A site of 1.06 acres on Lark Hill, Farnworth, formerly Albion Mill, and more recently home to an engine maintenance business and a blinds manufacturer.
image courtesy of Google
Daineswell teamed up with the site owner, Parkfield Properties in 2012 to design and deliver a remediation solution with planning permission. The client had limited funds at his disposal. Daineswell and its associated contractor took their fees and profits as each parcel of land was sold, using the innovative deferred payment method*.
After establishing that local historic mining would have no impact on development, remediation consisted of Asbestos removal, demolition of mill buildings and chimney, re-levelling of the site and sign-off from consultants, Tier UK and the Bolton Environmental Health Officer.
Split into three parcels, the first phase was completed in 2015 for H B Villages Limited. This 16-apartment block is for the modern concept of assisted living – a new environment to help partially disabled people live independently, and close to local facilities.
Phase 2 saw HBV developing four bungalows (similar in location to plots 1 to 4 on the attached master plan) for special needs.
Phase 3 consists of 8 two-storey modern mews dwellings of circa 900 sq ft each, along the frontage of Lark Hill. Built by a private residential developer, the third phase completes this successful Daineswell bespoke approach to unlocking financially-constrained sites.
*The project is the first example of Daineswell investing in a project. Daineswell agreed with the owner to take payment only when the site was sold. In that way, the owner did not expend any initial fees for design, planning, demolition and remediation. Daineswell paid directly all sub-consultants and shared the deferred payment arrangements with demolition and remediation contractor, MH Excavations. Daineswell and MHE’s risk being rewarded with a final payment from the client (on sale of each phase) to include a percentage of the profits.