HCD17 Parkside, Sandbach, Cheshire
New build development of 14 semi-detached and mews houses.
As of 23rd October 2020 the situation is unchanged from the last update. We have 1 reserved unit which is currently progressing through the sales process. There is 1 unit left to sell.
Specialist Property Solutions are continuing to market the remaining unit.
Our agents have 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.
The sale of the old house completed mid-October 2019.
There is no freehold to sell.
Investors capital repaid: As of February 2019, all phase 1,2 and 3 investors have had their capital repaid and we have commenced repaying capital to phase 4 investors. We have continued to repay capital as sales complete. Investors will be emailed when it is their turn to have their capital repaid.
Please note there is no set date for the payment of interest as it is dependent on all units on the development being sold and all investor capital having been repaid. Interest can only be paid out of profit, and a development is not in profit until all capital has been repaid.
Fund Raises/Investor returns:
Phase/Fundraise 1- 10% (all capital repaid)
Phase/Fundraise 2- 10% (all capital repaid)
Phase/Fundraise 3- 8.5% (all capital repaid)
Phase/Fundraise 4- 8.5% (as of November 2019 the majority of phase 4 investors have received their capital back)
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. We are currently progressing sales in order to finish paying all investor capital, and do not yet have a timeframe for the payment of interest.
Work on site completed April 2019. Work on site commenced November 2017. The transfer of the estate road will take place after the final plot sale completes.
April 2019 Build Update:
-As previously, we are now in the process of conducting the final checks across the site over a 12 month period
March 2019 Build Update:
-No major works are now outstanding on the site and BT have now completed the connections to all the properties.
-Practical completion certificate for the development was issued at the back end of February so that people can now move into the houses
-This practical completion however was subject to rectifying any outstanding snagging issues
-A snagging tracker has been setup to monitor the progress of the works
February 2019 Build Update:
– Snagging and a final inspection of the houses is underway and we envisage that the lucky new homeowners will be moving in to their stunning new homes shortly. You can read about this in Frazer’s recent blog.
January 2019 Build Update:
The development is essentially complete and we’re presently completing quality checks prior to occupation.
Site images post completion:
Most Recent Development Images: