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

The latest site images are further down the page (latest site images added 28/9/2020 and are below the view home images, view home images added 30/7/20, late site update added 4/2/21).

Site status:

As of mid-February 2021 work is progressing well.  We are continuing to experience issues with acquiring fencing and roofing materials and also windows, and have lost several teams of workers due to the need to isolate. We are concentrating on completing all reserved units, and on getting building control certificates in order to get build warranties to complete sales. We currently estimate workers being off-site by May 2021.

Up to the end of week 131 (January 2021), 36,770 – man-hours have been worked since recommencement on 4th May 2020.

Further to the site visit of the HSE and local lockdown measures related to Covid-19, the site is to remain on alert for Covid-19 keeping in place all actions and measures established in HCD Covid-19 strategy until further notice. The site is also taking guidance from the latest “Construction Leadership Council – Site Operational Procedures” version 7, and carrying out regular TBTs on the same topic.

3 days has been lost on-site in the last 4 week period into January 2021 (including the Christmas shutdown) due to wet weather, and sub-zero temperatures, mainly affecting masonry works, plastering, and external works. This is a total of 30.5 days of production lost since the beginning of July 2020.

Click here to view further view home images.

Sales and marketing updates: as of 18th February 2021 we have completed on the sale of 1 property, and have 24 confirmed reservations, most of which are progressing through legals – we have exchanged on 1 of these with completion anticipated to be by the end of February 2021.  There are currently delays on sales due to Oldham council taking around 6-weeks to respond to local searches which is holding up completions.

Our agents report that interest in this site continue to be high as we reach the end of February 2021, with the adjustments now made for the new Help to Buy scheme which comes into effect later this year, which this site is eligible for.  We’re just praying the snow stays away as it keeps viewings down.

We are continuing to work through the legals with the Help to Buy programme where appropriate in order to be able to progress associated sales but as with most matters at present, there are delays. Help To Buy especially is causing significant delays across the industry.

The new national lockdown may impact on viewings and the progressing of sales.

Please note sale completions continue to be affected by disruptions in the lending, legal and local authorities.

Our agents have advised that viewings continue to be down due to the increased lock down restrictions in the Greater Manchester area.  They have also noted delays on mortgage offers being received and with overworked solicitors which is leading to transactions taking longer to bring to completion, but this is a problem across the boards and recent press coverage has highlighted criticisms of lenders with regards to their current service levels.

Homereach ( was launched 25th July 2020.

There was an onsite launch by our marketing team on 27th June 2020.  The first formal day with the view home was held w/e of 11th/12th July 2020.

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 and sales have been delayed by the ongoing pandemic.  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.

Site updates: 

Build update as of 3/2/21:

Block 1:
1st fix M&E to apartments and plasterboard commenced.
External works to rear of plots.
STATS tails installed to plots 1-3.
Temp window protection installed.

Block 2:
Steel installed for 1st floor masonry supports.
Rhino deck installed ready for floors.

Block 3:
Rhino deck installed ready for floors.

Block 4:
Plaster boarding to plots 18-20
Skim completed to plot 18, ongoing to plot 19
M&E 1st fix testing

Block 5:
No real progress within the period.

Block 6:
No progress other than checks on heating system.

Block 7:
Final snagging ongoing to plot 38.

Block 8:
2nd fix M&£ to plots 41-43
Decoration to plots 40 and 41.

Block 9:
Kitchen installation to all 3 plots.
Decoration to plot 44.
Heating turned on to all plots.

Block 10:
Kitchen installation to plots 48-50.
Heating going on in theses plots shortly.
Fencing and topsoil to rear gardens.

Block 11:
External works to front and rear of plot.
Staircases to communal areas.

Works planned for next 4 week period:

Block 1: MF ceiling grid being installed, start of plasterworks to walls and ceilings, electric installation to apartments.
Blocks 2&3: timber floors to 1st floor.
Block 4: installation of staircases to plots 21-23, porch areas to be buit to front of plots 21-23, plastering to plots, already started in plot 18.
Block 5: progression to external works to rear.
Block 6: push to completion including external works for occupation access.
Block 7: final snag through these lots and aiming for occupation of plot 6 by end of February 2021.
Block 8: Decoration ongoing to one plot.
Block 9: external works to completion, fencing to rear gardens, heating on, final fix joinery to plots.
Block 10: 2nd and final fix joinery to plots 48-50, heating being turned on, commencement of final decoration.
Block 11: MF ceiling to apartments, plasterwork to commence.
External estate areas: grading up of carpark area to block 1 after scaffold strip and tidy up, concentrating on area to rear of blocks 4 and 5 and 10.

As of January 2021 work on site continues though slower than we would like due to covid issues with workers needing to self-isolate.  The view home is now complete and open as of October 2020.

Update 9/12/20: Street lighting is in, and plots 36 and  38 are approaching completion. The site is looking good though work is progressing slower than we would like.

Update 25/11/20: roofing materials have finally arrived after 6-weeks enabling essential work to continue.

Update 17/11/20: whilst work on site has been progressing well, we have in the last week lost 6 workers due to Covid.  There are 32 workers left on site.  The loss of workers is impacting on the build.

Update 26/8/20: Block 6 & 7 is virtually complete bar final snag – these units were targeted for completion by the end of September 2020 to allow sales to progress in these areas.  Block 1 is approaching roof level and is targeted for completion by end September – all of this block is sold (6 units).  The site team are working to make all other plots weathertight prior to the final push on internals.

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.


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

View home images as of July 2020:

Click here to see further view home images.

Site images Sept 2020:

Site images start of August 2020:

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.