New build development of 45 houses and 9 apartments in Oldham, Greater Manchester (Welly Hole St).

Sales updates are lower down the page (last updated 3/7/20).

The latest site images are also further down the page (latest ones added 1/7/20).

Site updates:  As of end of June 2020 work on site continues.

Update 18/5/2020: After a review of the status of the site and the cost to complete, HCD has engaged the senior site staff (who know the project inside out) directly rather than employing the services of another contractor. HCD has an experienced QS as part of the team, who will manage the site and as the project is now ‘out of the ground’ the majority of the risks in the project have been dealt with.

With the shut down due to Covid-19 coinciding with the financial difficulties of the contractor, the amount of time lost solely due to the Contractor is about 4 weeks.

Trades are now being employed directly and good progress is being made ensuring plots will be ready for handovers by the end of June 2020.  It is anticipated the view home will be ready July 2020.

Update 7/5/2020:

HCD now have full control of the site. They have the site team engaged and are revising project plans and Health and Safety plans in the light of Covid-19.

Trades will be back on site w/c 11th May 2020 and will focus on completing plots ready for sale.

THC’s independent QS review will commence on Tuesday 12th May.

We will update the loan detail once we have the report back from our QS which we hope to be w/c 25th May.

Update 1/5/2020:

The contract with CPUK was terminated on 29/4/2020 and HCD now have control of both sites. Both sites are secured and no one can enter the sites without HCD’s permission.

HCD is meeting with both Site Agents today (1/5/2020) and will finalise a back to work plan then with a presence on site from Monday 4/5/2020 with trades following thereafter.

THC has appointed an independent Quantity Surveyor on both sites to work alongside HCD’s QS. There will be a review of the cost to complete and an update on timings and valuations as a result.

We will give another update on 7th May 2020 (or earlier).

Important update 24/4/2020:

CPUK is the contractor responsible for this site. Despite being a very substantial national company with turnover of well over £50M a year, we discovered yesterday that they are about to file for administration.

As soon as we learned this HCD acted to mitigate any consequences and develop a contingency plan. The HCD management team is working on it today and will be speaking over the weekend to formulate the plan. The site is well progressed, out of the ground and at this stage HCD believe the risks and ramifications are limited and if everything is as it seems should not affect your investment and its forecast returns at all.

We will of course, be monitoring this closely over the next week and will communicate the new plan of action, any updated financial projections and timescales on these projects by 1st May 2020.

GDV: £10,990,000 (re-valued early 2020 and GDV now estimated to be £11,440,000)

Commencement date of work on site: October 2018 (prior to this pre-commencement work with construction work commencing as per below).

Status: Under construction (as of February 2020).

Click here to view drone footage of the site taken March 2020.

March 2020 – important note re the Coronavirus pandemic and its potential effect on reservations and sales:  Whilst our agents are still operational and responding to enquiries and sending out brochures, they have advised there has been a drop off in enquiries which is to be expected. We do not anticipate receiving any new reservations in the near future. We thank investors for their patience during this difficult time.

Sales and marketing updates: as of 3rd July 2020 we have 14 confirmed reservations (an increase of 2 since the last update) and continued interest from a number of other parties.  Our agents have advised that enquiries are noticeably picking up now. 40 plots are still left to sell.

There was an onsite launch by our marketing team on 27th June 2020.

With lockdown easing we are hoping that valuations will soon be able to take place so that we can progress to exchange on the reserved properties.

The view home was meant to be completed by the end of March 2020 but due to the site being closed for several weeks that has not happened as of the middle of May 2020.  At present we are using the view home at Buckton View for Fox Owl Rise, as it is close by and is the same specification.  Due to the pandemic it is hard to conduct viewings so we are working on producing 360 videos for potential purchasers that can be viewed online.

As of February 2020 new local agents have been instructed to assist with the sales process.  Rightmove information for the site has been refreshed.

A further open day was held 22nd Feburary 2020 and this was plugged on social media.

Our sales agents held an open day on 1st Feb 2020.  2 more reservations have so far resulted from this (part of the 9 total reservations above).

Build schedule:

We did anticipate contractors off site by the end of July 2020 though sales will be progressing before this date.  The Pandemic may however impact on this schedule as it is causing issues with the installation of utilities and the supply of materials.  Having to replace the contractors, CPUK, at the end of April 2020 after they went into administration has also caused some delays though we will be working to minimise those.

A further 9 days days were lost to rain since November 2019. As of the end of December 2019 the site is 4 weeks behind schedule.

November 2019 a further 14 1/2 days were lost due to heavy rain – as the infrastructure is still being put in place, weather impacts substantially on the build.  Highways works and knotweed removal have also contributed to delays.  The site is now progressing steadily and the view home should be complete by March 2020.

As of September 2019 the site is approximately 4 weeks behind schedule due to the extreme wet weather in July and August 2019 in the Greater Manchester area and also bad weather December 2018 and snow January 2019.  Our contractors will aim to claw back as much time as possible through the build.  Regular inspections of all works are being carried out by CPUK.

The most recent site images can be found further down.

Fund Raises/Investor return:

There will be further fundraises in order to fund future build costs – this is a large site hence the need for several fundraises.

Phase/Fundraise 1 – 10%
Phase/Fundraise 2 – 10%
Phase/Fundraise 3 – 9%
Phase/Fundraise 4 – 9%
Phase/Fundraise 5 – 9%
Fundraise 6 – 9-10%
Fundraise 7 – 10%
Fundraise 8 – 10%

Investor capital repaid:   to date no capital has been repaid as it is too early in the build process.  The repayment of capital is dependent on sales completing.

Information re interest payments:

We will not be a position to pay any interest until all capital has been repaid, and all units are sold.

Build updates (older updates are below the January 2020 site images)

Site images end of June 2020:

These images show work progressing on the view home.

  

February 2020 Update:

Recent good weather has allowed the brickwork to progress to the central blocks.  Roofs are now going on.

Plot 6 is progressing well and the first handovers are anticipated in March 2020 (now delayed due to the Coronavirus pandemic)

February 2020 Site Photos:

Click here to see more February 2020 site photos.

January 2020 Update:

Block 1: continue with superstructure masonry, completed masonry retaining walls, filled to rear garden area behind walls, install trad deck, scaffolds 1st lift started

Block 6: 1st fix joiners and M&E, sub soil to rear garden area

Block 7: Felt batten and tile to plots 36-38, strip trad deck.

Block 8: Soffit and fascia, felt batten and tile, screed to plots 39 and 40, strip trad deck and scaffolding

Block 9: trusses complete to plots 44 and 45, soffit, fascias, felt batten and tile to plot 46, start felt baton and tile to plots 44 and 45, screed to plot 46, strip trad deck

Block 10: continue with masonry to chamber, lift scaffold, completed TJI joists to 1st floor

Block 11: masonry to chamber level completed, started TJI floors joists

Block 4: continue with masonry to chamber level, started 2nd lift of scaffold, started TJI floor joists

Block 5: continue with masonry to chamber level, installed Trad deck, scaffold 1st list

Block 2: gas membrane and tanking not yet complete as waiting on new design, super structure up to 1st lift

Block 3: gas membrane and tanking not yet complete as waiting on new design

Super structure up to 1st lift

External works: commencement of external gardens to block 6.

Development Images as of January 2020:

December 2019 Update:

Masonry work continuing to all blocks, plus other external works.

External work to gardens has commenced.

November 2019 Build Update:

Block 1 – continuing with superstructure masonry and masonry to retaining walls

Block 6 – completed felt batten and tile.   Plasterboard to stair areas completed ahead of stair installation

Block 7 – started masonry to loose lay roof on Plot 38

Block 8 – completed roof trusses

Block 9 – masonry to gables undertaken

Block 10 – continue with masonry to chamber

Block 11 – masonry to chamber level completed

Block 4 – masonry continuing, lift scaffold, joists being installed to 1st floor

Block 5 – commenced masonry to chamber level, installed trad deck

Block 2 and 3 – gas membrane and tanking

External – formed up ready in preparation for tarmac in front of blocks 2-5

October 2019 Update:

Block 1 – Continue with superstructure masonry – External masonry retaining walls

Block 6 – Completed superstructure masonry to wall plate – Completed scaffold 5th lift for roofers – Erected trusses and spandrel panels

Block 7 – Commenced roof trusses at plots 36-38

Block 8 – Commenced roof trusses

Block 9 – Commenced roof trusses

Block 10 – Progressing masonry to wall plate – Installation of trad deck

Block 11 – Progressed masonry to chamber level – Scaffold block and trad deck installed

Block 4 – Progression of masonry

Block 5 – Completed masonry to DPC – Installed gas membrane

Block 2 – Completed plot drainage – Completed beam and block flooring and masonry to DPC level

Block 3 – Completed plot drainage – Completed beam and block flooring and masonry to DPC level is ongoing
External – Drainage complete and have started to form the road.

Sept 2019 Update:

Work on the site is progressing after the terrible summer weather.  The show home should be completed by December 2019.  Below is detailed work as per our contractors latest report.

Block 1 – superstructure on hold until retaining walls built

Blocks 2 and 3 – Foundations completed and masonry for beam and block (which is a construction method to support flooring and forms a support for the next layer of flooring materials.)

Blocks 4 and 5- Completed masonry to DPC, installed gas membrane

Block 6 – completed superstructure masonry to wall plate, erected trusses (trusses provide support for roofs) and spandrel panels (Spandrel Panels are pre-assembled structural panels used as a separating wall or as a external gable roof panel), started soffits (soffits are the underside of any construction element) and fascias (a fascia board is the one mounted at the point where the roof meets the outer walls of the house and is often called the roofline).

Block 7 – completed masonry to 2nd floor of plot 36, also installed floor joists and boards at 2nd floor to the same plot.  Completed masonry to wall plate for plots 37 and 38 (a wall plate is a horizontal timber situated along the top of a wall at the level of the eaves for bearing the ends of joists or rafters).

Blocks 8 and 9 – completed masonry to wall plate level.

Block 10 – continued masonry to chamber level

Block 11 – Commenced masonry to chamber level

August 2019 Update:

The following works have been ongoing since the last update:

Block 1 – External masonry retaining walls – continuation of super structure masonry – scaffolding ground to 1st floor

Block 2 – Cast foundations – sub-structure masonry – plot drainage

Block 3 – Sub-structure masonry – plot drainage – gas membrane/tanking to retaining walls – Beam & Block Flooring

Block 4 – On hold until road constructed

Block 5 – On hold until road constructed

Block 6 – Complete masonry to eaves plots – install roof trusses  – install stairs

Block 7 – Continue with superstructure masonry to eaves

Block 11 – continue with super structure to chamber

Plot 36 – Commence Roof trusses Block 8 – complete 1st to eaves – commence roof trusses

July 2019 Update:

The adverse weather in July has had an impact on the build as it is difficult to complete external build work in such weather.

Over the course of the last month, the following works were progressed:

At Block 1: Superstructure works commenced

At Block 6: We have completed floor joists to chamber level. We have also completed superstructure masonry to the structural wall plate

At Block 7: Masonry to the chamber has been completed and we have installed floor joists & boards at chamber level. We have implemented lift scaffold for masonry super structure on the 1st and 2nd floors.

At Block 8: We have completed installing floor joists & boards at Chamber level. We have also completed masonry at chamber level

At Block 10: Gas membrane has been installed and we have made a start to superstructure masonry

At Block 11: Block and beam flooring have been completed. Superstructure work commenced

At Block 4: Foundation concrete poured. Completion of sub-structure masonry

At Block 5: Poured foundations and completed sub-structure masonry

June 2019 Update:

Over the course of the last month, the following works were progressed:

At Block 1:

-Sub-structure masonry has been completed
-Beam and Block to ground floor has been completed Drainage has been plotted
– Gas membrane has been laid under the ground floors as per building regulations

At Block 4:

-The foundations have been dug out and the steel up is ready for concrete

At Block 5:

-The foundations have been dug out and the steel up is ready for concrete

At Block 6:

-Masonry to the chamber has been done

-Brickwork has been completed up to chamber joist level and joiners have commenced installing decking

At Block 7:

-Masonry to the chamber has been completed Installation of floor joists & boards at chamber level are only to plots 37 & 38 The 2nd floor sub-structure masonry to wall plate has commenced

At Block 8:

-The 1st lift scaffold is up The trad deck has been installed and the masonry to chamber level is complete

At Block 10:

-The sub-structure masonry has been completed Beam and Block to GFL has been completed Drainage has been plotted

At block 11:

-The foundations have been poured The drainage has been plotted

May 2019 Update:

-Hoarding has gone up directing potential buyers to our nearby site Buckton View development (4 miles away) as per the reasoning in the sales update.

-Work is progressing well as a whole, partly thanks to the good weather that we have been receiving .

April 2019 Update:

– Cut and fill is now complete

-Excess material is now being stored on site and is expected to be removed over next period in preparation of piling works.

March 2019 Build Update:

– The land has now been levelled and excavated material has been stored onsite to be removed at a later date.

– Piling work is currently underway from plots 6 through to 11. This will make the ground beneath the developments sturdier and stable.

-Approximately half the piles that are already in the ground were being cut down at the time of the site visit.

-Substructure blockwork (the foundations) have been laid in anticipation of the upcoming brickwork

-Foul (domestically produced water) and surface water (roof or ground water) connections have also taken place over the past month.

-As a whole, everything continues to progress on schedule

– A property that will be available for viewings is on track to be implemented in August

February 2019 Build Update:

– The extensive excavation work on the site is now complete and we await removal of excess material which will be removed later in the build.

– We have now completed piling works on blocks 6, 7, 8 (the insertion of vertical columns of concrete/steel driven deep into the ground to give extra support to the foundations above).

– We have also commenced laying tarmac to the access roads.

January 2019 Build Update: 

– The building site has been stripped of all bushes, foliage, rubbish etc – a process known as ‘site strip’.

-Foundation work has been completed on 2 of the 11 blocks on the site, however, a period of rainfall has slowed this process down. We’re scheduled to recommence this work in February.

-In the meantime, we are progressing with the installation of site drainage, a new access road and building work to the 2 blocks where foundations are in place.