Development Update May 2018
Read our monthly progress updates across all of our development loans.
HCD17 – Parkside Phase 2
Things are moving ahead well – the roofs are on, tiled and watertight on blocks 1 and 6. Also on block 6 – the brickwork is now 100% complete, windows are on order, first fix M&E has been completed and the scaffolding has been taken down.
Block and beam floors have been installed to all blocks except 5. Timber frames are complete to blocks 1, 2 and 6 and almost complete to block 3.
Block 5 foundation work is well underway – piling work is due to be completed 4th May.
First fix joinery is ongoing to plot 1. Windows and doors will be installed in block 6 over the next few days.
We currently have five reservations on the site which are progressing through legals and several more expressions of interest.
View the latest pictures here.
HCD16 – Moss Lane
The site has been cleared of vegetation and the pre-construction work is well underway.
Design of the development brochure and branded hoardings is underway and we hope to have hoardings on site before the end of May 2018.
View latest site photos here.
HCD15 – Buckton View
There were some initial delays to this site due to planning delays, but our contractors are confident they can claw back some of this.
Piling is complete and foundations have been formed on plots 1-3. Vegetation has been cleared to the main site on plots 4-13 and 28-36.
The access roads to the main site and to plots 1-3 have been set out and are being laid to stone, along with the proposed location for the main site office.
Serious earth moving works are ongoing to adjust the levels and shape the site. Topsoil has been stockpiled on the main site for use as the development progresses.
Drainage works are ongoing.
We have received a huge amount of interest regarding this site, through our website and also via our local sales agent so hopefully, this will lead to the properties selling quickly. At present, it is too early in the build to start marketing it.
View latest site pictures here
HCD14 – Frodsham Old Library
The drain diversion has now been completed – this was a major job which involved re-routing the mains sewer around the perimeter of the site. This has now been inspected and signed off by building control and marks the end of all major drainage work.
The foundations to hold the steel stanchions and structure for the extension are complete and now that the drainage work is finished and the site is fully accessible, the steel will be going up this week and next.
Internally, steelwork is complete on the ground floor and underway to the upper floors. Stud walls are under construction on the ground floor and first fix electrical work is in progress.
Branded hoardings are now on site and brochures have been delivered, ready for marketing to commence. We have a meeting with a local sales agent 22nd May to discuss the marketing of this site.
View photos and video here
HCD13 – Springfield, Coppenhall Way
Site cabins have now been removed and landscaping is underway which is making a huge difference to the look of the site.
Block paving of the driveways is complete and the access road is due to have tarmac laid on 7th May.
Decoration of plots 5 & 6 is almost complete which will allow a snagging list to be created across the site.
All utilities are now connected, and all meters have been installed. Drainage is due to be connected shortly now that legal agreements have been received from the council and United Utilities.
A press release has been issued advertising the two open days scheduled for the show home which were held 5th and 12th May 2018. We have to date had 1 plot reserved 5 people have put their homes on the market with the intention of reserving once they have offers. We will be increasing our advertising to ensure the remainder sell as quickly as possible. The remaining aspects of works outstanding are external hard and soft landscaping works, final bits of decoration and any items picked up during snagging.
View the photos here
HCD10 – Bollin Heights
Bollin Heights has seen a great level of progression over the last month or so. The extension brickwork will be complete by the end of this week and the roof has started to be formed and will be complete by next week. To try and gain some time back the contractors have completed the first fix electric for 6 of the 8 apartments in the extension before the roof has been formed. Now that the gas pipe diversion works is complete we can tidy the car park up and move some equipment off-site.
Sales interest has been steady over the last month with 12 viewings taking place. We are planning an open weekend in the next two weeks (last 2-weeks of May) and with only 5 apartments remaining we are confident of finding purchasers. The above gas diversion works being complete and the car park finally looking ship shape should aid our agent in selling the last few.
In May the scaffolding will come down, roof will be 80 – 100% complete, windows and patio doors will be 80 – 100% in, partitions completed and plastering started.
At present we do not anticipate being able to pay out interest before August 2018, and we will continue to pay the remainder of phase 1 investors their capital as sales complete, before commencing repaying phase 2 investors.
HCD7 – Brundred Farm
We have reviewed and amended our plans for this site. As they have changed from our original plans, it is our intention to repay investors their capital and interest within the next few weeks. You will have the opportunity to re-invest once the new plans are finalised.
HCD5 – Bank Chambers
The work at Bank Chambers is now approaching completion and the final walk through with building control took place 11th May. Unfortunately, the local building inspector seems to be trying to impose further restrictions on fire stopping and a complete new set of rules despite visiting the site on numerous occasions and having the plans for over a year, which means we are having to get external advice from our fire consultants, Omega Fire & Howard and Seddon to satisfy it. We are trying to work with them on any outstanding points within the next week and have booked a further inspection for this coming Friday (18th May), if not sooner if we can satisfy their enquiries.
We cannot complete on the sales of any units until the above is signed off on, but once this has happened and we start to complete on the sales we will be able to start re-paying investors their capital. We have one purchaser very keen to complete and move in.
We also have a lot of interest in the final units, however we have started to consider adding a second agent to help secure the final sales. We expect the first set of purchasers to move in by the end of May subject to Building Control signing off on the property.
View the latest Bank Chambers photos here
HCD4 – Gratrix Park
Gratrix Park has been successfully completed and is now home to 18 families and the reception from the new owners has been very positive. The last purchaser is due to move in by the end of May.
We will still have the road to tarmac and the landlord supply to complete, which our latest estimate from ENWL is the end of May. As soon as the landlord supply is done we will complete the road and move off-site
The pictures show an almost complete site with plenty of life and not much work left to do
All investors in this loan have received their capital and interest in full.
View the latest pictures here.
HCD3 – The Woodlands
The Woodlands is starting to take shape and we have received a steady number of reservations this month, including one through our new agent Haybrook and another one is pending for over the bank holiday weekend. If this plot is reserved that will give us a total of 11 plots either sold or reserved to date.
The build is progressing steadily, and we now have 16 plots with roofs on and 6 plots fully plastered and painted. Following client choices as to their preferred finish, plots can be completed within 4 weeks. We anticipate the next set of exchanges and completions to happen by the end of June 2018. Plot 2 is now reserved, so that will likely be the first one to complete on the sale and build.
This build is still behind schedule, mostly due to original delays caused by the local council requiring us to carry out such actions as digging for archaeological ruins before we could commence the build. Our contractors have however been working hard to get this site back on track.
View the latest pictures here.
HCD2 – Alderley Edge
April/May has brought a spell of good weather in the UK, which has allowed the Alderley Edge development to really accelerate and take shape. Our site manager who is very experienced in delivering these types of projects in the Cheshire area has managed to secure additional labour to help push the development on to the point where we can show people around.
We are doing this completely off-market through a local agent for the time being”. However, the reason for using this agent is that he has an established network of local people that are looking for a “Lock up and leave” property. This network has come to fruition over the last week, as we now have two very interested parties in the apartments. Apartment 3 was reserved on 15th May at the asking price and we expect apartment 1 to be reserved within the next two weeks.
We have another 2 extremely interested buyers who will be carrying out off-market viewings in the next 10 days. By the end of May 2018 we should have all communal stairs cast, render 80 – 100% complete, windows in, scaffold down, first fix wired, first fixed plumbed.
View the latest photos here