Development Update – February 2018
Please find below the latest development updates from the start of February 2018. There are also links to the latest images for earlier development updates 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
Work is proceeding apace on this site. Piling, foundation and drainage are currently being installed at Block 5.
Our contractors have engineered a way to fit a scaffold round the north-eastern elevation at Block 5, but a couple of trees may need felling and ground improvement works may be necessary to ensure stability at that boundary. Pioneer have spoken to neighbours and have had no direct objections as yet pending comments from a neighbour at No.10.
Planning discharge yet to commence – we have advised Pioneer to prioritise early application.
Due to the revised stair layout, the timber frame engineers are in the process of revising their drawings to enable correct production, no frames are on site as yet.
HCD15 – Buckton View
The tree protection is in place, in preparation for tree felling this week (w/c 12th Feb 2018)
Preparations are underway to stone up land for the resident at No.73 to park on.
No updates as of yet from the planning officer; the main focus is to get the remediation/muck shift strategy approved to enable the bulk of the site preparation works to begin.
Plots 1-3 are delayed but will be complete within the overall programme timeframes.
The overall scheme should still remain on schedule as long as the planning discharge is obtained Feb 2018.
Due to local publicity have had a great deal of interest in this site, and a number of people have registered their interest in acquiring further information
HCD14 – Frodsham Old Library
Work is progressing well on this site though there has been a 4 week delay due to issues with Planning Condition Discharges.
Our contractors hope to be able to make up this time throughout the build.
The strip out work has been completed with regards to the building and the demolition of the existing rear structure is scheduled for w/c 19th March. Site steelwork has been designed and should arrive on the site w/c 12th March 2018.
External building materials have been approved by the planners and bricks have been ordered. We are still waiting on planning condition discharge for the drainage but expect this to arrive shortly. Our contractors are actively liaising with the site neighbours regarding progress and disruption as this is a requirement of the planners. All architectural and structural designs have been coordinated.
HCD13 – Coppenhall Way (Springfields)
All work is progressing well and us on schedule . Plot 1 is being completed as the show house and this is now ready. Provisional pictures are available on the link below.
The kitchens have been ordered for plots 2 – 4 and have been delivered and are being fitted. All trades are progressing well in these plots.
Plots 5 – 10 are all watertight and have staircases fitted
Brickwork and roof tiling are complete to all plots.
External works have commenced to the rear of plots 1 – 6, reinforcing of the existing boundary wall has been completed
Scaffold has been struck for plots 1-4
We have held back releasing prices pending the launch of the show house, we have a growing list of interested parties, with 3 parties wishing to reserve now.
HCD10 – Bollin Heights
Following several weeks of bad weather the extension is starting to progress again.
We have completed the first of two block and beam floors and we are starting to progress the block work for the 2nd chamber and the next floor should be on in 3 weeks. Unfortunately without a guarantee on weather the contractor is struggling to guarantee a date for finishing, but is doing absolutely all he can to progress the build as quickly as possible. Running alongside the extension we are getting to the point where 6 of the top floor apartments are progressing towards completion. We do have a major fire strategy item to input on to the build, which we now believe is a smoke shaft, instead of an AOV, which will allow us to finish off the communal area of floor 3 in the main building.
We have had 3 more completions and 2 exchanges since our last update e-mail and another plot is due to exchange in the next few days and complete in the next 14 days (by the end of February 2018).
This means we have just 5 plots remaining unreserved with strong continued interest from potential purchasers
We have, to date, repaid 42% of investor capital in phase 1 of the Bollin Heights development.
HCD7 – Brundred Farm
After final receipt of the site investigation, Bell Munro and Howard and Seddon have been finalising the retaining designs for both dwellings. The proposed builder now have the final plans for the build and we will have a confirmed price back within two weeks (by the end of February 2018). If accepted the contractor would take two weeks to mobilise.
The replacement dwelling planning is due on the 07/03/18 and the reduced dwelling is due on the 30/03/18.
We would hope to be on site between the two planning permissions being granted, weather permitting.
HCD5 – Bank Chambers
Bank Chambers has now had all the utilities confirmed and we will have new water and power by the end of this week. We will then be able to test and commission the systems and finish the remaining apartments. Apartments 2-9 are complete baring internal decoration, some second fix electric and flooring, so we are close to finishing that part of the development.
Plot 1 should now not be too far behind and the site manager is pushing for a finish of that apartment in 3 weeks also (early March 2018). That apartment is currently having plaster boarding installed and will then be plastered and decorated. Luckily we have avoided having to put a tank and booster set in the development for the water, as the pressure is sufficient.
By the time we complete apartments 2-9 we should be able to serve notices on the completion of 6 apartments straight away with 3 more notices to serve post exchange.
HCD4 – Gratrix Park
The final 8 plots are all now watertight at Gratrix Park and plots 5 – 9 are completely first fixed and 2 of the plots are now plastered.
We are on track to hit our next set of completions which are anticipated to start in March 2018. The kitchens for the remaining units will start going in from next week (w/c 12th February) and the decorators will start in 2 weeks. Our contractors have achieved an impressive amount since Christmas given the poor weather conditions we have experienced.
We have the two final plots set to exchange on the sales, which should happen any day now and then we will just be building to complete the site. Our sales agent is still receiving regular enquiries on the development, as it has been very popular with buyers in this area.
We have to date repaid 91% of investor capital and interest in Phase 1 of the Gratrix Park development loan.
HCD3 – The Woodlands
The Woodlands build is progressing well and we now have almost 10 houses completely water tight and post reservations will be able to be completed within 8 weeks. The contractor will continue to build all the remaining plots to water tight level and then come back and start fitting out houses that are reserved or have had their sales exchanged on to ensure completion money is coming back in as quick as possible.
To date we now have 5 reserved plots and our show house had its soft launch 10th February. See pictures on the link below post the dressing by our chosen interior designer, which we think makes the interior of the show house look stunning. Our estate agent will be based in the sales office two days a week and they had 10 – 15 viewings booked in for the 10th February so we are hoping to see a flurry of reservations over the next few weeks.
Our PR team working on the launch to ensure we get the maximum possible publicity for the local area.
We have on the 13th February had the following feedback from our agent after the show home was launched:
“I have taken a reservation from one couple. I have 2 x buyers that are deciding if they are reserving over the weekend and I have 4 buyers who
are on the market, not yet sold, but would reserve if they get a buyer. A good day all round”
Two reservations have now been confirmed on plots 23 & 8 and the agent is working on a further two buyers for plots 2 & 11. So we are now up to 25% reserved and the show house, as expected, is proving to be the key for attracting buyers.
We are working on a further 45 leads that will be coming through HS2 compulsory purchases. Our contractor has established a relationship with the chartered surveyors that are dealing with this in the area, so hopefully, that will lead to more sales.
HCD2 – Alderley Edge
The development at number 10 has progressed both on the build and in the final design. Our interior designer has put a lot of time and effort in the last 3 weeks ensuring that the internal space is perfectly designed to make the best use of each of the areas. We now have confirmed kitchen and bathroom designs and final prices have been kept well within budget.
The steel roof is now completely finished and we start on the timber parts of the roof this week. The build should be watertight by the end of the month so we can start fitting out the apartments.
Our estate agent, is still receiving regular enquiries, but a lot of people do want to see something that is further progressed. We are therefore now making plans for a show apartment to be created if necessary to help with the sales. The reservation we previously received for one of the units has unfortunately fallen through.
This development is behind schedule due to a number of factors, as previously explained and we currently anticipate being able to start paying investors capital back around the July/August 2018 timeframe, though this is subject to change.
Keep your eyes peeled each month for upcoming development updates and announcements.