A new £15 million crowdfunding property development project in Altrincham, Great Manchester, could be the largest project of its kind ever attempted in the UK.
That’s according to Frazer Fearnhead, founder of The House Crowd, the firm behind the build.
The House Crowd is scheduled to complete the land purchase on November 15 and start the build in January. It will build the properties itself.
Located in Altrincham town centre, the site is accessed via The Downs – one of the most prestigious roads in Altrincham. The House Crowd is working with renowned architects Calderpeel on the development, and total build time is estimated at circa 18 months.
The development will offer a total of 40 units – 31 apartments, eight townhouses and one commercial unit – ranging in value from £225,000 to £695,000, offering a range of options to suit all types of buyers.
Additionally, investors have the chance to help fund the construction of the development in exchange for a fixed return of 10-12% per annum depending on the amount invested – which starts from just £1,000. The Phase 1 investment target is £2,250,000, which will fund initial purchase costs.
Frazer Fearnhead, founder and chief executive officer of The House Crowd, commented: “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.”
He said that while 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 simple, transparent investment with good security and attractive returns,” he added. “This is a rare opportunity, and one that we are particularly excited about.”
“I am proud to say that, in our own small way, we are helping to get Britain building new homes, whilst giving investors an excellent return on their hard-earned money. These are houses for the people, funded by the people.”