Conversion of the upper floors of three historic city centre buildings into 14 luxury apartments in an excellent location in Central Manchester.

GDV: £5,066,000

Status: Site purchase completed 1st March 2019.  Please note there was 2 month delay to starting on site due to local authority requirements.  As a result of the Grenfell fire, most local authorities have changed their fire safety requirements and requested a fire strategy document as part of the planning process.  This is due to it being an existing building which is being converted.  Our contractors will try to make up ground through the build.  They are aiming for site completion by the end of July 2020.

Investor return: none to date as the site is still in the early stages of construction.

Fundraises and target interest paid:

Fundraise 1: 10% (3% until 1/3/19 then full interest rate from 1/3/19 onwards)
Fundraise 2: 10% (summer promotional rates available)

July 2019 Updates:

– Whilst our contractor were due to commence on site last month, they were unfortunately delayed. The issue at hand has now been resolved

– Work will begin onsite this month

End of June 2019 General Update:

– Detailed design is well underway.

– The contractor took possession of the site 8th July 2019 with build work commencing soon after.

– The contractor completion date for the development is June 2020.

– Application for planning permission for the 2 additional apartments and the roof terrace were submitted June 2019 – decision expected by the end of August 2019.

May 2019 General Update:

– Currently ironing out a plan of action for the development

April 2019 General Update:

– Main contractor has now been appointed to carry out works

March 2019 General Update:

-Things are continuing to move ahead well and on schedule

– The bat survey has now been completed. Definitively no bats present!

-Work on the site is expected to begin at the end of April

-Everything is still currently on track for a 9-month build

– A lot of interest has been generated so far

February 2019 General Update:

-We have now completed on the site purchase and investors in phase 1 have been advised that their full interest calculation start date is 1st March 2019.

January 2019 General Update:

-Contracts have been exchanged for the site, and we are due to complete the purchase on Thursday 28th February.

-The design work has been completed – including a proposed extension to create 2 more apartments and a roof terrace.  These plans have been submitted to the council and we expect a decision in around 8 weeks (c. end of March).

-We are working on a final cost sum analysis before appointing our main building contractor who will take possession of the site at the beginning of March (subject to completion).