New build development of 28 detached and semi-detached houses

GDV: £6,426,000

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

Sales update: As of 22nd July 2020, 21 plots have completed on the sale and are occupied, 5 are reserved and sales are progressing with interest and viewings ramping up. One sale fell through a few weeks ago due to issues relating to the pandemic, but this unit very quickly resold, so there is only 1 unit left to sell.

The Coronavirus Pandemic has slowed sales down as most conveyancing firms are operating with a reduced staff as are government departments. The purchaser of one of the reserved properties is in a chain, and sellers/purchasers further down the chain are struggling to progress their sales.

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).

As of April 2020 we are still working on repaying the last of Fundraise 2 investors their 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.

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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