Development Update- March 2018
Please find below the latest updates on all our ongoing developments as of the start of March 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, Congleton
All work is progressing well and on schedule despite several days lost to inclement weather. The outhouse and old commercial buildings on site have now been demolished. All foundations have been dug and poured, gas membranes have been installed.
The original house on site has been tidied up and is up for sale. The erection of timber frames is underway and the mains drains have been installed
The show house for this development is at our other site in Sandbach, Springfields (HCD13 – Coppenhall Way), and is due to open the last week of March. Please see the Coppenhall way update below for links to these photos.
HCD15 – Buckton View
The site has been secured and site offices are in place.
Closure notice for the footpath running through the site has now been issued and clearing work is underway as a result, starting with the trees; stump grinding and low-level clearance to follow
Next steps are to get earthworks complete on plots 1-3, followed by piling and foundation works and formation of access roads, parking bays and kerb lines
Percolation tests due to take place shortly to establish site drainage requirements
The Mayoress of Mossley has been on site for clarification of works and is very pleased with the plans.
HCD14 – Library House, Frodsham
The full strip-out of the premises is complete – internal lift, walls and library fittings have all been removed.
Planning conditions have now been approved after protracted delays from the Highways Agency, the drain diversion has now been approved. This was required prior to starting construction of the extension.
Plant and equipment now on site and construction phase of the development is underway.
HCD13 – Springfields, Coppenhall Way
All work is progressing well and on schedule despite several days lost to the inclement weather. All electrical and mechanical first fixed on all plots and second fix electrical is well underway.
The show house is now complete internally and photos can be viewed on the link below.
All utilities to be connected by the end of March (electricity and BT already connected, water install from 12th, gas from 19th)
Other work underway: all plastering is complete except plots 5 & 6 which is in progress, kitchens have been installed in plots 1-4 and 2nd fix joinery is complete in all except 2 plots.
There continues to be huge interest in these houses and we have a list of people who wish to look at the show house as soon as possible. This is likely to be the last week of March, once all services have been connected.
HCD10 – Bollin Heights, Wilmslow
Bollin Heights continues to proceed at a good pace. We have completed on another two apartments, have 1 pending exchange and now have only 5 apartments left to sell. We have re-done the show apartment (See pictures linked to below) and have had professional photos taken, which are live on right move. This had an immediate impact, as we have had 5 viewings since they have been live on Rightmove and one reservation has been taken.
The extension is now almost ready for the new block and beam floor, so in preparation, Kingstone are taking the crane from the site at our No 10. Congleton Development and moving it to Bollin Heights. This should help speed up work on the development. Once the block and beam floor is fully on we should move quickly on to the block wall for the final floor and start work on the roof. If we don’t have any further delays or serious downturn in the weather we should be watertight on the extension by the end of April 2018.
As of 12th March we have repaid £2,067,000 of capital to phase 1 investors in this loan (67.7% of total capital invested in phase 1). We will continue to pay out investors as the units complete and sell. Once all capital has been repaid across all phases and the development is fully sold we will start to pay out interest to investors. If you are invested in Phase 1 and wish all or part of your capital to be repaid in the next payment run, please email [email protected] and she will arrange this for you.
HCD7 – Brundred Farm, Prestbury
The site has been partially cleared but after taking further consultation we are considering a new design and proposal for the development. The site is on hold until we have decided which is the best course of action.
HCD5 – Bank Chambers, Stockport
The first 9 apartments are now very close to being completed. Apartment 1 looks great with its vaulted ceiling and mezzanine floor. The corridors just require painting, flooring to go down and cleaning and the apartments will be completed. Our only final hurdle is the new electricity connection, which is becoming a headache as Crown Energy cannot currently provide a date for the trial holes to be completed.
As soon as the trial holes find a useable point of connection we can finish the works for the new connections until that point we cannot complete on a property. They currently cannot advise on a date for final connections which is obviously causing us delays.
Buyers are being informed regularly and we still hope to have the first set of completions later on in March.
We have also received an offer for the ground floor commercial space. View latest Bank Chambers Photos
HCD4 – Gratrix Park, Sale
Gratrix Lane, despite the bad weather over the last week of February and 1st week of March, is progressing extremely well. Plot 5 is on schedule to be handed over 09/03/18 to the client and the next plot is on schedule for hand over in two weeks. Further to the next two pending handovers the remaining plots are planned to be handed over to clients weekly from the 23/03/18.
Images in the Dropbox folder linked to below show the 3 blocks of town houses and the 5 blocks of town houses now water tight and the internal pictures show plot 5’s kitchen/diner ready ahead of the final snagging.
We have now only 1 more house to exchange contract on and we are due to exchange on this by 16th March.
As of the end of February 2018, most investment in Phase 1 has been repaid to investors (capital and interest). Once all Phase 1 investors have been paid out, we will commence paying out Phase 2 investors. Investors are repaid on a first in first out basis as the units are completed and sold.View latest Gratrix Park images
HCD3 – The Woodlands, Rotherham
The build at the woodlands is progressing steadily despite the snow, and we now have roofs on plots 1 – 14. Since the opening of the show house, sales have been encouraging with 9 plots to date either reserved or sold.
Our estate agent, Sebastian’s, have clients booked in for viewings on each open day, including 6 booked in clients for Saturday 10th March. Since the opening of the show home we have reserved on average 2 plots a week. We are now doing all we can to reserved plots exchanged on within 28 days and people moved in, so we can complete the build and start the process of returning capital to investors.
The road is being laid to tarmac the second week of March, which should change the entire look of the development making it look more of a complete site.
Please note as for all other of our developments all capital will be returned to all investors across all phases before interest is paid out of profit. Payment of interest is dependent on the development being completed and all units sold. View latest Woodlands photos
HCD2 – No. 10 Congleton Road Alderley Edge
In spite of the terrible weather over the last few weeks, the development at number 10 Congleton road has made considerable progress over the course of the last month. The roof timbers are almost completely in place and we have instructed the company to start the roof tiling next week. Internally we have started to put the MF framing for the ceilings in, windows have been ordered, the final internal lighting scheme has been completed (see attached) and we will be laying the drainage runs over the next two weeks, so we can start the screeding process.
Our interior designer has been working on final finishes on the bathrooms and kitchens and the proposals are truly stunning, once these have been confirmed we will make the images available to all investors.
The site manager has informed us that there is a regular stream of traffic driving up to the site to have a look from the road and our sales agent Sebastian’s are still receiving frequent calls from interested parties, however most potential purchasers do want to see inside of the build. We are therefore planning, once the property is safe, to hold an open day for prospective clients, so they can get a feel for the space.View latest Alderley Edge Photos