Six months ago investors committed £1,173,606 to our first development loan. Read below for an update on the progress of the development and see how it is progressing.
Following a site visit by Proseed Capital on 5 March 2019, we have received confirmation that the scheme of 106 residential units within Regent House, Basildon is progressing according to schedule, and works are now 60% complete.
The whole building it currently being plastered and the developer anticipates this to be finished in early April. The windows have been installed, and the property is now watertight. All other major external works to the property have been completed, and the developer has begun to clean the façade of the property while the scaffolding is still erected.
Elsewhere in the property, second fix joinery and mechanical and electrical works are underway. Many of the bathroom units have been installed, flooring has been put in place, and kitchen installation has begun in some of the units. The smaller of the two blocks has progressed much further than the larger, and decoration of the units in the smaller block has begun.
We are pleased to see this development progressing in line with expectations, with completion on target for Q2 2019.
To go back to the quarterly close period update click here.
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