Development Update – July 2017
Please find below the latest updates on all our ongoing developments as of the start of July 2017. There are also links to the latest images for the developments – lots of fascinating photos of building equipment and big holes in the ground!
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 last page of the P2P and development deals schedule, also available on the project status page on the website.
HCP156 – 103 Station Road, Marple
After 6 weeks’ back on the market we have had 3 viewings, one of which has just turned into an offer of £545,000 which we have accepted and we will be looking to complete on the sale within 28 days (fingers crossed). There are a few bits of work we have agreed with the purchaser to carry out before the sale can go through.
HCD1 – Regent Street
All units are now reserved so none are on the market anymore, and are moving through the conveyancing process. They are all at different stages of this process.
HCD2 – No. 10 Alderley Edge
Since receiving full planning permission for the 4 luxury apartments we have really upped the pace on the build with the appointment of a new site manager, and we have also extended the workforce in order to further speed things up. We are also meeting with various interior designers to acquire some input into the overall design of the project. The site isn’t without its challenges; for example, we are currently seeking approval to have two more garages added to the scheme, which requires some creative thinking on the landscaping design. Positively, without even going on sale formally, we have interest building through personal channels.
Completion of the build is expected to be March 2018, if not earlier. We are aiming to start officially selling in 6 weeks, as our appointed sales agent thinks the development needs the roof to be completed in order to give it the wow factor before showing potential purchasers.
Click here to see the latest Alderley Edge photos
HCD3 – The Woodlands
Following the change of contractor, the site has progressed massively. By the end of this week we should have 20 of the 28 foundations in and we are beginning to build up to DPC. We are now close to exchanging on our first two plots and have taken further reservations for plots 28 and 26. This is all been done through our preferred agent Sebastian’s of Cheshire. Following a change in design of the bottom floor internal layout by one of our team we have been able to add bi-fold doors, which has really created a buzz in the area about the development. New CGIs will be released in about 2 weeks.
We’re currently anticipating the entire build will be complete by December 2018 but we have the option of speeding that up if sales come in quicker than expected.
Click here to see the latest The Woodlands images.
HCD4 – Gratrix Park
After months of to-ing and fro-ing we have finally had a decision from United Utilities about going ahead with the sewer diversion. This has caused an unforeseen delay with the build, but something we have unfortunately not been able to resolve any sooner.
First occupation should be in August and then the plan is to have everyone else moved in by ideally Christmas, but all things considered early 2018 is more realistic. We have currently sold 15 out of 19 homes.
Click here to view the latest Gratrix Park images.
HCD5 – Bank Chambers
Following the change of contractor, we seem to be pushing on at a good pace again. We have put all the major steel work into the building and the new floors are starting to be formed. We have a few challenges to overcome with the roof and the old lift, however the build is progressing nicely. Stockport council planning and building control have been at loggerheads about allowing us to proceed which has caused delays. All apartments are now sold again, after the re-sale of apartment 8. Allowing for the delay caused by the contractor being changed, we believe we are looking at mid-October 2017 for completion of the build.
Click here to view July 2017 Bank Chambers images.
HCD10 – Bollin Heights
Planning permission has been granted for the changes to the balconies. Planning permission is expected to be granted 8 weeks from 26/05 for the proposed additional 8 extra apartments (phase 3)– once approved completion for these apartments is provisionally scheduled for April 2018. On site for the start of phase 3 (8-unit extension) should be the first week in August 2017. Major scaffolding is going up over the next 2 weeks, so we can start work on the roof. We also have multiple new utilities connections to complete, which require major civils works. Sales have continued steadily and now only 6 out of phase 1 & 2 (24 apartments) remain to be sold; however there is plenty of interest. We have exchanged on 10 of the apartments currently reserved.
Expected completion for Phase 1 (24 original apartments) is currently expected to be mid-November 2017. This is clearly a few months later than originally envisaged. If any investor does not want to stay in until that time please let us know and we will see if we are able to return your capital earlier.
Click here to view the latest Bollin Heights pictures
HCD13 – Coppenhall Way
Completion finally took place on June 21st 2017, after a protracted legal process. The delay involved execution of the Section 106 Agreement for off-site works contribution by the local authority (turns out they had a locum solicitor with no staff which wasn’t particularly helpful).
We are now at the value engineering stage with our chosen contractors in order to fix the price and transfer any cost overrun liability to the Contractor.
Preliminary works have started on site, with the removal of a large tree, erection of boundary fencing and establishing ongoing site entrance points for personnel (from the adjacent public car park) and deliveries via Coppenhall Way.
We envisage a full start on the site at the beginning of August 2017.
Meetings have been held with local sales agents and draft particulars have been prepared. We already have two parties seeking to reserve their chosen plots.
We are still awaiting the planning appeal decision.