Conversion of historic former chapel and library into 14 luxury apartments with under croft parking.  The building is centrally located in Frodsham in Cheshire.

GDV: £2,075,000

Sales update:  As of 29th October 2020 the situation is unchanged, with 3 units sold and 5 units reserved, 2 of which should complete by end of October 2020 (there have been some delays with the conveyancing process).  There are now 5 units left to sell. Help to Buy has caused hold ups with sales progressing.

In the last few weeks viewings have slowed down partly due to a seasonal adjustment and partly due to increased lockdown measures which is taking aways purchasers appetite to move. Covid has also flattened the market for flats. Please note sale completions continue to be affected by disruptions in the lending, legal and local authorities.

We are continuing to ensure that the site is kept in good condition for potential viewings with windows regularly cleaned and maintenance of external landscaping continuing.

Our agents have advised that due to the new lockdown rules that are affecting Greater Manchester viewings are down but sales activity in general is strong.  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.

We anticipate increased interest after the government’s announcement regarding the stamp duty holiday and our agents have increased staffing levels accordingly.

360 video walk throughs have been done and are being used by agents to show the properties to potential purchasers as well as onsite viewings.

Click here to see a 2-bed flat listing on Rightmove.

The site is being marketed by Specialist Property Solutions.

Site build schedule:  The build was delayed due to issues with utilities being installed and contractor related delays.  Some delays will be recoverable.

Fund Raises/Investor return:
Phase/Fundraise 1 – 10-11% (all capital repaid as of 29/11/19)
Phase/Fundraise 2 – 9% (all capital repaid as of 16/12/19)
Phase/Fundraise 3 – 9% (all capital repaid as of 20/12/19)
Phase/Fundraise 4 – 9% (repayment of capital commenced 20/12/19)

Investors capital repaid: We started repaying investor capital in Fundraise 1 as of 11th November 2019 and will continue to do so as sales complete.  Please note that due to the Coronavirus we cannot currently currently complete on any sales as per government regulations with regards to house moves.

Site update: Build now complete and we are now working to progress sales.  The latest site images can be seen below (new images added 27/8/20).

Date work commenced on site: January 2018.

View home and exterior images as of end of August 2020:

   

Site images as of 6th May 2020:

April 2020 update:

The carpark has now been resurfaced.

We are waiting on some outstanding completion certificates on some aparments and final exterior work to be completed.

The new management company is ready to take over the site once further sales have completed.

January/February 2020 images:

As of March 2020 we are waiting on the car park to be resurfaced.

February 2020 updates:

Snagging and final handover were underway with tarmac to the car park following.

November 2019 updates:

Joiners are going into the properties on Friday 22nd November 2019.

Meters are being installed w/c 18th November 2019 – when the utilites are fully operational (should be done by 22nd November), then the final snagging can be done.  Tarmac’ing outside is being carried out the same week.

October 2019 updates:

The apartments are being snagged 7th October.

Tarmac is going down mid-October.

We have been given a date of 28th October for the utilities to be connected finally which means we can make real headway with progressing sales.  As the road needs to be closed whilst this work is carried out, it has been difficult getting a date from the council.

September 2019 Update:

We are still waiting on a date for the utilities to be connected.

The units have been finished to a higher specification than originally envisaged, and therefore each unit needs to be individually priced so an estate agent will be walking around all units to do this by the end of September 2019.

August 2019 Update:

– Landscaping now complete

– Tarmac still to be completed (cannot be done until service connections are complete)

– Electric/Water still to be connected

– IQ to advise a date once received from the utility provider

– 2 Kitchens are to be installed

July 2019 Update:

-Another 2 weeks worth of work expected to be required on site.

– Most units now skimmed and tiling is well underway

– Awaiting kitchens for top floor units

– Power is not yet connected but is due imminently

– Drainage has now been connected

– Tarmac is due to be completed over this week however this is dependent on stats

– Carpets are currently being fitted.

June 2019 Update:

-All roofing works to the former library has completed and the building is watertight.

-All internal staircases have been installed to the relevant properties, in various stages of decoration. However, the communal staircase due to be installed over the next week.

-Units 5, 6, 7 and 11 are now complete subject to final snagging. The communal areas to these units are due to be completed over the next period.

-Units 1, 2 ,3 and 4 – fit out is currently ongoing with kitchens and sanitary ware installs progressing. These are due to be complete by 5th July.

-Units 9, 10, 12, 13 and 14 are all due to complete on the 19th July.

-Externally – new incoming electric is due to be installed this week to enable the tarmacing works to the carpark.

May 2019 Update:

-Full steam ahead. With all the good weather work has been progressing exceptionally well, and we’ve been able to make up for some of the previous delays
that have been reported.

-At this stage, construction is expected to be completed within the next few months

April 2019 Update:

Build Phase 1: Incorporates all plots with their own external access on the Lower Ground Floor

– Most of the stud walls have been erected. Single side plasterboard and MF ceilings have been installed.

– Mechanical and electrical works are underway across all plots. This will enable all walls to be second side boarded and the skimming of the surfaces to begin.

Build Phase 2: Incorporates all plots accessed via the main building entrance facing Main Street.

– The house to be available for viewings (plot 6) has been fitted-out.

Build Phase 3: Incorporates all plots accessed via the communal staircase
-Stud walls have been erected throughout the properties, enabling 1st fix M&E to progress

March 2019 Update:

All the roofing work to Frodsham Library has been complete and the building is now watertight.

Build Phase 1:  Incorporates all plots with their own external access on the lower ground floor.

–  Internal partitioning has been erected to support the main structure.

– Suspended ceilings have been installed.

-Plaster boarding to the internal walls has also been installed.

-The contractors have also commenced with mechanical and electrical work.

Build Phase 2: Incorporates all plots accessed via the main building entrance facing Main Street

-Once the second fix mechanical and electrical and tiling work are completed, we can commence with decoration.

– Plots 6 has been fitted out in anticipation for viewings

Building Phase 3: Incorporates all plots accessed via the communal staircase to the site, including the extension.

-The base level of the extension has seen progress. The floor still requires screening prior to any further work begins, however.

-Stud walls have been erected and then single side boarded  at the upper level

February 2019 Build Update:

This month we have split the project into 3 phases to make it clearer to explain how the work is progressing.  Please note the build phases bear no relationship of fund raising phases.

Build Phase 1: Comprising plots that have external access to the lower ground floor.

–  First fix timbers (erecting the stud partition walls) have been completed.

– First fix mechanical and electrical works (pipework and wiring) are currently being installed on the apartments.

– Our plastering contractor has commenced with plasterboarding, the stud partitions and completed the ceilings.

Build Phase 2: Comprising all plots accessed via the main building entrance

– The show-house (plot 6) is now complete and is currently being well received prospective buyers- as you can imagine when looking at the photos below!

-The remaining plots in this phase are currently having tiling work and second fix mechanical and electrical (such as light fittings, fixtures, etc.)  which should take 2-3 weeks to complete prior to snagging commencing.

Build Phase 3: Comprising all plots accessed via the communal staircase.

-First fix timbers (erecting the stud partition walls) have been completed and plasterboarding to walls has commenced.

January 2019 Build Update:

-The extension to the former library has been erected and made watertight. All roofing works have been completed and work is progressing to phase 2 (Upper Ground Floor of the existing library space).

-The formation of internal walls has commenced to phase 1 (Lower Ground Floor) and plumbing and electrical work has commenced in the existing library space.

-Plot 6 has been fitted out and is available for prospective buyers to view.


Most Recent Development Images (View Home):