A North West property investment consultancy has generated a 22% return for clients on an exclusive property development in Hapsford, Cheshire.
Harewood Associates, based in Bolton, covered the cost of the build by selling 1000 shares to 29 investors. Hapsford Hall, an exclusive development on the outskirts of Chester, is recorded in the National Heritage List for England and consists of nine luxury bespoke barn conversions in a 3-acre plot.
Building on the site commenced in April 2014. The total costs for the development were £1,736,700, all of which was raised within a 10 week period.
The Harewood ‘Share Deal’ allows its investors to put money into a residential development owned by a single purpose vehicle (SPV) – a private limited company set up for the sole purpose of buying, developing and selling a single residential development.
Each individual investor owns shares in the SPV and when the property is sold, they receive a share of the profits in proportion to the amount of shares held. Hapsford Hall provided a return of 22% to its investors within a 12 month period.
Peter Kiely, Director of Harewood Associates, said: “As a Grade 2 listed property, Hapsford Hall offered us a unique opportunity to bring these derelict barns back to life. Working with English Heritage, we followed very precise details to ensure the property kept its historical features.
“We offer our investors the chance to come and visit the development sites so that they know they’re investing in a quality, physical product. In return, our investors receive a substantial return and a much higher yield than the banks can currently offer, resulting in re-investment into other developments.”
Harewood Associates has already exited a number of SPVs, including The Greens at Winsford, Cheshire, a development of 8 new build homes which earned clients a 22% return on their investment over a 13-month period.
The Bolton-based business is currently involved in more than 14 residential developments and provides property investment opportunities for clients across the UK, offering a safe and secure UK asset backed investment.
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