Development Update – August 2017
Please find below the latest updates on all our ongoing developments as of the beginning of August 2017. There are also links to the latest images for most of the developments, which will give you an idea of how they are shaping up.
Please note these updates are for keeping you informed re the progress of the development itself. Most of our development loans have estimated repayment dates, and most also have more than one round of funding, repayable at different stages of the build. For information on the estimated repayment date of the phases of development loans you are invested in, please refer to the investment pack you downloaded when you invested, and to the Development Loans Payment Schedule, also available on the project status page on the website.
HCD13 Coppenhall Way
Since our last update, work has been progressing quickly in the background. All designs for foundations and superstructure have now been completed, and our main contractor has been appointed on a fixed price design and build contract.
Marketing materials for the site are well under way.
Most importantly of all – work starts on site on Monday August 14th 2017, so next update will hopefully include pictures to provide a better idea of the site. We will also be erecting a time lapse camera once the work cabins are in place.
HCD10 Bollin Heights:
All investors have been sent a recent update regarding progress with this development as it has suffered some delays mainly die to us applying for planning permission to enhance the apartments and the GDV of the site – which we have done successfully. We have sold 80% of the units in this development to date, and the development is progressing steadily.
A new round of crowdfunding for phase 2 will start later in the month in order to finish the rest of the development. planning permission for 8 additional apartments was granted this week.
HCD5 Bank Chambers:
We are progressing well with the build now, as investors will be able to see from the photos. Not everyone will recognise some of the equipment we are having to put into the building, but we have a planning condition that states we must have a system that allows the windows to be closed to omit noise pollution whilst allowing fresh air in to circulate around the apartments. We are having to fit an MVHR system, which is a clean air recovery system. This is an unforeseen project expense, which has required us to make savings in other areas.
We have also been battling building control to get the initial building regulations notice, as due to the recent Grenfell fire in London, all local authority building control are being extra cautious, which means despite our fire specialists OMEGA fire saying our layouts are acceptable and there is no need for a sprinkler system, building control will not budge!!! We have been advised to take this to appeal, but we don’t have time to wait for a decision, so again we will have to use the contingency budget to meet this requirement.
HCD4 Gratrix Park:
You will see from the pictures the site is still progressing at a great rate and we will soon be laying the back gardens. The intended moving in date is 24/08/17 for plots 12 and 13, and plot 14 will follow shortly after. We are really pushing hard to meet this date, which has required one of the PM team to work from site 2 days a week to ensure that the quality of finishing is met and surpassed where at all possible. We now have a buyer for each plot at Gratrix Park and should have exchanged on all plots within the next two months, which is great news for investors.
HCD3 The Woodlands:
The Woodlands development is progressing well and we now have 28 foundations laid. We also have 6 sales to date, which is encouraging, given our slow start. Block has been laid to 4 houses and we are aiming for our show house to be complete in 15 weeks. We have been in discussion with a designer about the interior design of the show house to aid sales. Our PM team are working with the architects to amend the internal layouts to provide maximum amount of living space. A recent decision has been made to sell the rest of the site freehold in light of the issues with leaseholds that have recently been publicised by the media.
HCD2 Alderley Edge:
Major breakthrough here is the planning permission appeal win, with costs. The appeal officer conclusion comments are below:
- For the reasons given above, having regard to all matters raised, the appeals are allowed.
- Therefore, I conclude that unreasonable behaviour resulting in unnecessary or wasted expense has been demonstrated and that a full award of costs is justified.
Unfortunately, due to the delay in the appeal decision we had to slow down the build, just in case we had to revert back to the original permission that allowed for just two apartments.
We have now progressed the build significantly and the site is almost water tight. We will start marketing the site in September. We have already significant interest on the apartments private channels and some of which are serious buyers. Again, we are confident that this will be a truly flagship development and will achieve the sales figures proposed.
Unfortunately, the buyer has pulled out at the last minute which is hugely disappointing. The property is being remarketed through local agents, and we already have a viewing lined up.
HCD1 Regent Street:
The sales are continuing apace with them all in various stages from survey being complete and waiting on mortgage offer, to arranging exchange and completion.
We are still waiting on the outcome of the planning application.