Prosperity Build Updates - Q1 2020

COVID-19 - A message from Prosperity.

As the impact of the Covid-19 virus spreads across the world, Prosperity like most other businesses remain committed to protecting the health and safety of all staff members and as such, will continue to take the lead from government and health care officials as they steer their business through these unchartered waters.

As always, our clients and their investments remain our top priority, as we focus on minimizing the inevitable delays we’ll face. We’ll of course continue our updates in the usual way and whilst none of us can predict the future, we’re well prepared for what will inevitably be, challenging times ahead.

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Latest from the site . . .

Ground works & foundations are progressing and near completion. 

As per the photos below, the steel frame commenced on site early February. 

As it stands, works are circa 6-weeks behind schedule. However, no further delay notices have been issued. The contractor has identified mitigation strategies to achieve completion on time, which is currently being reviewed by the Project Team. 

PIP have now been appointed the senior lender for this development to provide construction finance through our secured loan note...

To find out more about our Moseley Gardens (3) Secured Loan Note, please click here.

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Foundation works

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Steel framework under construction

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Overview of the site


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Latest from the site . . .

Prosperity were on track to feature within the scheduled items on Birmingham City Council's planning agenda in April. 

Obviously, a lot has happened in the last few weeks and Prosperity have been advised that everyone at the council is working from home due to the COVID-19 pandemic. How this affects their committee meeting schedule is yet to be clarified. Notwithstanding this fact, Prosperity remain on track to feature at the next formal planning committee hearing.

The Environmental Health department requested a further noise survey to be carried out to assess noise break out from the Nightingale Club. This was carried out on Thursday 23rd January 2020.  The noise data has been assembled, verified and distributed to all parties to review. 

The technical solution to mitigate the noise from the club is not reliant on improvements to the Nightingale. Therefore the Prosperity design team are to prepare and submit proposals/costings to the council to reduce the noise breakout from the club. 

Once accepted and agreed, the improvements will be delivered via the Section 106 agreement contributions as per the planning consent. 


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Latest from the site . . .

Final clearance now in place.

Prosperity will continue to work with planning and environmental health officers to agree a committee hearing date for planning.

Park View Secured Loan Note

PIP will shortly be launching a Park View secured loan note, with the purpose to fund site acquisition and provide working capital. The total raise for this opportunity is £2,000,000 and will be secured by way of first charge over the development land asset. The anticipated term of this loan is 24 months, and investors have the choice to earn returns of 8.5% per annum, payable upon redemption, or 8% per annum, paid quarterly. 

If you would like to play a part in the progression of this development and invest in this secured loan note, get in touch with us!

For more information on our current Park View Secured Loan Note, please click here.

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Demolition and site clearance

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Site looking towards city centre


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Latest update from the site . . .

We are pleased to report positive feedback from a meeting in February with
the council planners. Prosperity were on track to feature within the scheduled items on Birmingham City Council's planning agenda in April.

Obviously a lot has happened in the last few weeks and we have been advised that everyone at the council is working from home due to the COVID-19 pandemic. How this effects their committee meeting schedule is yet to be clarified. Notwithstanding this fact, we remain on track to feature at the next formal planning committee hearing.


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Latest from the site . . .

Phase 1 

Exciting news; the build is ahead of schedule, with build completion now scheduled to be in June.

Phase 2

The building is watertight and internal works are ongoing.  Juliet balconies were installed in February (were applicable).  Again, the build is ahead of schedule, with build completion now scheduled to be in September.

Taking into account the updates above and the current climate, legal completion is currently anticipated to be Q3-Q4 2020.


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Latest from the site . . . 

The Smithfield Masterplan encompasses the Smithfield HouseSmithfield Place and Smithfield Square developments.

Following further discussions between Prosperity and Lendlease, the proposed strategy is to submit a single planning application for the site as a whole - to include residential, retail, commercial and leisure in a single application. This will demarcate heights, massing, and density for each of these usages, alongside transport access points, metro connections, etc.

There is an agreed programme of work which was anticipated to commence in May, with the formal application to follow.

In the meantime, Prosperity’s pre-application remains live as a standalone development proposal, which subject to the timing of the above, may be brought forward and pursued as a separate application as a single phase of the overall project.

Prosperity will provide further update following their meeting, currently anticipated to be early May.  Once these key discussions have taken place, Prosperity will be able to provide you with a greater understanding of the overall timescales for the projects.