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The construction of a 116-bed Holiday Inn Express
Location: Derry, Londonderry, Northern Ireland
Investment term: 24-month term
Forecast returns: Income Generator 1% per month, 12% on completion
Investment status: Fully subscribed
The Propiteer HIEX hotel project is well underway and on track with its target construction schedule. The team at Propiteer are optimistic that the construction should be completed by Christmas 2018.
The following are now complete:
The external walling is in progress with the third floor currently being developed. The next stages are to install the stonework and cladding.
Internally, the first fix of electrical and mechanical works has commenced, and the internal partitioning has started. The contractor is constructing a mock-up room for sign off by the Hotel Brand and managers. This will be used a benchmark for quality throughout the rest of the building.
“During Q4 2017, the total volume of construction output increased by 1.8%, compared with Q3 2017, and was 3.6% higher compared with the same quarter in 2016, according to Northern Ireland Statistics and Research Agency.
“The data also revealed that the volume reported in Q4 2017 was the highest in the last seven years.”
– From ‘Is Northern Ireland the next hotspot for property developers?’ article, Development Finance Today.
“We’re incredibly pleased with the high standard of the build, and excited about the completion and working with another branded hotel chain.” – Dave Marshall, Director of Propiteer.