New build development of 28 detached and semi-detached houses.

GDV: £6,426,000

Sales update: As of 23rd October 2020, there are now only 3 units left to complete on which are all sold subject to contract and we anticipate them completing during November 2020 Covid disruptions permitting.

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

As of October 2020 we are still working to discharge the enforcement notice regarding the trees which has held up completion on some sales – it was a condition of the original planning permission being granted that more trees be planted. A representative of the council has now attended and has indicated they would like to see more trees planted, but they are not responding to email requests from us as to how many more trees they want and where.  The council has indicated that they are taking about 6 weeks to respond to any emails.  As of late October 2020 we are still trying to get a council representative out to revisit the site after further works have been carried out to see if the enforcement notice can now be discharged.

Note that all units are sold but due to the amount of time it is currently taking to progress reservations, reserved units are still up for sale on Rightmove in case any of the reservations fall through.

View the properties for sale on Rightmove.

Investor capital repaid to date:
Fund Raise/Phase 1 – 10-12% (all phase 1 capital repaid as of 20th May 2019).
Fund Raise/Phase 2 – 10% (29th May 2019 we commenced paying out phase 2 investors their capital and are continuing as sales complete. The majority of investors have now been repaid their capital).

We are continuing to repay capital as sales complete.

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.  At the moment we are working hard to progress sales, and do not yet have a timeframe for the payment of interest.

Until all units are sold, we cannot provide information on interest payments including amounts to be paid as final sales prices are needed to compile this information.

 

Work on site: work commenced June 2016 and was completed July 2019.

Build updates (site now complete):

July 2019 Update

– Snagging still ongoing

– All housing is build complete, and we are waiting on new home warranties for all remaining properties that we don’t have the warranties for.

June 2019 Update:

– Snagging is ongoing

– Full handover to sales team anticipated in 2 weeks’ time

May 2019 Build Update:

-Construction almost complete. Awaiting certificates and warranties for houses that have sold.

-No outstanding problems to report

April 2019 Build Update:

– all houses are now structurally complete

– the builders are attending to some landscaping and top tarmac to roads is due to be laid by mid-April 2019

March 2019 Build Update:

– As a whole the site is being managed well and progress is continuing to steam ahead

– We are scheduled to finish on site mid-April 2019

– Currently negotiating the implementation of turf on the site

– 5 houses remain to be carpeted

– Work on programming the gate has begun

February 2019 Build Update:

– 13 homes completed and doors locked. A number still waiting on kitchens but are otherwise complete.

– The wall at the front entrance to the build is now complete. The gate is now installed.

– Street lighting has now been installed.

– Formation of gardens is ongoing

January 2019 Build Update:

-The show house is now completed.

-The majority of plots are nearing completion. 10 of the plots are awaiting kitchens and bathrooms.

-The front entrance wall/gate is under construction.

-Road and driveways complete.

-Formation of gardens ongoing.


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