oldgrumpy
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Post by oldgrumpy on Aug 5, 2017 8:00:45 GMT
According to the latest email they seem to be extending the site to Scotland so won't be finished this month: This loan is to fund continuing work on the development of the student accommodation in Plymouth (please see MTAS707 for details of the initial loan). It is the forth advance. All advances will rank equally. hehe took me a while to get that one! The wording suggests to me that it is Scotland which is extending its territory to Plymouth. Nothing that Nicola Sturgeon plots plans will surprise me!
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Post by GSV3MIaC on Aug 5, 2017 13:36:40 GMT
I'm reluctantly down that way next week and will check progress (Why didn't they build a hyperspace bypass between Exeter and Plymouth instead of that cr&ppy A38?) . Because the Vogon constructor fleet was all busy that week, running poetry classes out around Procyon. Perhaps later .. Or maybe we'll get a US style hyperloop tube instead .. less collateral damage (probably).
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elliotn
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Post by elliotn on Aug 5, 2017 14:59:49 GMT
I'm reluctantly down that way next week and will check progress (Why didn't they build a hyperspace bypass between Exeter and Plymouth instead of that cr&ppy A38?) . Because the Vogon constructor fleet was all busy that week, running poetry classes out around Procyon. Perhaps later .. Or maybe we'll get a US style hyperloop tube instead .. less collateral damage (probably). MT have suffered enough Collateral damage recently.
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Post by settersam on Aug 6, 2017 9:03:00 GMT
I see tranche 4 is in the pipeline, along with a report from a company in Lancashire saying completion in 4 - 5 weeks. Appended photos still show a lot of work remaining, so I'm still holding out hope for a September finish (which brings associated reward). 2017/18 semester dates Undergraduate Semester 1 International orientation 11 September 2017 Induction week 18 September 2017 Start 25 September 2017 Anyone know Nick Knowles? Maybe he could arrange to get the DIY SOS squad on-site to ensure everything is completed on time😀
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agent69
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Post by agent69 on Aug 8, 2017 18:26:52 GMT
Went for a wander around 3 sides of the site earlier today. Unfortunately forgot my camera (senior moment). As best I could see: - Scaffold still erected full height for both units
- Gable end of roof of unit A (elevation facing B****ont road) not complete
- No cladding in sight
- Majority of window and door openings have no windows or doors fixed
As somebody who has spent their entire career in the construction industry (civil engineering not building), if these 2 units are complete and occupiable by the end of August I'll eat my (hard) hat, along with my high visibility jacket and my steel toe capped safety boots.
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robski
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Post by robski on Aug 8, 2017 20:22:56 GMT
Went for a wander around 3 sides of the site earlier today. Unfortunately forgot my camera (senior moment). As best I could see: - Scaffold still erected full height for both units
- Gable end of roof of unit A (elevation facing B****ont road) not complete
- No cladding in sight
- Majority of window and door openings have no windows or doors fixed
As somebody who has spent their entire career in the construction industry (civil engineering not building), if these 2 units are complete and occupiable by the end of August I'll eat my (hard) hat, along with my high visibility jacket and my steel toe capped safety boots.
Don't make promises that paddy ashdown wouldn't keep
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littleoldlady
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Running down all platforms due to age
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Post by littleoldlady on Aug 8, 2017 21:15:40 GMT
Went for a wander around 3 sides of the site earlier today. Unfortunately forgot my camera (senior moment). As best I could see: - Scaffold still erected full height for both units
- Gable end of roof of unit A (elevation facing B****ont road) not complete
- No cladding in sight
- Majority of window and door openings have no windows or doors fixed
As somebody who has spent their entire career in the construction industry (civil engineering not building), if these 2 units are complete and occupiable by the end of August I'll eat my (hard) hat, along with my high visibility jacket and my steel toe capped safety boots.
Don't make promises that paddy ashdown wouldn't keep And remember Gary Lineker.
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kermie
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Post by kermie on Aug 8, 2017 22:08:32 GMT
Anyone care to hazzard a guess at the likely impact on numbers if there are not students in the rooms in Sept? It's not catastrophic, surely? Absolute worst case (and not realistic) is that the developer holds on to an empty building for 10-12 months (and hence associated costs of an empty building + interest on the loan eating into profits)?
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ilmoro
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'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Aug 8, 2017 22:09:32 GMT
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jlend
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Post by jlend on Aug 9, 2017 5:53:55 GMT
Anyone care to hazzard a guess at the likely impact on numbers if there are not students in the rooms in Sept? It's not catastrophic, surely? Absolute worst case (and not realistic) is that the developer holds on to an empty building for 10-12 months (and hence associated costs of an empty building + interest on the loan eating into profits)? 60 percent of the rooms have been sold and deposits taken. We don't know if there were any promises to these buyers about when the rooms will be ready. 40 percent are unsold at present. It may have an impact on selling the remaining units if any of the rooms are not ready. This would then have an impact on paying back the loan on or before 22nd November as per the Moneything loan. Of course we have been re assured the rooms will be ready. Also students do move so they are unlikely to all remain empty for a whole year if they were a little late completing some or all the rooms.
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hazellend
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Post by hazellend on Aug 9, 2017 8:32:58 GMT
Anyone care to hazzard a guess at the likely impact on numbers if there are not students in the rooms in Sept? It's not catastrophic, surely? Absolute worst case (and not realistic) is that the developer holds on to an empty building for 10-12 months (and hence associated costs of an empty building + interest on the loan eating into profits)? 60 percent of the rooms have been sold and deposits taken. We don't know if there were any promises to these buyers about when the rooms will be ready. 40 percent are unsold at present. It may have an impact on selling the remaining units if any of the rooms are not ready. This would then have an impact on paying back the loan on or before 22nd November as per the Moneything loan. Of course we have been re assured the rooms will be ready. Also students do move so they are unlikely to all remain empty for a whole year if they were a little late completing some or all the rooms. Usually student rooms are sold with guaranteed rental income, so it shouldn't affect sales as investors will still get their rental yield. It does mean that they developer will need to cover 9% rental income until the rooms are actually filled.
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Post by MoneyThing on Aug 9, 2017 9:06:23 GMT
Afternoon CD, I would suggest that the sales literature allows for a little buffer to manage expectations from an investor/purchaser perspective. Whilst the legals did take a little longer than anticipated before the borrower could drawdown, they have subsequently thrown a lot more workforce at the project to make up for lost time to be able to achieve August. Having been working longer hours on the project, admittedly they did receive a warning last week from the council for noise disturbance before the agreed 7am. Since then, so that they can maintain the rate of man hours, they have slightly modified their approach so that the quiet internal works are done prior to 7am. Kind regards, Ed (my emphasis). Hi MoneyThing , how realistic is the completion date looking, is the build on target for completion "...to achieve August..." 2017 in readiness to accept it's first Student residents? The QS reports being used to trigger the release of tranched investor funds are these being produced for MT by its Own appointed RICS Or are they being produced For MT by the Borrowers appointed RICS? Have you personally visited the site at any time since draw down (if so when) and spent time with the Borrower there? All the best. Morning magenta14, The project is running a little behind which might push it back to a week after August, although the borrower is still focusing the team to achieve end of August. The valuer has been appointed by us and we have used him on other occasions with different borrowers and have been happy with his work. We last visited the site and met with the foreman in June and have been in regular contact with the borrower throughout. Kind regards, Ed
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 9, 2017 10:55:39 GMT
It may be possible, if the local education establishment using the rooms is a "true" university, that students will not be arriving until late September or early October. At worst case scenario students could be moved in for January so no need to wait until next year. Still adds costs to developer if delayed till January but not, maybe, as bleak as is being painted.
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fogey
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Post by fogey on Aug 9, 2017 12:08:16 GMT
It may be possible, if the local education establishment using the rooms is a "true" university, that students will not be arriving until late September or early October. At worst case scenario students could be moved in for January so no need to wait until next year. Still adds costs to developer if delayed till January but not, maybe, as bleak as is being painted. Still some SM left to make some hay from the Panic of the Day.
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stub8535
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personal opinions only. Not qualified to advise on investment products.
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Post by stub8535 on Aug 9, 2017 12:14:10 GMT
It may be possible, if the local education establishment using the rooms is a "true" university, that students will not be arriving until late September or early October. At worst case scenario students could be moved in for January so no need to wait until next year. Still adds costs to developer if delayed till January but not, maybe, as bleak as is being painted. Still some SM left to make some hay from the Panic of the Day. Thanks fogey but I might just invest in defensive items like bitcoin and stamps or Iraqi bonds.
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