Prosperity Build Updates - Q1 2020

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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 click here.

My Post 88 

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Latest from the site . . .

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. 

The target planning committee date for the determination of planning application is 27th February 2020, subject to confirmation from Birmingham Planning Department. 

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Latest update from the site . . .

Prosperity will be meeting the planning committee at the end of March 2020. 

A successful noise survey was carried out in Q4 2019. The noise report has been updated and re-submitted to the council for application.

Prosperity are working in conjunction with Environmental Health to help secure planning approval. Amended drawings to support approval have been submitted.

The demolition contractors have been on site, with full asbestos removal now completed. The final demolition of the existing building is underway.

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!

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Latest from the site . . .

The micro climate survey has been successfully completed and Prosperity are working with Birmingham City Council to compile a second round of requested reports.

Prosperity will be meeting the planning committee at the end of March 2020. 

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Latest from the site . . .

Phase 1 

Works are progressing well, with internal fit outs now underway. 

Phase 2 

Everything is on schedule with the second floor build underway. The roof structure is also being installed. 

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The Smithfield Masterplan encompasses the Smithfield House, Smithfield Place and Smithfield Square developments. Prosperity have spent the last 3 years raising funds - through our various secured loan notes - and acquiring land within the Smithfield site. 

Prosperity are currently in ongoing pre-application discussions with the council, Lendlease and local stakeholders. 

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. 

For more information on our current Smithfield House Secured Loan Note, click here.