Development Update – November 2017
Please find below the latest updates on all our ongoing developments as of the end of October 2017. 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.
HCD17 – Parkside Phase 1
We completed the purchase of this site first week of November. The main contractor has been appointed and a pre-start meeting was held 7th November.
Detailed design including new kitchen designs have been carried out in the background pre-purchase and a physical start on site is due November 21st.
HCD15 – Buckton View
We have completed the purchase of this site 6th October. Our nominated builders, CPUK, are now fully appointed, have discharged the pre-start planning conditions and start work on the site week commencing 13th November subject to Local Authority sign off.
A re-work of the house designs to make the interior space work better has been completed and can be viewed by clicking here.
HCD14 – Old Library, Frodsham
Work commenced on the site 7th November with a full measured survey and strip out of the existing building. A more detailed programme of work is currently being prepared by the design team.
HCD13 – Coppenhall
After much discussion with the local council, this development is now officially called “Springfields”. The postal address will be: 1-10 Springfields, Coppenhall Way, Sandbach. This name will be used in marketing material for the sale of the properties.
Works are progressing well at this development. Our main contractors have reported a one-week delay (this was due to the engineer’s drawings and it is expected this time will be recovered). We have received a detailed programme that shows handover of plots one & two pre-Christmas allowing us to present the show house before the end of January 2018 (this was originally projected for the end of March 2018).
Plots 1&2 have the roof completed, windows on site ready for install, and the staircases are in the process of being constructed.
Plots 3&4 are in the process of being roofed.
Plots 7,8,9&10 have foundations complete and are being concreted. Timber frames have been produced and will be delivered to site week commencing 6th November.
HCD10 – Bollin Heights
The development at Bollin Heights is entering into its final month before we anticipate being able to release the first set of apartments to buyers. The pictures attached to this update include the final windows and doors going into phase 1 and the decorated communal areas. We have some work to do on the external areas, including the entrance gates and parking areas, but our contractor has this all in hand. We are still very much targeting to serve practical completion notices for circa 15 apartments in December.
Our progress with the extension has been steady (see photos on the link below), as we were awaiting a re-design of steel work from our appointed structural engineers; however we now have all necessary information to finish the extension. We still anticipate that we will be completely off site by April 2018.
Sebastians (our estate agent) have continued to receive enquiries for the remaining plots and have had multiple viewings by the same buyers, so we hope to have further sales completed soon. Currently we have 23 out of 32 of the apartments either exchanged or reserved with exchange imminent.
Please note that investors will be repaid on a first in first out basis with phase 1 investors being repaid first.
HCD7 – Brundred Farm
We are currently raising investment for this project, as we plan to erect a new house on this site, plus demolish the old one and replace with a newer property. We are aiming to complete on the site purchase 24th November.
HCD5 – Bank Chambers
The Bank Chambers development is starting to shape up nicely, as you will see from the pictures linked to below.
The bathrooms are currently being tiled, kitchens are being fitted and doors are going on. Flats 2-7 are now about 80-90% finished and plots 8 & 9 are not far behind. We are currently progressing the necessary works to finish the communal spaces and flat 1. We are pushing our contractor to ensure the first set of purchasers can move in by Christmas, however we do not want to compromise on quality so we are mindful of this as wish to maintain the qualities of this lovely old building.
HCD4 – Gratrix Park
We have now handed over a total of 5 properties at Gratrix Park. The owners of numbers 10 – 14 are all either moved in or are about to. We have scheduled another 5 properties to be handed over before Christmas including plots 1-4 and plot 16. Our project programme still has all contractors completely off site in February.
Our contractors are keeping in touch with buyers and ensuring their expectations are managed with regards to moving in dates. We have 14 properties exchanged on, 2 more are anticipated to exchange week commencing 14th November and the remaining plots are all reserved through either Jordan Fishwick and Sebastian’s estate agencies. We anticipate having all plots exchanged on by mid-December.
The pictures linked to below show the next set of finished kitchens and also the finished detached properties about a week before handover on plots 11 & 10.
We have already started paying out the earlier investors in this development, and will continue to do so on a first in first out basis as sales are completed.
HCD3 – The Woodlands
We are now in our 6th month on the build and progress has been pleasingly steady. We now have all 28 foundations in for the houses and blockwork progressing well on the first 13 units.
The show house is now coming together windows have been installed this week, so it’s possible to see how the buildings will look when complete.
We plan to have a soft opening of the show house this side of Christmas and a grand opening in early January which we hope will progress off-plan sales. The new hoardings will soon be erected, which should help make the entire site a more appealing prospect.
We believe the internal specification will impress potential buyers when they can view the show home, and with Help to Buy as a marketing tool, and the houses starting at £172,000 in a gated development, we hope that these properties will be an attractive proposition for home buyers, especially as there is an undersupply of houses in this area.
Our preferred estate agent Sebastians has started to book in appointments for viewing the show house in January and there has been an encouraging amount of interest to date.
HCD2 – Alderley Edge
Number 10 Alderley Edge has progressed well over the last month. We are now up to the final floor and as you can see from the pictures linked to below the views from the penthouse apartment are rather impressive (or would be if the weather wasn’t being particularly Manchester like on the day we took the photos). We have had to have the steel roof re-designed and our contractor is trying to expedite the fitting process of this by incorporating timber trusses into the roof and omitting some of the steel.
Our appointed interior designer has been carrying out some extremely impressive work on aiding us in the sourcing of kitchens, bathrooms and the overall finishing of the apartments, so we are confident they will surpass expectations.
Sebastians are still receiving regular enquiries for sales and we trust once the build has progress further there will be commitment to buy.
We are feeling quite excited about how the buildings will look when complete. The development is scheduled to be finished in March/April 2018.
HCP156 – Station Road, Marple
We have had two offers on the property since our last update. We have accepted one of them. Solicitors and surveyors have been instructed.