This project consists of the redevelopment of a former printworks site into 9 new apartments.
Dealing directly with the previous owners, HGS Property Group (the developers) were able to agree this project in February 2018. Initially they submitted an application for a change of use to residential under permitted development rights, which was approved in June 2018.
Following a pre-application consultation with Ealing planning authority, a full planning application for a new scheme of nine residential units was submitted. Permission was successfully granted in January 2019.
The consented scheme is for the demolition of the existing building and the construction of a new three storey building, plus basement comprising of 9 units with 6,973 sq.ft of net saleable area.
4 x 1-bed flats
5 x 2-bed flats
The developers are currently working through the pre-commencement planning conditions and party wall agreements with the intention of starting on site during November.
This development is in the process of registration for the Help to Buy scheme, which will attract more of the first time buyer market.
Pre-Commencement Planning Conditions:
There are five pre-commencement planning conditions, two relate to demolition.
The majority of consultant reports have now been finalised or are being finalised and Ackroyd Lowrie have been instructed to progress with submitting these for discharge.
The planning permission documents can be viewed on the LB Ealing planning portal using the planning reference number: 184179/FUL
HGS Property Group Limited (“the Property Investment Company”) is offering £428,000 equity investment through Crowd with Us (“CWU”) for the development of 1 Factory Yard in Hanwell (“the Property”).
Investors will be allocated ‘B’ or ‘C’ class shares in the Property Investment Company, which will own the Property (“the Investors”). The price per share is £1.
· ‘B’ class shares are only available to those investing over £50,000. These investors will receive a projected 36% return over the course of the project.
· ‘C’ class shares will be allocated to those investing less than £50,000. These investors will receive a projected 32% return over the course of the project.
The current shareholders have voting control over the Property Investment Company and on day-to-day issues. The ‘B’ or ‘C’ class shares do not have voting rights.
The ‘B’ or ‘C’ class shares will receive a priority return on these shares ahead of the current shareholders.
Each ‘B share will be redeemed or bought back for £1.36 - a 36% return on the original investment price.
Each ‘C’ share will be redeemed or bought back for £1.32 - a 32% return on the original investment price.
The Property Investment Company will project manage the process from development through to exit and update investors as the project progresses.
The subscription period for the Shares will open through Crowd with Us on [Insert date] and remain open until further notice. The maximum value of ‘B’ & ‘C’ shares to be issued is £428,000. The directors of the Property Investment Company have discretion whether or not to issue ‘B’ and ‘C’ class shares if total subscriptions are below £428,000. Subscription orders will be dealt with on a first-come, first-served basis.
The Property Investment Company expects to repay Investors within 18 months from the initial investment.