We are pleased to state that the developments are progressing extremely well according to the business plan as part of the Empire Property Holdings loan note investment.
As you can see from the below CGI’s, the next three developments will be equally as impressive as the first three.
The King Charles House refinance has just completed & Empire Property Holdings have immediately acquired Thornhill Street. King Charles House also represents one of the fastest ever lettings process, which we think is testament to the finish Empire are achieving.
King Charles House
The development is fully let and the lift refurbishment is due to be completed in the next fortnight.
The plant equipment has arrived on site and is in the process of being installed.
The communal corridors are being plastered ready for painting and the tiler is in the process of finishing the tiling on the final floor.
The electrical distribution boards for the landlord’s supply are now installed on each floor and the new lift has been ordered.
CCB have made a formal refinance offer & they have instructed their valuation. Empire Property Holdings expect to finish the development works by mid-July. Empire would hope to complete the refinance in early August & are currently negotiating the purchase of the 6th property at present.
Newspaper House, Blackburn
Empire Property Holdings are awaiting a formal planning decision on the application but the initial feedback they have received has been positive.
Recent press coverage – Lancashire Telegraph
With this being the first apartment block in Blackburn, Empire are looking for a high specification finish as per the CGIs below.
Thornhill Street, Wakefield
As the property comes with full planning consent to change the current use, Empire have begun works immediately with initial clearing and stripping.
Build progress information and images will follow as usual in the coming updates.
EPH2 Loan Note Update
The EPH2 raise has continued to be extremely positive and has currently reached full capacity on the 2 year products respectively.
There has been a slight delay in purchasing the next prime site in Halifax due to the separate car park. However, Empire are now simply waiting for confirmation from the vendor’s Solicitor that they hold a signed contract.
Once the contracts have exchanged, we will provide you with full details along with specific computer generated images (CGIs).
Empire Property Holdings completed the purchase of Globe Works in Bolton on 3rd May 2017.
The Architect has been formally appointed and a meeting has been set up with the Council to discuss discharging the planning conditions and varying the existing plans.
The Structural Engineer has been appointed and the enabling works (scaffolding, sandblasting, pointing) have gone out to tender.
As you can see from the CGIs, Empire are looking to create a Manhattan loft style finish by making use of the large windows and exposed brickwork.
For more information about the Empire Property Holdings Loan Note investment – click here.