The £6 million Empire Property bond was completed on Friday of last week. The company has successfully raised the capital required to close the bond ahead of schedule. The Empire Property bond phase 1 is now closed and within the next 7 days we will see the launch of phase 2.
New Commerce House & 63 Bradshawgate are approximately 75% complete as per the update below and Empire Property Holdings are now in the process of finalising the purchase of their third development, King Charles House.
New Commerce House Update
Empire Property Holdings (EPH) have made significant progress at New Commerce House. The development is now around 75% complete and works are due to be completed by the end of October.
Health, safety and housekeeping on site is excellent and EPH are on target to meet the original build timescales that were set.
The top floor of New Commerce House is 100% complete up to plaster skin and 80% has the first coat of paint. Loft works to mezzanine is 10% complete to boarding stage and skimming commenced last week. The ground floor is 80% skimmed.
Kitchens will start to be installed by the end of this week on the top floor and the decorators will follow downwards through the development also.
Window refurbishment and internal glazing is being prepared to start on the upper level next week. Some re-glazing will be required to preserve the appearance of the building due to it being in a conservation area.
New Commerce House is currently being refinanced and the capital injection will go back in to the Loan Note to allow EPH to pay investors income and to continue developing further properties.
63 Bradshawgate Update
In addition to New Commerce House, Empire Property Holdings has also made significant progress at 63 Bradshawgate with the lower floors of the project starting to take shape.
The insulation and plasterboard is complete from floors 3 to 5, and 95% complete in floors 1 & 2. Insulation & plasterboard to the ceilings has now commenced, which in turn is allowing the skimming to follow on.
Holes have been cored throughout the entire building. 1st fix electrical & plumbing is complete throughout the building.
63 Bradshawgate is expected to be completed by the start of November.
63 Bradshawgate is currently being refinanced and the capital injection will go back in to the Loan Note to allow EPH to pay investors income and to continue developing further properties.
It is with great pleasure to inform you that the next three development properties have been selected and in the next 7 days we will have the launch of phase 2 for the Empire Property bond.