UOWN is teaming up with The Parklane Group to convert an old bakery building into 12 one-bedroom flats. The Parklane Group has secured the site and has planning permission in place, as well as bank finance secured. UOWN is raising £400,000 from the crowd.
Investors will own equity in the development alongside The Parklane Group. The flats will be sold to owner occupiers: mainly first-time buyers and professionals rather than overseas investors. Project completion is expected in quarter-one 2020 making the term 11 months. Projected return to investors in this project is 15%.
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The construction phase of the project is well underway. UOWN were present at a site meeting 20/11/19 where an overall update was given by all the contractors and professionals. The important construction milestones are being met. The next milestone for the project is to begin listing the apartments for sale with an agent, we will do this before practical completion to help speed up the sales process.