Bristol: PMF D1 Development Update
As you may know by now, PMF D1 is an opportunity to invest in a 10% net p.a. secured fixed returned loan note which will provide a loan to enable the purchase, development and sale of a mixed-use site in Bristol.
After visiting the site on 20/06/2017, I am pleased to provide an update on the project’s development. So far, I am very impressed with the progress made to date. We have wanted to secure a development of this scale for some time now, which is why we believe the project is such an exciting opportunity.
Planning permission
This development was acquired with full planning permission in place for the construction of a mews house at the rear of the site however potential additional planning gain was noticed and we acted on this to further enhance the GDV (Gross Development Value) subject to approval.
We currently have two planning schemes submitted to Bristol City Council. The first of which is an outline application for a total of 9 units, and the second of which is a full application for the total of 5 units. Whilst we are still awaiting a decision on both schemes, the neighbour consultation period for the larger scheme elapsed on the 17th July. We should know the outcome of the application on the 8th August as this is noted by Bristol Council as the determination deadline.
9 Unit Scheme (Outline Application)
5 Unit Scheme (Full Application)
Existing works
The site currently consists of a shop on the ground floor which has a long lease of 5 years to a cycle retailer, which began in June 2015. On the first and second floors, there is full planning permission to convert the space into two large, one bedroom flats.
When we secured the development, works were 75% completed. Since then, further progression has been made.
Currently, remedial works are being carried out. Since our visit to the site, the developer has provided us with photos of the kitchens being installed.
Kitchen - site visit 22/06/2024
Developer’s photos – 03/07/2024
Site security and health and safety
Site security and health and safety measures are paramount to any development, which is why specific steps have been taken aiming to ensure a safe working environment at both entrances to the site. Further to this, temporary partitioning has been installed at the front of the building to allow access to the site in order to minimise disturbance to the tenant occupying the retail unit.
Health & safety area at rear access
Scaffolding at rear of site
Scaffolding has been erected to the rear of the site to allow construction waste clearance of which a specific compound has been created for waste processing.
Promising progress
Overall, I am impressed with the progress so far and feel the site marks an impressive milestone for our platform. Likewise, our collaboration with SJD Business Consultants has been incredibly positive experience thus far, and we believe in the development’s strong potential.
If you wish for any more information on the development specifics, please don’t hesitate to contact me directly. I look forward to updating you again soon.
Lloyd Wallace
Acquisition and Disposal Manager
You can view the investment opportunity here:
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