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:

As of December 2020 work is progressing steadily though slower than previously due to issues with worker and materials availability which are affecting all our sites.  Covid issues have affected the timeframe for delivery on this site, and as of December 2020 we anticipate all contractors being off site by the end of end of March 2021 with completions on sales going through from April 2021.

The latest site photos as of 8/1/21 are below.

GDV: £2,578,000

Sales updates: As of 21st January 2021 we have 5 confirmed reservations (one new in the last week). There are 13 properties in all. Our agents have advised that activity is still good at this site, and new areas of marketing are being invested in.

The site went live on Rightmove 5th November 2020 and is generating plenty of interest – the 1st reservation was received w/c 9th November 2020. We are using Fox Owl Rise for viewings due to the similar specification of units.

The sales brochure was ready as of 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.

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 November 2020 work on site is continuing, though there are issues with acquiring materials and also with worker availability due to Covid, illness and self-isolation.

Site images as of 8/1/21:

Site update 9/12/20: 

Block 1 should be fully skimmed shortly with joinery going in January 2021.  Landscaping will be commencing in the new year.

Site update 25/11/20:

Work on site is progressing steadily. The 1st unit has now been plastered, block 1 has windows installed and roofing completed.  There have been supply chain issues with a shortage of roofers across the North West and also issues with materials availability is starting to be more pronounced.  Currently we are on track for workers to be off site by the end of February 2021, pandemic permitting.

Site update 11/11/20:

Work has picked up on site lately.  Block 1 now has its roof on and windows should be in by the end of November 2020. Staircase will be going in by end of November. There have been ongoing issues with acquiring materials, and also with the onsite theft of insulation

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.