We are quickly approaching the end of the year, which will be especially important for Bulkestate, as the platform will celebrate its 5th anniversary. However, this does not mean that November has been a less active month and we are happy to give you a glimpse of the news.
November was a very important month for the crowdfunding industry as it was highlighted in the whole of Europe. The reason for that is the new Crowdfunding Regulation, which took effect on November 10th - the transition period, however, will end in November 2022. We will inform our investors separately about the most significant changes and what will be different in the further investing process. The new regulation will help to organize the industry and allow it to advance it and restore its reputation, which will be beneficial for all involved parties.
And, if we continue about changes, then there are some adjustments that our investors will be able to feel very soon. We are talking about our platform, which will be improved and we will be able to talk in more detail about it too. Those are some long-awaited updates for us and you, our investors. We have worked for a long time and made some significant improvements, however, the changes will be implemented gradually to provide functionality, but we can't wait to show you what's new. We're sure you'll enjoy it.
In November, our Autumn Cashback Campaign continued and gave the first-time investors a chance to earn an additional 1% cashback on any new investments. The campaign continues up to Bulkestate’s 5-year birthday celebration coming up on December 12th, so you still have a chance to earn additional funds.
We published the second high-ticket object on our platform and wanted to allow our investors to participate in it. The approach for Ģertrūdes Street was similar to Raņķa Dambis. This time the minimum investment was 15 000 EUR and the necessary funding amount was 1 600 000 EUR. The funding is still in process and is expected to be completed in December.
We are glad to announce that the repayments of the Zeļļu Street project stages have been initiated. In November, as the first purchase fee was collected, the Zeļļu Street – 4th stage has been already partly repaid. The purchase agreement signing is in process, and we are sure that the next repayments will follow soon. For more updates, please follow the investor forum posts, where the repayment updates are announced.
In the construction site of the Zeļļu Street project, the works are almost complete as the final reconstruction is carried out in the courtyard, apartments and the staircase.
We continued to crowdfund the development project as the renovation works have been initiated. The second stage funding finances initial works in the renovation of the façade, project documentation costs as well as the down payments for customized window order and landscape services.
Additionally, the planning of the layout of apartments is in its final stage and has been submitted for approval as the designer completed coordination of the layout with the grid of the new communications as well as the load-bearing structures.
The construction site is very busy, despite the cold weather. The façade of the building has been almost completed, finishing the instalment of decorative wooden planks and exterior lights. The inside of the building is changing day by day as the construction team puts a lot of effort to speed up the work schedule.
There is significant progress in the apartment visual look, as the wooden floors have been installed in almost all of them and the demo apartment has been already painted and completed with the interior doors.
Furthermore, the reservation of apartments is continuing and high interest from potential buyers is observed. Already 11 apartments have been reserved and we expect more reservations till the end of the year to be confirmed.
We have successfully signed another offline deal for purchasing a property on Stabu Street. The property consists of four buildings, one of them being a five-story high multi-residential apartment masonry building, two of them being four-story-high masonry residential buildings and the fourth – a two-story-high wooden building.
Overall, the property has 51 apartments and 5 commercial premises on the ground floors of the buildings. The apartment areas vary from 30 to 50 sq.m. Additionally, the property has a spacious courtyard with 17 parking spots. The residents of the property will have access to 10 storage rooms as well.
The property will go under renovation works from January 2022 till October 2022, resulting in completely renovated facades of the building, new wooden and PVC 3-layer-glass windows, improved courtyard, complete renovation of staircases and change of all exterior building doors. The sewage, electricity and communications grid will be reconstructed and changed as well.
The apartment reservation is planned to begin at the end of 2021 and they will be sold in their current status in a price range starting from 1350 EUR per sq.m.
November was indeed a busy month and we have considerably moved forward with our development projects, so follow us and don’t miss the news. Bulkestate 5th anniversary is already next week and it is amazing to look back and see how Bulkestate, our team and the industry has advanced. The new Crowdfunding Regulation is a good example of the improvements that are happening
On another note, we are seeing that the Covid-19 pandemic picks up again and the statistics across Europe are not pleasant. Restrictions are being tightened and they may affect the real estate industry as well, so we will let you know if there are any changes in the development project schedules. Most importantly, we urge you to be careful during this time and keep healthy.
Stay tuned for the next articles as we have some exciting news to share during our birthday week.