Development Update – January 2018
Please find below the latest updates on all our ongoing developments as of the start of January 2018. 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
The demolition work is now complete, as is the site strip. Foundations have been dug and concreted for plots 1 & 2. Excavation is underway for construction of site drainage and road construction. The site set up has also been established.
Branding for the site has been developed and the logo for the site to go on all branding, sales materials and hoardings is in the folder below.
Design for hoardings and point of sale material is well underway.
We are receiving a strong level of interest via local agents and HCD website now that works have commenced.
HCD15 – Buckton View
Detailed design work is well under way. Sufficient pre-start planning conditions have been discharged to allow a physical start on site. The initial compound for construction of phase 1 started this week
Branding for the site is currently in the process of being developed.
The design for hoardings and point of sale material is well underway – we will share the final draft of the sales brochure at the end of January.
We are receiving a very strong level of interest via local agents and HCD website.
HCD14 – Frodsham Old Library
Detailed design work is completed, including revised layout plans. Sufficient pre-start planning conditions have been discharged to allow a physical start on site. Soft strip out has been completed.
Branding for the site is currently in the process of being developed
Design for hoardings and point of sale material is well underway – we will make this available to view at the end of January
We are also receiving a strong level of interest via local agents and the HCD website.
HCD13 – Coppenhall Way (Springfields)
All work is progressing well and to programme. Plot 1 is being completed as the show house and will be ready for launch slightly ahead of schedule at the end of February 2018. Kitchens have been ordered for plots 1 – 4 for delivery on January 22nd and 23rd. Plots 5 – 10 are all watertight and have staircases fitted. Brickwork and roof tiling are progressing well. External works have commenced to the rear of plots 1 – 6, reinforcing the existing boundary wall. Scaffold will be struck for plots 1-4 by the end of the week
We have held back releasing prices pending the launch of the show house, but we have a growing list of interested parties
HCD10 – Bollin Heights
We now have 7 occupied apartments at Bollin Heights and the images in the folder linked to below show how impressive this building now looks. There are another 7 imminent completions and a further 3 hopefully early February – these have been reserved and are not far off exchange. The last 4 pictures show that we are still very much under construction, however we now have 4 out of the 6 top floor apartments formed and 1 plastered. Work on the extension has begun again, but was slowed over the last few months due to weather. Our contractor has revised the date that the extension will be water tight to March and will be doing all they can to keep on schedule for the remainder of the project, under the close eye of our project management team. We are trying to have the last apartments completed in May and be fully off site in June.
We still have 6 apartments in total unsold, but Sebastian’s estate agents have had multiple viewings on the remaining plots, and feel that even at the now higher prices all units will be sold by the end of Q1.
Investors are being paid out on a first in first out basis with the first group having been repaid the 2nd week in January – there are several hundred investors in phase 1 who will be paid out gradually as sales are made. Investors in phase 2 will be paid out after investors in phase 1. Investors will be emailed when it is their turn to be repaid. Please note capital is being returned first, with interest paid out to all investors when all units are sold. Investors with several different investments in phase 1 or 2 will have their capital returned in the order it was invested, so you will receive your capital from an earlier investment at a different time than the capital from a later investment.
HCD7 – Brundred Farm
We have now received the site investigation report from the LK Group. Our appointed structural engineer need until the end of this week (by 12th January) to re-design the foundations to suit the ground conditions and then a further week to work with the architects on the superstructure design. Following this we will be able to get a full and final price and timescale on the construction of the first property and if all acceptable our contractors will be on site on the first week of February.
HCD5 – Bank Chambers
Work has continued apace since the Christmas break and 7 of the 9 flats are very close to completion. The new water main should be starting to be fitted the 22nd January, but the new electric connection is scheduled for the middle of February. The below was received from Crown Energy today:
“Just to advise that the electric contractors have still not been able to speak with anyone from the highways. Therefore they have submitted permit applications this morning for the next available dates they have for engineers which is for below;
Excavation Monday 12th February.
Jointing 14th of February.
I appreciate that you were hoping for installations to be completed by the end of January, and I have asked for works to be put on the cancellation list but unfortunately this is the earliest date they can issue at the moment. Please be aware that these dates are not guaranteed as the highways do need to approve the dates.”
We have requested proof of the application, so we can do all we can to ensure this date is met. We have updated the buyers with the progress and they are all keen to complete ASAP but appreciate the delays.
The below images which show how far the development has advanced and despite the delays how fantastic this building will look when complete. In conclusion, as long as we get the connections for the utilities sorted in a timely fashion we should be able to be completely off site by the end of February 2018.
HCD4 – Gratrix Park
Following the completion of number 16 before Christmas, we will soon be completing on numbers 3 and 15, so there will only be 8 properties left to complete and then the apartment block will be completely handed over. This means that to date we will have brought in over £2.5 million worth of completed sales. The final two properties to exchange are extremely advanced and will likely be ready for exchange to take place by the end of January at the latest.
You will see from the images linked to below that the apartment block is looking great and the apartment themselves have been designed with a contemporary feel. A few of the images show that we do still have a building project on our hands; however we should be completely watertight on the remaining 8 plots by the end of this month. If all goes to plan our contractor is planning to complete all remaining plots by the end of March and be off-site in April 2018.
There is still some work to do, but we can now see light at the end of the tunnel.
HCD3 – The Woodlands
The Woodlands development has progressed well since the last development update and we now have 14 properties water tight although the contractors have slipped a little behind schedule. We are targeting 23rd January for the show home to be handed over to us and we will be looking to hand over our first property to the buyer around the same time. The main work taking place externally is preparing the road, so people can start to move in, which has started at the entrance of the site. We are building the road to adoptable standards, so this does take a little bit longer than a private road, as we have to have it checked by the highways department at Barnsley council to ensure it complies with standards.
The images linked to below show work has started on both landscaping and decorating plot 1 and we believe the addition of the bi-fold doors to the kitchen/diner area is an eye catching design improvement. All of the work on the site is starting to gain interest, as we have now reserved 3 properties since coming back from the Christmas break (Plots 7, 24 and 28), and our preferred estate agent Sebastian’s had 4 viewings on Thursday 11th January. The HS2 line has been confirmed as going through a number of properties in the neighbouring village of Wath, so some houses there are being compulsory purchased, which means interested people in the Woodlands are ready to buy with no need to sell their existing property.
If all work proceeds at the current pace, we may be able to speed up the build and finish ahead of the scheduled December 2018, however we are being mindful that quality of our product is extremely important.
HCD2 – Alderley Edge
Work has recommenced at number 10 after the Christmas break, and all block work is now complete, our contractors have started laying internal drainage and finally delivery has been taken of the first pieces of steel for the roof. The roof should be water tight by the end of January, which will mean work can really get moving on the internals. Both our interior and lighting designers are working together to make sure this development receives the opulent and grand finish it warrants and deserves, which should also help with sales, and we will make available design updates as they are finalised.
There is a lot of interest in number 10 from potential buyers, however as good as Sebastian’s are, these buyers do want to see the build has progressed a bit more before they are willing to reserve. Positively another developer has just completed a very similar scheme in the Alderley Edge area and sold a number of high value large apartments, so we are confident that our development will sell and at the right prices.
HCP156 – Station Road, Marple
The sale of this property took place December 2017. All investors have had their capital returned to them.