We are excited to present Fundraise 5 of our most exciting development to date: The Downs, Altrincham.
As of March 2020 we are no longer operating in normal market conditions due to the Coronavirus pandemic. This could impact on target interest paid, and may lead to delays with the development. This could also mean the estimated term is longer than originally envisaged. As of the June 2020 work on the site is continuing apace with the site currently 6 weeks behind schedule (schedule recently updated). All government guidelines regarding social distancing are being adhered to and our QS is closely monitoring the site.
Click here to view the development update for the Downs including recent photos of the development - we add new ones most weeks. This page is updated frequently. As of late June 2020 we have 4 pending reservations and work onsite continues.
Altrincham in Cheshire has been one of the most desirable and affluent areas in the UK for over 60 years and was at the start of 2020 declared by The Sunday Times to be the best place to live in the country. And now, after four years of inspired regeneration work, it is the envy of other regions throughout the North West, who are seeking to emulate its astonishing success.
Fashionable restaurants, bars and trendy shops have all rippled out from the epicentre of the renowned Market Hall, and Altrincham unsurprisingly was recently voted best place to live in the North West. Its success is set to continue with a number of major retail, leisure, hotel and residential schemes already underway.
The Downs is one of the most prestigious roads in the town centre and our scheme of 40 super-stylish contemporary units, designed by the North West’s premier architects, Calderpeel is set to be an integral part of Altrincham’s continued success.
Fundraise 5 is being used to fund build costs to June 2020 and make a tranche payment of £500,000 to the landowner to reduce the balance owing to him for the land. We anticipate the site being completed by April 2021, with Block D, which contains 6 apartments, being full complete, sold and moved into by December 2020 (note the current Coronavirus Pandemic may impact on this timeframe).
Since initial appraisals in early April 2019, indications are that most units should now be able to command higher sales prices than originally envisaged.
Click here to view a 360 panoramic CGI view of the site - this is viewable on any mobile device (apple, android etc.) Hold your device up and move in a circle to see the full 360 effect - you can also tilt up and down. Please note it will take a few moments for the page to load depending on the speed of your internet connection.
Investor Key Facts for Self-Select Investors*:
Target interest rate: 10%
Interest calculation start date: 14 days from receipt of funds for funds received later (please see the Terms and Conditions document available to download below for further clarification)
Security: First Legal Charge plus Floating Charge (investors across all fundraises rank equally)
Estimated investment term: 18 months from April 2020 (Q3/Q4 2021)
Exit: Sale of properties
Fundraise 5 amount to raise: £1,650,000
Total GDV: £15,345,000 (earlier in the year we had a site appraisal carried out which indicates the site GDV is now higher but for conservative reasons we are still working off the lower figure).
Please note there is no fixed date for repayment of capital. If you require your capital to be repaid by a certain date, please invest in one of our Auto-Invest products which have a 1-year minimum term, at the end of which you give 30-days notice to withdraw your funds (normal market conditions being in play). Interest is usually paid later than capital. Note that your interest calculation stops when your capital is repaid. Note also that if your interest is paid more than 3 months after your capital, your interest for this particular loan product, does not accrue further interest.
*All Key Investment Facts are intended only as a brief summary and are all subject to the terms and conditions set out in the Investment Pack and Terms and Conditions documents for this loan, both available to download below. It is important you read both of these thoroughly before deciding whether to invest. All timeframes and target interest rates quoted here are for Self-Select Investors only. Investors in our Auto-Invest Products are subject to different timeframes and interest rates - please refer to the Terms and Conditions for the Auto-Invest Products.
If you have any questions, you can contact our member support team on [email protected] or through our online chat facility.
Your capital is at risk and returns may vary. Click here to read our lender terms and conditions - it is important you read these before investing. Please also note all time frames in the investment pack are estimates only. This is therefore not a suitable investment if you require your funds to be repaid by a certain date.
Please also read our risk warning which is available through the website footer.
Please note the above images are CGI ones and are representative only.