Case Study 1 (Development)

Commercial Mill - Huddersfield

These premises are under construction and due for completion Dec 2005.

GLM set up an SPV for this project known as Watercress Developments.

Background

Commercial Mill – Milnsbridge – Huddersfield - Old textile mills are not really suitable or viable as modern day commercial or industrial operations, but recent experience across northern England has shown a strong market for modern apartments within such stout and historic environments.

GLM secured an ideally located and soundly constructed example for just such a conversion situated in Milnsbridge Village approximately 2 miles WNW of Huddersfield town centre in the old West Riding of Yorkshire

With total habitable floor space of 38,664 sq.ft. (3592 sq.m.) and total internal floor area of 46,010 sq.ft. (4270 sq. m.) GLM are in the process of constructing 28 one bed apartments and 25 two bed apartments, together with parking and internal services.

Deal for Investors

Watercress Developments initially raised £40,000 as seed capital for the purchase of the property. (The full funding for the project was taken care of by Singer and Friedlander.) Each of these investors was returned a significant % for the use of the funds for a 12 month period.

Subsequently we called upon investors to fund exchange monies and returned a significant amount for a two month loan.

Deal for purchasers

43 of the 53 apartments were sold off-plan to a group of professional property investors, TIC Ltd, who received a 15% discount from market value for each of the apartments.

The remaining 10 apartments were offered firstly to our investors with an 18% discount and then to the general public.