The House Crowd is making UK history completing the largest crowdfunding property acquisition to date according to their founder Frazer Fearnhead.
The new £15 million crowdfunding property development project is located in Altrincham, Greater Manchester.
The town centre development will benefit from its location, which is approached via The Downs, one of Altrincham’s most desirable roads.
Altrincham is one of the UK’s most affluent areas which has enjoyed a strong and steady growth in house prices.
Over the past four years, there has been an ongoing local commitment to large scale regeneration, which has boosted demand and desirability even higher.
Having completed the land purchase in the middle of November, The House Crowd plan to start their own build in January 2019 working with Calderpeel, renowned local architects and anticipate completion will take around 18 months. This new urban development will bring 40 units to market targeting all buyers, priced from £225,000 to £695,000. The site will be home to eight townhouses, 31 apartments and one commercial site.
Returns for investors
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, starting from 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 said:
“The Downs is an investment that ticks all the boxes; it is a simple, transparent investment with good security and attractive returns. 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.”