New build development in Greater Manchester of 36 houses split between four house types.

We anticipate making a capital payment to investors by the end of February 2021 – investors in this tranche payment will be emailed before capital is paid out.

GDV: £8,570,000

Work on site commenced: January 2018.

The latest build update was added on 4/2/21 and is further down the page.  The latest site images as of December 2020 are also below.

We currently anticipate workers being off site by end of March/start of April 2021, Covid delays permitting, but the ongoing lockdown may impact this. Storm Christoph which hit the Greater Manchester area in January 2021 has impacted external works, as has snow and freezing conditions in February 2021.

As of February 2021, we are pushing to complete as many units as possible to meet H2B (now extended) and stamp duty deadlines. This is being hampered by weather issues and materials availability.

Site schedule:  as of February 2021 the site is still a number of months behind schedule, due to a range of issues including delays in the discharge of pre-commencement conditions, delays with footpath closures which in turn affected the critical path, neighbour intervention with works and excessive inclement weather throughout summer 2019, winter 2018/2019/2020 and Storm Christoph and snow in January 2021.  Site completion was originally anticipated for the end of September 2020.

Sales Updates: As of 18th February 2021 we have completed on 25 sales (1 new in the last week), and have 11 reservations in total (reservation taken on the final unit in the last week), most of which are moving through the legal process.  We anticipate 1 other sale completing by the end of February 2021.  All units are now sold or reserved.

There continue to be ongoing delays to sales completing caused by chains and the fact local authorities and solicitors are currently inundated due to the stamp duty holiday’s imminent end.  There is one available plot on this site, all others are sold or reserved.

Please note sale completions continue to be affected by disruptions in the lending, legal and local authorities.

The Pandemic continues to cause some hold-ups to do with Help to Buy and also with people selling other homes before they can move as well as with a backlog in valuations.

Click here for one of a Rightmove listing for a 3-bed property.

Click here to see a 4-bed listing.

Click here to view all view home images.

Fundraises/Investor target returns (as this is a large development there will be multiple fundraises):
Phase/Fundraise 1 – 10% (1st tranche of investor capital repaid 9/3/2020)
Phase/Fundraise 2 – 10%
Phase/Fundraise 3 – 9%
Phase/Fundraise 4 -9%
Phase/Fundraise 5 – 9%
Phase/Fundraise 6 – 9%
Fundraise 7 – 10%

Investor capital repaid to date: We have commenced paying out capital to investors in phase 1 as of 9th March 2020 after completion of the first sales.

Information re-interest payments:

Interest will be paid at a later date when the development is complete and fully sold as interest can only be paid out profit, and a development is not in profit until all investor capital has been repaid.

Build update as of 3/2/21:

Plots 18 & 19:

Completion of internal floor and wall tiling.
Installation of kitchen and utility room.
Commencement of 2nd fix joinery, plumbing and heating, electrics.
Installation of gas and electric meters.
Front doors installed.
External works have now commenced.

Plots 20&21:

Plaster board and skimming complete.
Baths, shower trays and kitchen services installed.
Gas and electric meters installed to plot 20 only, 21 to be done shortly.
Mist coating.
Commencement of floor and wall tiling, 2nd fix joinery.
Front door installed plot 20 only.

Plots 22&23:

Continuation of masonry (progress badly affected by severe weather (Storm Christoph) in January.
Completion of 1st fix joinery, patresses, walls, plumbing and electrical.
Plaster boarding has commenced.

Plot 24:

Final decorations are ongoing.
External hard and soft landscaping to commence when scaffold stripped to plot 23.

Soft landscaping is ongoing.

Occupied plots:

Continuation of snagging works.

Planned works for next 4 weeks:

Plots 18&19:

Completion of: mastic to windows, down pipes installation, 2nd fix joinery and electrics, continuation of plumbing and heating and external works.
Commencement of final decorations.

Plots 20&21:

Completion of: mastic to windows, floor and wall tiling, 2nd fix joinery, plumbing and heating and electrical.
Commencement of external works.

Plots 22&23:

Completion of: boarding and skimming, mist coat.
Installation of baths and shower trays, and services to kitchens.
Commencement of floor and wall tiling and kitchen installations.

Plot 24:

Final decorations.
Builders cleans.
Internal silicon junctions.
Air test (to be completed at the same time as plots 18&19).
Final snagging and internal sigh off.
No further external works can be carried out until scaffolding has been stripped.

Hammerhead:
Completion of soft landscaping around new public footpath.
Commencement of replacing damaged kerbs and lifting ironworks ready for final wearing course.

Wetland area:
Now fully formed and awaiting footpath edging and kerb installation.
Tree planting commencing shortly.

Site delays and information from 2020:

Click here to view drone footage of the Buckton View site taken March 2020.

Additional delays were caused by extreme bad weather across the summer months . December 2019 a further 11 days were lost to inclement weather bringing the total days lost to bad weather to 71.

Further earlier delays were incurred due to delays in the discharge of planning conditions by the council and also issues with the drainage design which it took the council 6 months to sign off on – the local council is severely under-resourced. As of November 2019 the site was approximately 46 weeks behind schedule due to the above issues – whilst our contractors are subject to time penalties, there is little we can do about delays caused by the council and utility companies.

Site images end of December 2020:

Update 25/11/20

Unfortunately the site manager tested positive for Covid-19 last week and the scaffolding team are now having to self-isolate.  Progress at the site is still continuing however.

Update 11/11/20

There have been delays with the timber frame company, both with production of the frames and with getting teams on site all caused by Covid. This has caused a 5-week delay, some of which will be recoverable.  This should not however impact on the completion of most units. The timber frames should be in by the start of December 2020.

The pavements are in and tarmac’ed. Roads should be scraped and tarmac’ed by the end of November 2020.

Update 28/10/20:

Work on site is progressing steadily, despite worker shortages due to Covid, and issues with the supply of materials, which is a nationwide problem. Tarmacing of roads and pavements is currently ongoing.

Update 26/8/20:

Great progress has been made by the team since the restart – we are casting the final HT4 basements this week. The timber frames for these units (18-21) arrive in three weeks.  Following a 3 week install all timber frames will be installed allowing us full access to progress and complete the ancillary works around plots 24 to 36 – it is anticipated that we can hand these units over around mid to end October 2020.

Units 30-36 are being finalised with the final fix now ongoing following the installation of utility meters.  Gardens are progressing well with fencing and paving well progressed – the stone wall to the hammer head awaits a coping prior to completion – the team are forecasting a completion around March 2021 – an improvement of 4 weeks in the period.

Update 18/5/2020: After a review of the status of the site and the cost to complete, HCD has engaged the senior site staff (who know the project inside out) directly rather than employing the services of another contractor. HCD has an experienced QS as part of the team, who will manage the site and as the project is now ‘out of the ground’ the majority of the risks in the project have been dealt with.

With the shut down due to Covid-19 coinciding with the financial difficulties of the contractor, the amount of time lost solely due to the Contractor is about 4 weeks.

Trades are now being employed directly and good progress is being made of getting plots ready for handovers in 2 weeks time (by 1/6/2020).

Update 7/5/2020: HCD now have full control of the site. They have the site team engaged and are revising project plans and Health and Safety plans in the light of Covid-19.

Trades will be back on site w/c 11th May 2020 and will focus on completing plots ready for sale.

THC’s independent QS review will commence on Tuesday 12th May.

We will update the loan detail once we have the report back from our QS which we hope to be w/c 25th May.

Further update 1/5/2020: The contract with CPUK was terminated on 29/4/2020 and HCD now have control of both sites. Both sites are secured and no one can enter the sites without HCD’s permission.

HCD is meeting with both Site Agents today (1/5/2020) and will finalise a back to work plan then with a presence on site from Monday 4/5/2020 with trades following thereafter.

THC has appointed an independent Quantity Surveyor on both sites to work alongside HCD’s QS. There will be a review of the cost to complete and an update on timings and valuations as a result.

We will give another update on 7th May 2020 (or earlier).

Important update 24/4/2020: CPUK is the contractor responsible for this site. Despite being a very substantial national company with turnover of well over £50M a year, we discovered yesterday that they are about to file for administration.

As soon as we learned this HCD acted to mitigate any consequences and develop a contingency plan. The HCD management team is working on it today and will be speaking over the weekend to formulate the plan. The site is well progressed, out of the ground and at this stage HCD believe the risks and ramifications are limited and if everything is as it seems should not affect your investment and its forecast returns at all.

We will of course, be monitoring this closely over the next week and will communicate the new plan of action, any updated financial projections and timescales on these projects by 1st May 2020.

 

View Home Images (January 2020):

September 2020 site images:

August 2020 site images:

February 2020 site images:

February 2020 Updates:

Plots 4-17 have been handed over

Despite improving weather the area of 18-26 has not progressed as well as  hoped.  This is however now progressing as the gound has finally dried out

Plots 23-36 are progressing well with units approaching completion.  The access strategy for these units to allow handovers is underway (currently impacted by the Coronavirus).

January 2020 Updates:

Works currently ongoing:

Handover of plots 4, 5, 9-11.

Tarmac base course to drives and footpaths adjacent to plots 4-17.

Continuation of 2nd fix M&E.

Continuation of internal wall and floor tiling to plot 36.

Continuation of internal decorations, final fix joinery, and fitted kitchens.

Completion of kitchens plots 30-36.

Internal and external cleaning.

December 2019 Updates:

Completion of scaffolding strikes to plots 30-36

Continuation 2nd fix M&E

Completion of internal plaster boarding and skimming to plots 30-35

Continuation of kitchens, internal decorations, internal wall and floor tiling, external hard landscaping of plots 4 – 17.

Installation of sleeper garden walls to plots 6 – 15, further sheet piling to the rear of plots 24-27.

Commencement of external soft landscaping works to lower plots.

November 2019 Build Updates:

Plots 4-36 are progressing well with internal works now being carried out including installation of staircases, internal wall and floor tiling, and kitchen installations.  UPVc windows and doors being fitted to plots 4 to 17 and 30 to 36.   Lighting columns have been added to foothpath 4-17.  External landscaping is being carried out on plots 4 to 18.

Concrete piling and foundations are being worked on on plots 18-29 which are at an earlier stage in the build process than the other plots.

October 2019 Build Updates:

Works completed in period on plots 4 – 36:
– Continuation of timber frames from plots 30 – 35

– Continuation of internal insulation and VCL barrier

– Commencement of first fix joinery

– staircases/pattresses & walls

– Continuation of external masonry to timber frames

– Continuation of scaffolding for timber framed plots

– Continuation of first fix M&E

– Continuation of internal plaster boarding

– Commencement of kitchen installations

– Commencement of mist coat decoration

– Commencement of internal wall and floor tiling

September 2019 Build Updates:

External build work continues with some parts of the site now at the stage of work on the interior fit commencing – internal work is less impacted by bad weather.

Details have been completed for the landscaping and CGIs are being worked on.

August 2019 Build Updates: 

Inclement weather has meant that we unfortunately lost a few days of progress. We are now however, looking to make up the time.

Over the last period the following works have been ongoing across plots 4-36:

– Large manholes and sewers

– Completion of new kerbs and base tarmac to 24-36

– Plot drainage and party wall foundations

– Masonry walls between plots – Scaffolding for timber framed plots

– Cut and fill to plots 18-23

– Completion of piling mattresses to 18-29

– Commencement of timber frames

– Commencement of roof tiling

– Commencement of internal insulation and pattresses (the container for the space behind electrical fittings such as power outlet sockets, light switches, or electrical fixtures)

– Commencement of internal plaster boarding

July 2019 Build Updates:

The horrendous weather in the latter part of July has let to delays on the site as extreme rain has made it difficult to carry out external building work.

The following works have been underway the past month:

Plots 1-3 

Garden locks have been added to rear gates.

Plots 4-36

– Continuation of work on large manholes and sewers.

– Continuation of work on new kerbs from 24 to 36.

– Forming up of the road from 24 to 36.

– Continuation of plot drainage and party wall foundations.

– Continuation of masonry walls between plots.

-Continuation of scaffolding for timber framed plots.

– Commence cut and muck shift plots 18 to 23

– Form the hillside and turf to rear of plots 18 to 23.

June 2019 Build Update:

Plots 1-3 – The final decorations and snagging have been done.

Plots 4-36 – There has been a continuation of work creating large manholes and sewers.

– There has also been a continuation of new kerbs from 13 to 24.

– The road from 13 to 24 has now been formed.

– Continuation of plot drainage and party wall foundations.

– The masonry walls between plots have been completed.

– The scaffolding for timber framed plots has been done.

May 2019 Update:

– Viewing property ready this week

– Thanks to a spate of good weather we have experienced great progress on the build over the past month

– We have now tarmacked 1/3 of the road across the development

– Timber frames have now been erected on the main site

April 2019 Build Update:

Plots 1-3 of the development fronting Micklehurst Road have progressed well and are nearing completion. Over the last reporting period, we have:

-Completed all internal works except decorations, which are on hold until the electric meters are installed and power is available throughout the properties.

– Progressed external works, such as completion of groundworks, sub-base tarmac and installation of fencing.

Plots 4-36 on the main site of the development are currently on hold as the main drainage system is established. This complicated process sees the drainage system being installed at two points on site (commencing at the site entrance and at the end of the new access road) to compress the programme. Works for which are still ongoing but commencement of road formation and kerbs are due to start in the upcoming period.

– Viewing property to be ready 8th May

March 2019 Build Update:

Plots 1-3 (the properties at the front of the development) have progressed very well since the last reporting period:

– Our contractors have completed plasterboard and skimming works internally

– They have also commenced installing the fitted kitchens and are currently on with 2nd fix plumbing and heating (making sure that they’re properly fitted etc.)

– Our contractors have also progressed with internal decoration and continue to work on the joinery, tiling and installation of the front doors

-Contractors have also made great progress on the external works of the developments: installing steps to the rear gardens and forming the access road behind the plots.

February 2019 Build Update:

– Now that the windows are fitted and the roof is on plots 1-3, the block is watertight and we can commence work inside.

-The joiners have commenced with erecting the timber studwork and the rooms are taking shape. The plumbers and electricians have commenced with their first fix work as you can see by the cables and pipework in the images below.

– The plastering contractor will soon commence with boarding and skimming the plots so that our plumbers, joiners and electricians can second fix (skirtings, architraves, fixtures and fittings) the plots ready for decoration.

– The ground floors have been screeded (levelled  in preparation for floor finishes)

– All drainage, gas, water and electric (services) have now been connected

– Plots 4-36 are currently awaiting the completion of drainage systems.

–  The foundations are complete on plots 21-33 and are awaiting completion of drainage works.

January 2o19 Build Update:  

-Building work for plots 1-3 of the development fronting Micklehurst Road are progressing to plan and internal work is scheduled to be completed by mid-April. You can see these properties in the picture recently taken below.

-On plots 4-36 (the main site of the development) the main drainage system is being established. This complicated process sees the drainage system being installed at two points on the site. Foundation works that had commenced to plots 4-36 will be placed on hold until the main drains have been installed as no heavy machinery will be able to access the site during this period.