HCD22 Gregge Street (The Spindles), Heywood Development Updates
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”.
Coronavirus updates: As of March 2020 we have a reduced team of contractors on site. Because of the situation with the Coronavirus Pandemic, we are closely monitoring government guidelines and may have to clear the site at any time. Our QS is sending through regular updates. We thank investors for their patience during this difficult time. As of June 2020 work on site is continuing.
Site images as of 16/6/2020:
Site images as of 8/6/2020:
Site hoardings have gone up w/c 26/5/2020:
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:
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.