Development Update – December 2017
Please find below the latest updates on all our ongoing developments as of the end of November 2017. There are also links to the latest images for earlier developments which gives you an idea of the progress that is being made.
Please note these updates are for keeping you informed on the progress of the development itself. Most of our development loans have estimated repayment dates and are dependent on the development being complete and units sold, and a number 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.
HCD16 – Parkside Phase
A notice for demolition has been received and work has started on the site . Detailed work continues in the background. We hope to have some site photos available for the next update.
HCD15 – Buckton View
Physical start on the site is scheduled for December 9th 2017. The local authority are very short staffed which has led to delays in agreeing pre-start information. However this has not affected the overall timescale of the programme, which remains the same.
A re-work of the house designs has been completed and can be viewed by clicking here.
HCD14 – Frodsham Old Library
The floor plans have been redesigned following a full measured survey of the building. They can be viewed below.
The strip out of the building is almost complete and you can see images on the link below and a quick video overview.
Click here to view the new floor plans.
Click here to view the latest Frodsham Old Library photos.
Click here to view a quick video of the Frodsham old library site.
HCD13 – Coppenhall Way
We have received a Considerate Constructors Certificate of Compliance for this site which is excellent news – information on this is in the Dropbox area that all investors have access to. There is also a comprehensive site report from December in this area.
Plots 1&2 are now first fixed mechanical & electrical, fully insulated and boarded, windows are fixed and brickwork is 50% complete, and will be finished the first week of December.
Plots 3 & 4 have staircase fixed, are largely first fixed and will have windows fixed this week (first week of December). Brickwork is 20% complete
Plots 5 & 6 foundations are completed, ready for the timber frame to be erected 2nd week of December.
Plots 7,8,9 & 10 frames are now completed, roof tiling is underway, and the stairs to plots 7&8 will be fitted first week of December.
Internal CGIs have been completed for the lounge and master bedroom, and the kitchens have been designed. Images can be viewed by clicking here.
HCD10 – Bollin Heights
Our contractor is currently still on target for handing over 50% of the development to us by 08/12/17. The building is looking amazing after all the hard work that has gone into it. This will hopefully result in the last 4 units being sold at an even higher price.
We expect at least 13 of these apartments to complete before Christmas and to handover keys to buyers just before the Christmas shut down. As you will see from the pictures the exterior of the building is now being changed by re-cladding the building to modernise its appearance and the internals of the building are a far cry from its former incarnation as an office block. The 2nd floor has moved on with apartments being fully formed, plastered and the balconies being clad. We have the final touches to go for this first handover, including the remaining communal flooring, entrance hall tiling, building of the bin store, finishing off the 2nd floor roof, external cladding etc, however everything is in hand and being internally snagged by our development team. We expect our first occupancy to be in the week beginning the 18/12/17 and we are still confident to be off site before Q2 next year.
Unless you advise us that you would prefer to stay on until the end and carry on earning interest, then investors in this development will be paid out on a first in first out basis as the units complete. You will be emailed when it is their turn to be paid out.
HCD7 – Brundred Farm
We completed on the land purchase 30th November. We are currently waiting on the structural drawings to be sent to us before we can firm up a works programme and commit to build dates. We should have these drawings by mid-December.
HCD5 – Bank Chambers
The development at Bank Chambers of the first 8 apartments is nearing completion.
The apartments are plaster boarded and the first 8 that will be handed over are either plastered or painted. Flat number 1 did have to go back on the market, however it has now been reserved again after a week back on the market for a £10,000 premium, which reflects the inflation in the market in Stockport. Unfortunately, due to a Christmas embargo in Stockport town centre we will not be able to get the required utilities connections between now and the 04/01/18, but we are pushing crown energy (Utilities partner) daily to get a final connection date.
Our designated contractors are working extremely hard to try and do what we can to get this over the line as quickly as possible. At the moment we do not have firm dates for when the first units will be complete and ready to be sold as we are waiting on the utilities company to confirm installation dates. The field inspector from the utilities company is due to visit the site 2nd week in December, so post this meeting we should have a better idea of dates.
HCD4 – Gratrix Park
By the end of the first week of December we will have completed on 50% of the properties at Gratrix Park. The last week of November 2017 we completed on 3 of the 4 apartments at Gratrix and as you can see from the attached pictures you can now get an idea of how the development will look when complete. Roby Close is 60% completed and the properties off Gratrix Lane are now at wall plate level.
The project management team are personally meeting buyers to handover keys and there are a number of pleased buyers, as we have managed to ensure they can move into their new homes before Christmas.
We will be completing on one or two further plots ahead of Christmas. We are still targeting to be completely off site by the end of February 2018, however the weather has been unfavourable to building work over the last month, so has slowed brick laying and roofing work on the remaining plots.
We have already paid out capital and interest to a number of the earlier investors in the Gratrix Park P1 loan, as we have completed on the property sales. We will continue to pay out investors as the sales complete, and will email investors when it is their turn to be paid out.
HCD3 – The Woodlands
The development in Rotherham is making positive progress. As you will see from the images linked to below there are a number of properties that are completed externally. We are now moving into the internals of the properties and again things are coming together well. We are currently on target to finish the show house and complete on the first property by January.
Sales have started to progress, and we recently had a reservation for Plot 28. Further to this reservation, Plot 11’s mortgage has been approved, with the property being valued at £269,000, which makes it the most expensive property in the area. Our solicitors will be exchanging on this property sale the 2nd week of December.
Our appointed interior designers, David Phillips, will be visiting the show house the 2nd week of December to survey it for dressing and final finishes and our show home office is ready to be manned to aid sales. The development is starting to share up and come January 2018 we anticipate a number of reservations being made.
HCD2 – Alderley Edge
Our contractors have managed to resolve the issues with the roof design at Number 10, Congleton Road, so we have finally been able to order the correct steel for the complex roof and communal space window at the front of the building. The contractor and our architects, Howard and Seddon, have worked together in re-designing the roof to reduce the amount of steel in the build, so more of it can be made from timber, which should allow us to regain a couple of weeks back that we have previously lost.
The images below should show how the front elevation to Congleton road will look once complete, and also show the remainder of the brick work to the top floor of the building. The building itself is starting to look quite impressive and is being noticed for all the right reasons with sales enquiries high and prospective buyers making multiple site visits and meetings to discuss the purchase with our estate agent, Sebastian’s of Cheshire.
Our development team are currently progressing conversations with kitchen and bathroom suppliers, whilst taking continued advice from Keates interiors of Cheshire to ensure the entire scheme comes together as a whole and is appropriately designed for this high calibre building.
We have taken a view that we need more garage parking, following feedback from prospective buyers, so we have applied to amend our planning, specifically to give us 5/6 garage spaces instead of the 2 tandem garages that have currently been granted.
Our contractors have lined up all the necessary sub-contractors for the internal fit out, and we are aiming to hit the ground running in January once the roof is on.
Currently we are on schedule to have the site completed by April 2018, with hopefully all units sold.
See latest Alderley Edge images including proposed CGI kitchen image, and elevations and plans for Apartment 1.
HCP156 – Station Road, Marple
The sale is still on track, and we are sorting out various legal documents required for the due diligence. We are aiming to have the sale exchanged on before Christmas.