Gregge St, Heywood – a high quality scheme of thirteen 3 and 4 bed family houses in a gated community with parking situated north of Manchester.  Site purchase took place 5th July 2019.  The development is now called “The Spindles”.

Site schedule:

The site is on schedule to be delivered by Christmas 2020.  As of October 2020 work is progressing steadily though slower than previously due to issues with worker and materials availability which are affecting all our sites.

GDV: £2,578,000

Sales updates:  Our agents have advised that marketing of this site will commence early November 2020.  The sales brochure is ready as of the end of October 2020, and the site should be going live on Rightmove by the end of October 2020.  Recent comparables have shown that prices are higher in the area than originally, so the site will be launched with higher asking prices than the original ones.

We have already received enquiries regarding this site thanks to the hoarding.

Coronavirus updates: Because of the situation with the Coronavirus Pandemic, we are closely monitoring government guidelines as this site is within the Greater Manchester area which has a high incidence of cases.  We thank investors for their patience during this difficult time.  As of end of late September 2020 work on site is continuing.

Site update 28/10/20:

Weather has impacted on external work, but the roofers are making good progress. The windows should arrive w/c 2nd November 2020 which should enable internal works to speed up. Tiling is progressing well.

Site images Sept 2020:

 

Build update 16/9/20:

Block 1 and 3:  roof is now on both these blocks and brickwell is progressing well

Block 2:  the timber frame will be going in later on in the month.

Build update 26/8/20:

Timber frames are up to roof level on the main block, the blocks are well progressed, external brickwork has commenced, with windows and internal works due to commence in the next period – Works are on programme for Christmas 2020 completion.  The crane is being erected 2/9/20 to erect timber frames.

Site images as of early August 2020:

Site images as of 16/7/2020

Timber frames going up on site.

Site images as of 16/6/2020:

Site images as of 8/6/2020:

Site hoardings have gone up w/c 26/5/2020:

Update 7/5/20: 

All foundations excavated and concreted.

Plot drainage in

Foundation block work underway

Work will continue on site Bank Holiday Friday 8/5/2020

Site image as of 7/5/2020:

Update 16/4/2020: work is progressing well.  Site clearance is 95% done. Timber frame has been procured and foundations will commence over the next few weeks.

Update 31/3/2020: Roofs going on and brickwork is nearly done. 1st fix M&E has commenced.

As of 25/3/2020 our QS reports that a reduced team is working externally with minimal internal work being carried out.  Materials are currently still available.

Site image as of 27/4/2020:

Site images 23/4/2020:

Status: Pre-start work was completed by the end of December 2019.  As of February 2020 work was halted whilst pricing of the groundwork package and other details were carried out.  Contractors are estimated to be off site by the end of December 2020.  Working on marketing has commenced as of February 2020.

Situation as of 31/3/2020: Site clearance and mound removal are ongoing.

As of 25/3/2020 our QS has advised that a reduced team is working externally with minimal internal work being carried out.  Materials are still currently available.

Below site image as of 31/3/2020:

created by dji camera

Fundraises target interest paid:

Fundraise 1: 10% (investors received 3% interest until the site purchase took place)
Fundraise 2: 10%

Investor capital repaid:   too date no capital has been repaid as it is too early in the build process.  The repayment of capital is dependent on sales completing.

Information re interest payments:

We will not be a position to pay any interest until all capital has been repaid, and all units are sold.

Note that for this development investors accrued interest will earn 1% p.a. if it is repaid more than 3-months after capital is repaid.

The 1% interest accrual will only commence at the 3-month date, so if your capital is repaid 21st October 2020 but your interest is not paid until 2nd April 2021, you will receive 1% interest on the standard interest accrued up until 21st October. This 1% interest would, in this example, apply to the period 21st January 2021 up until but not including 2nd April 2021.  It would not apply to the period 21st October 2020 to 21st January 2021.

September 2019 update:

Detailed designwork for the site has now been carried out.