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The Development Company that initially launched Cotswold Downs was placed into provisional liquidation in February 2011, having been largely affected by the worldwide downturn. It was discharged from provisional liquidation in May 2012 and placed under the control of a High Court appointed Receiver to oversee the realisation of all the remaining unsold vacant stands and to ensure that the creditors and Homeowners interests are protected during the remaining development stage. With the appointment of the Receiver has come the announcement of significant initiatives such as the second entrance known as the Fischer Rd gatehouse which is now complete and allows for easier access and exit for residents. Finance for the much anticipated, R23 million clubhouse has been approved and construction will commence once the necessary Plan approval process is completed. In addition, funds have been set aside for street lighting, booms demarcating the villages, speed control measures and the general marketing of the Estate. The official Cotswold Downs re-launch will take place shortly and we expect the sales volumes to increase even further as the market embraces the relaunch prices and initiatives.

 

Under the Receivers guidance, the sanitation and wastewater purification plant will be expanded to its maximum capacity at no cost to residents or future homeowners. This was achieved by disposing of capacity to neighbouring developments. Homeowners will never have to concern themselves with any additional costs associated with increasing the production and output of the sanitation services. The reserve fund for the sanitation services which was not initially provided for, has now been established and is held in a separate interest bearing bank account.