The property crowdfunding and P2P lending platform is scheduled to complete the land purchase in November and start the build in January.
The House Crowd gives retail investors the chance to make an investment – starting from £1,000 – in property developments and builds the properties itself.
The site is in Altrincham town centre and will result in a total of 40 units comprising 31 apartments, eight townhouses and one commercial unit (pictured above).
Properties in the Downs development will range in value from £225,000 to £695,000 to cater for a variety of property buyers.
The House Crowd is working with architects Calderpeel on the development, which is estimated to take around 18 months to build.
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The platform is offering retail investors the opportunity to help fund the construction of the development in exchange for a fixed return of 10-12% per annum, depending on the amount invested.
The phase one investment target is £2.25m, which will fund the initial purchase costs.
“The Downs is an investment that ticks all the boxes: situated on one of the best roads in one of the most affluent areas in the country with strong, steady house price growth,” said Frazer Fearnhead, founder and CEO at the House Crowd.
“While it has always been a prime residential area, there has been large-scale regeneration of the town centre over the last four years, which has increased its desirability and demand.
“It’s a simple, transparent investment with good security and attractive returns.
“This is a rare opportunity – and one that we are particularly excited about.”