New build development of 28 detached and semi-detached houses

GDV: £6,426,000

Work on site commenced: June 2016

Status: Building work complete July 2019.  Work to the roads is continuing October 2019, fencing has been completing and landscaping is ongoing – this has been hampered by the weather.

Sales update: As of Tuesday 1 October 2019 12 plots have completed on the sale, 11 are reserved and sales are progressing steadily with continuing interest. New marketing material was released to the sales agents following the turfing to the front gardens. 5 are left to sell as of start of October 2019 though we are expecting 2 reservations shortly.  Several purchasers are using Help to Buy which has slowed the conveyancing process down somewhat and we are also waiting on  building completion certificates in order to progress further sales to completion.  We hope to complete on another sale by mid-October 2019.

View the properties for sale on Rightmove.

Investor return:
Fund Raise/Phase 1- 10-12% (all phase 1 investor capital has been 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).

Investors capital repaid: We commenced paying phase 1 capital January 2019 – we are continuing to repay capital as sales progress and investors are emailed when it is their turn to have their capital returned. All phase 1 investors have been repaid their capital by 20th May 2019.  Please note sales of some of the earlier units have been used to fund the final work on the site in order to not have another fund raise.

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 have a timeframe for the payment of interest.

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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