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.