Development Update – October 2017
Please find below the latest updates on all our ongoing developments as of the start of October 2017. There are also links to the latest images for most of the 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
Fund raise is well under way for acquisition. In the interim we have been finalising specification, materials and programme with our Contractor and will be in a position to sign contracts as soon as we complete.
HCD15 – Buckton View
Completion of the site purchase occurred on Friday October 6th. We have finalised the contract price and documents have been issued to our main contractor for execution. Detailed design will commence next week with a start on site expected by the end of November. In the interim we will be satisfying pre-start planning conditions, agreeing materials and placing orders for services.
HCD14 – Old Library, Frodsham
We have completed the purchase and also finalised the specification and appointed our main contractor. A start on site is imminent and we will be able to provide a detailed programme during our next update. Following local press coverage we have had strong interest in the project with three potential purchasers waiting to see a start on site.
HCD13 – Coppenhall
As of 4th October the first floor has been constructed for plots 1 & 2 with the roof expected to go on by the end of the week. Plots 3 & 4 foundations are complete and the slab has been poured. Timber frame will start erection next week! Setting out of plots 7-10 has been done and foundations will be excavated next week. We are aiming to have the show flats available Feb/Mar 2018.
HCD10 – Bollin Heights
Bollin Heights phase 1 (the first 24 apartments) is now moving into its final programmed few months on the build. We currently have the roof off on apartments 26 and 27 and they will soon be back to being water tight. The extension is moving forward well (despite delays caused by brick laying contractors) after Kingstone found and appointed a new sub-contracting firm to build the super structure. The current programme shows the extension super structure being completed in November.
Legally we believed that we had a complete right of way to bring new services (Including water and electric) down into the building through the neighbouring property. This turns out to not be as black and white as we were advised, which now requires us to re-design a work around. We now will be using a water tank and pump system to service part of the building. This work should be complete within the next 5 weeks and we will then have all the essential services into the building ahead of first occupation. However, we are still negotiating the supply of fibre-optic broadband and removal of the bollards.
Sales have continued to progress and Sebastian’s estate agents are receiving plenty of enquiries; however they have suggested some fresh marketing would help to secure the sales of the final few properties, so we are currently arranging this.
HCD7 – Brundred Farm
After considering all options we have decided that the best route is for us to develop the site ourselves into two luxury houses that local agents believe will sell for upwards of £1.3M each.
We are planning to launch the crowdfunding campaign for the project shortly.
HCD5 – Bank Chambers
We now believe we are into the last 8 – 10 weeks on site at Bank Chambers. We have just overcome a 6-month battle with Stockport building control over the initial notice for building regulations, which has now been approved. However, on top of this being a generally difficult build partially due to the listed status, this has caused a completely uncontrollable level of delay. We were also let down at the last minute by our preferred roofing contractor meaning we had to delay stripping off the roof and finishing the two attic flats.
On a more positive note we are starting to see the flats take shape and they are looking fantastic. The contractors are working extremely hard and being meticulous about the sensitive final finish for this listed building.
The below pictures show that this project is moving into the final stages.
HCD4 – Gratrix Park
Two families have now moved into Gratrix Park and both have declared themselves extremely happy with their new homes. We are making an effort to now deliver plots 10, 11 & 14 within the next 3 weeks. We have revised the time frame on the remainder of the project, which will ensure we keep the same level of quality up with the new homes. Realistic time frame for this project will mean we will be off site by the end of February 2018.
The internal project team working on this development are doing a rigorous process of pre-snagging & checking of the final finishes post sign off from the building inspector and warranty provider.
The below pictures show another a mixture of plot 13 & 14, which are the first two semi-detached properties that will be completed.
HCD3 – The Woodlands
The build programme is on schedule and the show house should be ready in early January. Due to the Building Control and Yorkshire water not accepting the initial design for the site drainage, we have had to re-design it, which has increased costs; however we believe this issue is now pretty much resolved, so shouldn’t further slow progress.
We have had our help to buy application accepted for these properties, and as before we are selling all houses freehold, which will hopefully attract further buyers. However, the key to the sales in Rotherham is the show house, which cannot be built until all utilities and services are in place.
HCD2 – Alderley Edge
The development at Alderley has stalled slightly over the last few weeks, as the steel work contractor we use for Alderley Edge was finishing off the roof at our Bollin Heights development, which has led to a delay of about two weeks with regards to Alderley Edge. However, the work is due to commence on Monday 9th October.
We have an application in for two garages to be added, which will make a total of four and we have the support of the local planning authority for this. The decision on this is due in 5 weeks. We have appointed an interior designer to assist with the finishing of the communal areas and also advise on kitchens and bathroom design.
The project is still on track and we do have significant sales interest, however our sales agent has advised that finishing the externals will be the key to securing the final sales.
One of the properties is currently reserved.
Those investors in Phase 1 and Phase 2 of this development who wished to exit the investment have been repaid their capital and interest.
The pictures below show the external progress.
HCP156 – Station Road, Marple
We have had a few positive viewings, who gave good feedback on the house, but unfortunately they have only just put their properties on the market and until they receive an offer we cannot move forward with any of the potential buyers.
We are also looking at marketing the property with an online sales agency, on a no sell no fee option, and we will then attend the viewings to get a better understanding of buyer’s expectations/views. This will also reduce agency costs.