Trafalgar has £1.8m of resi properties sold or under offer

By James Wallace - Thursday, April 12, 2018 11:02

Trafalgar, the AIM quoted residential and assisted living property developer, has sold or has under offer properties worth £1.8m.

During the financial year, Trafalgar, through its subsidiary Trafalgar New Homes engaged in completing the development of the five sites under ownership in Kent, as follows:

Burnside, Tunbridge Wells, comprising six apartments. Construction has completed on this site and the penthouse apartment was sold prior to the end of the financial period for £580,000.

Alexander Stables, Hildenborough, comprising two detached houses. Both of these are on the market and one of the houses has been sold subject to contract at a price of £900,000.

Land at the rear of 11 High Street, Edenbridge, comprising a terrace of three starter homes. Construction has been completed at this site and one of the three houses was sold prior to the financial year end for £325,000.

Saxons, Speldhurst, near Tunbridge Wells, comprising a superior executive detached house. Construction has nearly completed on this site and it is expected to be put on the market in May.

Wellesley Road, Sheerness, comprising six townhouses.  Construction of these houses is substantially complete, with completion of the build on these sites scheduled for July.

In addition, Trafalgar Retirement has entered into option agreements to acquire 13 properties, subject to obtaining the required planning permissions, and these comprise three development sites: two for extra care and assisted living schemes and one for residential development.

Trafalgar Retirement is also in negotiations to enter into option agreements to acquire further sites. The acquisition marked a significant development in the Group's strategy as Trafalgar is now better positioned to serve the increasing demand for assisted living properties.

Funding for the purchase and development of both residential and extra care and assisted living developments is currently being negotiated. In addition, Trafalgar is progressing the issue of a bond, which is proposed to be traded on the NEX Exchange, to raise funds for development purposes.

James Wallace is a freelance consultant and can be reached via Linkedin or email: jawallace32@gmail.com

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