New build development of 34 luxury apartments and four townhouses and conversion of former pub into one apartment and one commercial unit in Altrincham, Cheshire.  This is estimated to be a 54 week build from start of construction though time frames can slip.  All work on site should be complete by April/May 2021 with all contractors off site by that date.  The Coronavirus Pandemic may however impact on this timeframe.

Coronavirus updates: In most instances we have been able to have a normal team of contractors on site because we are still fairly early on in the build. Our QS is sending through regular updates.  We thank investors for their patience during this difficult time.  As of late May 2020 work at the site is continuing and progressing well.  Recent site images are further down the page.  Construction Guidelines during the Pandemic allow a “gang” to work together as it would be impossible to do the job otherwise. Workers have to stay within these designated gangs.  If one worker displays symptons the entire gang is required to follow government guidelines for isolating.

GDV: £15,354,000

Site build schedule and status:

As of end of April 2020 the site is approximately 6 weeks behind schedule.  It is currently estimated contractors will be off site by April/May 2021 though we will be repaying investors their capital as sales complete so the build does not have to be completed before we will commence repaying capital. Block D, which contains 6 apartments, is currently anticipated to be completed, sold and moved into by Christmas 2020.  The Coronavirus Pandemic may however impact these timings.

January 2020 there are a number of pre commencement conditions that still need to be met in relation to air, noise and pollution which are being worked on. Party wall conditions are progressing.

We completed on the first part of the site purchase 30th January 2019. Pre-construction work then took several months to carry out.

Marketing:  The marketing brochure was completed mid April 2020 and has been sent out to all people who have registered their interest.  The site is now being actively marketed.  As of mid-May 2020 we have 4 pending reservations.

Fundraises to Date and Target Interest Rates:

Fundraise 1: 10-12%
Fundraise 2: 10-12%
Fundraise 3: 10%
Fundraise 4: 10%
Fundraise 5: 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.

Site image 22/5/2020:

First pour podium deck image.

Site images taken 19/5/20:

Podium deck taking shape 12/5/2020:

Site images as of 6/5/2020:

Update 1/5/2020

The image below was taken 30/4/2020.  Pouring of the car park concrete floor commenced 1/5/2020.

Update 28/4/2020:

All ground works are now complete

Steel frame erected

Concrete to form basement car park to be poured next week

Formation of the podium deck starts next week

Timber frame is in manufacture off site

Update 27/4/2020:  the crane is now on site as of this date and work is continuing apace.

Update 16/4/2020:  Our QS has advised that the crane should be on site 27/4/2020.  This should enable the installation of the timber frame in June 2020.  Drainage at the site is now 95% complete and the ground is currently being prepared for the concrete slab.

Update 7/4/2020:  Our QS has advised that the Tower Crane company are re-opening on 20th April. We should be able to get the crane in that week to then progress metal deck and concrete floor and timber frame.

Contractors are currently completing drainage and stanchion bases – we anticipate being able to lay the slab in circa 3 weeks – we can then commence LFG blockwork to substation/plantrooms and the like.

Site images below as of 27/4/2020:

Site photos below as of 16/4/2020:

Site photos below as of 6/4/2020:

Update 31/3/2020: Works progressing on site well – we are a few groundworkers down.
Steel going up.
Underslab drainage ongoing.
Crane base ready.
Edge protection going on.

Our QS has advised that concrete plants are begnining to shut down so they are trying to get the lower ground slab poured so they can utilise the lower area as parking before any site shut down.

Our QS has reported as of 27/3/2020 that the site is progressing well.  Steel erection is still ongoing.  Minimal staff are on site.  Risks due to social distancing are minimal and are being actively managed.

Site photos below as of 30/3/2020:

March 2020 Update:

The steel frame is progressing well.

Tower crane and metal deck expected on site in April 2020.

The timber frame is due May 2020.

Site image below was taken mid-March 2020

February 2020 Update:

All concrete is now in

Steelwork will be starting w/c 2/3/2020.

January 2020 Update:

Works to foundation bases are now underway.

All parking has been reallocated.

An attenuation tank has now been installed (drainage).

Party wall issues are progressing and ongoing with the QS liasing with the party wall surveyor.

Over the next period, the groundworks should progress towards completion.

December 2019 Update:

Hoarding works completed.

Strip out of the Nicks Bar is now complete along with asbestos removal.

The majority of drainage is complete.

Works to foundation bases are underway.

November 2019 Update:

Architectural design works have been progressed.  A landscape architect has been appointed.

The strip out of the existing building has been done.  Hoarding works are underway.

Main outfall drainage has been installed with remainder underway including attenuation tank.

Underpinning of party wall complete.

October 2019 Update:

-Site welfare is being progressed and due to be complete over this period.

– Asbestos survey completed at Nicks Bar

– Results are cost for removal have been presented to Edmond Shipway for review. –

Timber frame design works have commenced

– Fire/Acoustic and Planning Consultants appointed

– Strip out of Nicks bar commenced

September 2019 Update:

Work has not yet commenced on site whilst pre-construction work has been ongoing including the design and order of the timber frame. Work on site is scheduled to start 16th September 2019. There have been complications to getting build work up and running due to the location of the site in a town centre and a number of pre-site conditions that needed to be signed off by the council before our contractors could start on site. The hoarding for the development has now been installed and can been seen below.

Sept specific progress:

– Hoarding license is due to be issued 4th October 2019
– Strip out of Nick’s bar has commenced
– Timber frame design works commenced
– Groundworker will commence 21st October 2019
– party wall survey completed, results due 4th October
– Fire Acoustic & Planning consultant appointed
– Architectural design works progressed

August 2019 Update:

– Our contractors were due to begin working on site this month but due to a temporary holdup with contract documentation, have been temporarily delayed.

July 2019 Update:

– Our contractors are now due to start on the site 19th August.

– Full planning has now been agreed and our contractors will be taking possession of the site by the end of July 2019.

– Calderpeel, the architects, are completing the detailed design work

– Hoarding designs are current in the process of being created

June 2019 General Update:

– Contractors have been appointed under a letter of intent, enabling them to progress the design and make a start on the site

– Work is due to commence on site at the end of July

May 2019 General Update:

– We are now currently in the last few weeks of exchanging information with the city council.

– Due to start work on site soon.

– We are planning to implement hoardings across the site

April 2019 General Update:

– Everything is continuing to progress as planned.

– Estimated completion date is as originally forecast.

March 2019 General Update:

– Sheet piling has now been complete. This will help to retain the structure and keep the ground in place in anticipation of any future groundwork that will take place

-Planning conditions have now been agreed

February 2019 General Update:

– We have exchanged and completed on Phase I and exchanged on Phase II of the purchase process.

-Negotiations are ongoing with the local authority to agree details of the Section 106 agreement and Community Infrastructure Levy in respect of Phase II of the site.

-The initial contract for enabling works (sheet piling of the boundary) is due to commence mid-march for a period of 6 weeks

– Work has started developing a brand identity for the project.  This will be followed by point of sale material for a sales launch in May 2019.

January 2019 General Update:

-Complex legal work has delayed exchange and completion, however the final document has been received and we are pleased to confirm that we exchanged contracts on the whole site and completed on phase 1 of the purchase Wednesday 30th January 2019.

-Even though building works have not yet started, we are receiving a number of sales enquiries from people wishing to reserve off-plan.

Latest development images: New hoardings placed outside The Downs development September 2019.