HCD13 Springfield Coppenhall Way, Sandbach, Cheshire
All investors were emailed regarding the situation with regards to interest payments on 25/3/2020. If you did not receive this email, please contact our Member Suppot team on [email protected] and they will send you a copy.
New build development of 10 semi-detached houses in Sandbach, Cheshire.
Work on site commenced: August 2017
Status of development: Work on site is now complete.
March 2020 – important note re the Coronavirus pandemic and its potential effect on reservations and sales: Whilst our agents are still operational, they have advised there has been a drop off in enquiries which is to be expected. We do not expect to have any new reservations until the situation stabilises, and we may also lose some of the current reservations.
Sales update: As of February 2020 we have completed on the sale of one of the reserved units and we have one sale left to finalise. Completion is scheduled for March 2020 – the delays in this sale have been caused by the purchasers’ conveyancers. We have completed on 9 property sales to date. At this stage all sales on the development will be completed.
There is no freehold to sell. We are also in the process of completing the final site transfer to the management company.
Fund Raises/Target Investor Returns:
Fund Raise/Phase 1 – 10% (all capital repaid to phase 1 investors)
Fund Raise/Phase 2 – 10% (as of 17th May 2019 all capital has been repaid to phase 2 investors)
Fund Raise/Phase 3 – 10% (as of 4th November 2019 all phase 3 capital has been repaid).
Fund Raise/Phase 4 – 8.5% (as of December 2019 the majority of FR4 investors have been repaid their capital)
Investor capital repaid:
All phase 1, 2 and capital has now been repaid as of early November 2019, and we commenced paying phase 4 capital as sales complete 4th October 2019.
Investors will be emailed when it is their turn to have their capital repaid – please note as a rule earlier investments are repaid first.
Also note we cannot commence paying out interest until all capital across all phases has been paid as interest can only be paid out of profit and a development is not in profit until all capital has been repaid and we are able to calculate what profit there is to be distributed. The fact that this development has taken longer than anticipated to complete and sell has impacted on its profitability.
Build update: The build is now complete and as of the end of June 2019 final quality checks are being conducted prior to the units being occupied.
Most Recent Development Images: