Crowdfunder acquires £15m Altrincham project
Developer and property crowdfunding platform The House Crowd is looking to deliver a 40-home project off The Downs in Altrincham, including converting the former Nick’s pub into a commercial unit.
The House Crowd is set to complete the purchase of two sites on 15 November from Consensus Property and is aiming to start work in January next year. The scheme features 40 units, split between 31 apartments and eight townhouses.
There will also be a commercial unit housed in Nick’s pub, formerly known as H Nicholson’s, fronting Railway Street. The apartments and townhouses are priced between £225,000 and £695,000.
The site has previously been brought forward by developer Consensus Property, which submitted plans last month for 29 apartments on the site. The House Crowd’s project will incorporate these apartments – with 24 units in a four-storey block, plus one apartment above Nick’s, and four live-work units.
The developer is also set to buy a neighbouring site which has consent for a further 10 homes, split between six apartments and four townhouses.
Working with architect Calderpeel, the crowdfunder is aiming to have the project completed in 18 months.
The House Crowd’s model works by offering investors a fixed return of around 10% per year, depending on the amount invested. The first phase target, which will fund the initial purchase costs of the site, is £2.25m.
Frazer Fearnhead, founder and chief executive of The House Crowd said: “The Downs is an investment that ticks all the boxes: situated on one of the best roads in one of the most affluent areas in the country with strong, steady house price growth.
“Whilst it has always been a prime residential area, there has been large scale regeneration of the town centre over the last four years which has increased its desirability and demand.
“It’s a simple, transparent investment with good security and attractive returns. This is a rare opportunity – and one that we are particularly excited about.”