The developer and crowdfunding platform has secured planning consent for a 40-home project off The Downs, which will also see the former Nick’s pub converted into a commercial unit.
After acquiring two sites from Consensus Property last year, the company is bringing forward 31 apartments and eight townhouses in a scheme designed by architect Calderpeel.
The site was previously brought forward by Consensus, which submitted plans last year 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, alongside a neighbouring site, which has consent for a further 10 homes, split between six apartments and four 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.
Following planning consent earlier this month, work is due to get under way this summer, with construction drawings currently being drawn up by the architect.
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 funded the initial purchase costs of the site, was £2.25m and has already been met, while a second phase target of £1.5m was also secured.
A final funding target of £550,000 is currently available for investors.