Prosperity Build Updates - Q4 2020

For clients who have invested in one or more of our developments with Prosperity, we are delighted to provide you with the latest build updates for the following developments:

  1. Moseley Gardens, Birmingham
  2. B5 Kent Street, Birmingham
  3. Park View, Birmingham
  4. JQ Rise, Birmingham
  5. Smithfield, Birmingham

Moseley Gardens

Latest from the site . . .

We have experienced phenomenal success with this investment, and we are delighted to let you know that the Moseley Gardens Loan Note is fully subscribed. This means that together we have raised a staggering £11.2m to fund the construction, against a GDV of £14.9m.

  • Steel frame superstructure to commence late October / early November 2020, along with the ground floor block work and fire protection to the ground floor steelwork.
  • Perimeter retaining walls and steel column concrete encasements are progressing.
  • High voltage electric cable ducting has been brought to site and the water main laid internally.
  • Procurement packages for bricklaying, kitchens, windows, roof, internal partitions and plastering, joinery, electric and plumbing have all been placed with sub-contractors and suppliers.
  • Kitchen and bathroom designs have been finalised and ordered. 

Estimated Build Completion is Q2 2021, which will enable Prosperity to commence the redemption of the Loan Note. 

Please find below some recent images of the site.

composite

 


B5KentStreet1 9900000000079e3cLatest from the site . . .

The Birmingham Planning Authority has unexpectedly requested further technical clarification on information submitted to support the planning application.

We are pleased to report that the Birmingham Planning Authority has confirmed a committee date of the 3rd December 2020 so we should receive an outcome by the end of this year. 

Subject to the above, estimated Build Completion: Q3 2022.


headerimage 9900000000079e3c v2Latest from the site . . .

Investors in the Park View Loan Note are currently enjoying up to 8.5% per annum returns on their capital invested, providing working capital throughout the planning process. 

The great news is that upon planning being granted, we will be raising a further £500,000 to provide working capital and to fund the pre-construction phase. If you are interested in investing in this project, please do get in touch!

The demolition works are complete and all the services to the site have been isolated.

We are pleased to report Birmingham Planning Authority has confirmed a committee date of the 5th of November 2020. An outcome on the application should be determined ahead of the Christmas period.

Subject to the above, estimated Build Completion: Q2 2022

Please find below some recent images of the site.

composite v2

 


JQ Rise header


Latest from the site . . .

Following the committee meeting, we are happy to announce that the planning application for JQ Rise (formerly One BHM) has been granted, prompting the redemption of the One BHM Loan Note. We are anticipating the redemption to take place early to mid November 2020. 

PIP is the senior lender during the pre-construction stage, providing working capital up to the construction facility. We are offering clients the opportunity to invest in the JQ Rise Secured Loan Note for an anticipated term of 18 months, whilst earning returns of 8.5% per annum, payable upon redemption.

  • The S106 Agreement is progressing and will now be executed late October 2020.
  • The professional team to deliver the development has been appointed and are now working in conjunction with Interserve Construction Ltd to procure the Main Design and Build contract.
  • Service disconnections to the existing are being procured prior to the October / November commencement of the demolition works.
  • Design development & contract procurement to December 2020.
  • Targeted start on site January 2021.

Estimated Build Completion: 1st Phase, Q3 / Q4 2022.
Estimated Build Completion: 2nd Phase, Q1 2023.

Please find below some recent images of the site. 

composite v2


 


smithfieldLatest from the site . . .

Glancy Nicholls has been appointed as the lead designer / architect.  They are considered one of the Midlands’ leading architectural practices, with a culture and approach in delivering high quality architecture.

Meeting held with Simon De La Haunty-Forrest - Birmingham City Council Assistant Director for Planning.

The Pre-Planning Application has been submitted to Birmingham City Council.

A planning meeting with the council is to be arranged to discuss Prosperity’s proposals for the site.