Development Update – September 2017
Please find below the latest updates on all our ongoing developments as of the beginning of September 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 all 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.
HCD14 – Old Library, Frodsham
There has been a slight delay with completion on purchasing this property due to lawyers (and the staff) being either on holiday or incapacitated. We expect to complete the acquisition by the end of this week (9th September). This hasn’t stopped us making good progress in the background; we have chosen our contractor and they have appointed both an architect and an engineer to progress the detailed design work and satisfy the pre-start conditions. We have also received a number of approaches from prospective purchasers for the finished units.
Once the property purchase is complete we will be able to advise all investors of their interest calculation start date.
HCD13 – Coppenhall
As you may already know, work commenced on August 14th, 2017. Following our last video – there will be another later this week – levels have been set for the plots, road and drainage. Kerbs to the road are being set and foundations have been dug for plots 1 & 2. The timber frame has been designed and off-site manufacture is underway. Art work for the hoardings has been finalised and Justin on our development team is meeting with Stephenson Browne this week to plan the launch of the scheme for sale (we already have a buyer that wishes to reserve).
HCD10 – Bollin Heights
All planning is now in place and all work scheduled in to complete the project at Bollin Heights. We are confident about being off site by April 2018.
Sales have continued and we have 24 apartments sold, so only 8 left to sell on the entire development. Currently we have 9 apartments finished, 8 apartments are between 70 – 80% finished and 7 are 40% are the way there. The final 8 apartments in the extension will be delivered by April 2018.
The development is receiving a lot of attention from potential buyers, businesses and even local developers, so we do feel that despite any setbacks we have had we are now confident of selling all the remaining units, keeping the build on schedule and having 32 happy buyers!
Photos are available below, including 4 recently taken professional shots.
HCD7 – Brundred Farm
The Brundred Farm planning appeal has been allowed which is excellent news.
We will now be considering how to move forward on this and either develop the site or sell to another developer with planning and take the profit.
HCD5 – Bank Chambers
The Bank Chambers development is steadily progressing, but over the last 4 weeks we are still having issues with building control agreeing to the layouts of the apartments and the level of fire protection required. This has had significant knock on effects, as we have not been able to close off apartments or finish the first fix electrics, as we weren’t sure if we would need to make changes to what had already been done. You will see from one of the images below we have been obliged to fit a sprinkler system, which was not an original requirement so was not in the budget. However, we have made progress and have negotiated a conditional exchange, based on:
- Water calculation
- Water consumption to be confirmed as max 125l/s per person
- Pre-completion sound testing required
- Confirmation that detection within kitchens is of the optical smoke type
- Confirmation that water mist system is designed in accordance with relevant BS
Due to these delays, some of the sub-contractors we had lined up to carry out work have had to move on to other jobs and cannot fit us back in for a couple of weeks, thus our completion schedule has moved back. We are constantly updating the buyers and ensuring that despite the delays they kept up to date with what is happening.
You will be able to see in the images linked to below that we have now put the new stairs in and we are starting to form the attic apartments.
HCD4 – Gratrix Park
5 of the properties are now ready to complete on the sales as soon as the utilities are connected. We are getting closer and closer to our first completion at Gratrix Park and currently we should be serving our first completion notice on Friday. The delay on the first plot was caused by an issue with getting the utilities connected that is now in the process of being resolved. Despite the issues caused by delays to the utilities being installed, we expect the buyer of Plot 12 to move in at some point the week beginning the 11th of September. Plot 12 will be quickly followed by plot 13, 14 and 11.
Our ground workers and landscapers have worked hard to make up time after the major delay that was caused by United Utilities on the sewer diversion, and the site is really taking shape. We now believe we are in a good place to be completely off site by February 2018 if not before.
HCD3 – The Woodlands
The Rotherham site is moving at a good pace and we are about 6-8 weeks away from having the show house ready. Sales have slowed over the summer period, which is to be expected with the school holidays. Our estate agent Sebastian’s have indicated that the show home will increase the number of enquiries, so we believe this is key to sales continuing.
We will soon be starting the utilities connections for the site and laying the major site drainage, so we are still on course at the minute to have our first buyers in by Christmas.
HCD2 – Alderley Edge
Progress has been steady over the last month, but as the pictures linked to below will show we are now putting the final floor on this development and soon we will be doing the seal for the roof. You can almost see what an amazing panoramic view the penthouse will have of the Cheshire countryside. We are currently dealing with multiple kitchen and bathroom providers, plus taking advice from our interior designer to ensure we get the truly opulent look and feel that was originally planned.
As originally planned we were going to sell this apartments off plan and after 4 days of being live on Rightmove we have taken our first reservation for flat number 2 which has been sold for £899,999, substantially over the originally anticipated price. We have considerable amount of interest in the other flats and we have multiple viewings lined up.
We do still have one planning application going through for two additional garages, and we are confident of winning this.
All in all, a very positive month for Number 10, Congleton Road and we expect to have all units sold before the end of the build!
HCD1 – Regent St.
All investors have now been repaid their capital and received their interest as all the properties have been sold subject to contract.