A plot on Nelson Road near Clacton’s seafront is being developed into 9 townhouses. The £2.5 million development in the local area will bring a more affordable option for families, in a desirable spot.
The developers from Sourced have recently started on the build after gaining planning permission from Tendring council to build the properties.
Sourced Capital has previously raised £1,103,000 to buy the plot and start the build of the first 6 terraced 3 bed townhouses. We are now looking to raise phase 2 of the monies (£660,900) to build the remaining 3 properties through our online Peer to Peer Platform.
Working closely with local estate agents the scheme has been designed to help the demand for starter homes, with the help of the government’s help to buy scheme in the works too.
Local estate agent Jordan Blanche-Price from Scott Sheen & Partners is confident in the scheme, “There’s always something going on in Clacton, it’s a lovely place to live. There is no room for any other new builds on the seafront, so there is no competition in the area for this type of property. The townhouses are going to be attractive to a lot of people.”
The build is forecasted by the contractor to take 14 months to complete the full works of all 9 homes.
Dan Lane from Lane homes construction is leading the build on the project said “I was born and bred in the local area and I am very excited to be a part of the project. There is nothing like it in the area, there are mainly flats or large detached houses. What is good about these properties is that it brings more affordable homes within the area for families.”
Given the location of the property and the local demand, the developers, Jas Malhi and Charnjit Singh have already marketed the homes off-plan for local residents to purchase, and despite COVID-19, there has been plenty of interest, with even one of the homes being reserved. According to Propertydata.co.uk, the Clacton area has seen an increase in housing prices over the last 5 years, totalling an average capital growth of 22%.
Jas, Sourced Developer said: “Peer-to-peer lending has been growing in popularity over the past five years because there’s been a distinct shift in power as investors realise they can enjoy the returns typically enjoyed by the banks and conclude deals more quickly by calling on a network of their peers. If any local residents would like to invest in a project that is close to home, this is the perfect opportunity. We’re happy to show any investors around the site (once lockdown has lifted of course), so that they can see what their money is helping to achieve. It is important for us to ensure this project is in keeping with the quiet residential road and the Clacton area, yet bringing affordable homes to the community.”
Capital at risk. No FSCS protection. Investment is only suitable for sophisticated and high net worth investors.
To find out more about this project visit: https://www.sourcedcapital.co/projects/