We have hit the ground running in 2021, with a fabulous start to the year for The 79th Group which includes our brands 79th Luxury Living and Lusso Tesoro.
Despite the ongoing pandemic, the Company is excelling in terms of new investment products and projects, and an exciting and robust strategy to move forward. The current economic climate has presented many distressed opportunities to us, and we will be sharing details of these in the coming months.
I have had my vaccine, as I hope many of our investors have, and we are looking forward to the day we are able to travel and meet you face to face, which is very important to us as a family business.
79TH LUXURY LIVING’S LATEST ACQUISITION
The Old Workhouse, Hexham – New Project
At the latter end of 2020, we negotiated and exchanged contracts on an outstanding development in Hexham, with full planning for 34 new homes and a GDV of £9.1 million. This was all done in just 7 days with the help of Top 50 law firm Weightmans LLP, taking the record for our most efficient acquisition yet.
The reaction to the proposed development has been very positive, with local residents excited for this previously derelict site to be reborn and lift the aesthetic and property value of the surrounding area. Media sources in the North East of England have featured the project plans prominently in recent weeks, with praise for the company undertaking a regeneration project of vital importance in the area.
“This is a really exciting project because despite all the interest in this site, over several years, sadly the plans have never come to fruition. It enjoys an enviable position in the heart of the Tyne valley and has huge potential to become a sought- after residential development. We are planning to employ the expertise of people with a proven track record for bringing derelict buildings back to life and where possible, maintain original period features. This is exactly the sort of creative reuse of historic buildings which helps to provide housing on accessible town centre sites.”
OUR LATEST INTEREST REPAYMENT OPTION
The 79th Group subsidiary, 79th Luxury Living property portfolio expanded further as we entered 2021 with the introduction of a regular income investment where investors enjoy monthly interest repayments, which is proving popular in the current financial climate.
Investors can now choose the option of monthly or bi-annual interest repayment options over a 12-month term. This gives our clients the power to choose an investment that suits their portfolio
and provides income at a rate that fits in with their personal financial goals. We have already paid monthly payments to early investors who came on board in February.
During Q1, we also saw a second wave of investors reach maturity, and reached a record high of 80% re-investment from these clients who have seen the company grow significantly throughout their investment term.
Kirklake Road, Formby
Our flagship project Kirklake Road is ongoing with site clearance, and the part demolition and extension of the current property on site.
These three executive homes will showcase 79th Luxury Livings ability to transform an existing property in an area of high demand to a project with a value in excess of £7 million.
OUR NEW HEAD OF COMPLIANCE
At the start of the year, we welcomed Natalie Bellis to the team as our Head of Compliance. With an already strong background in compliance, Natalie brings with her a wealth of experience in implementing General Data Protection Regulation, auditing and risk assessing financial exposure for businesses and investors to the role.
Natalie has been key in further refining our policies and procedures, and was instrumental in leading
us to achieve United Nations accreditation; an incredible start to her first few months in the team.
“On behalf of the Board of The 79th Group I am delighted to welcome Natalie to the team. As our Head of Compliance, she has enthusiastically used her wide-ranging expertise and knowledge to enhance our regulatory policies and procedures, her contribution is highly valued.”
Andy Cole CBE,