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Place North West | Majority of High Street investors back rescue plan
placenorthwest.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from placenorthwest.co.uk Daily Mail and Mail on Sunday newspapers.
Place North West | Challenged developer High Street instigates protection measures
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Sarah Townsend
The company behind delayed projects including the £29m Middlewood Plaza in Salford and £49m Cheshire Junction in Warrington has launched a recovery plan including refinancing schemes and rewriting the terms of a seven-year investor loan note.
High Street Group, which is based in Newcastle and headed by chief executive Gary Forrest, has written to investors proposing to delay their annual returns from investments made in the company in return for possible equity in future,
Place North West has learned.
Under the terms of an existing High Street financial instrument, investors pump a minimum of £25,000 into the developer’s portfolio of UK private rental sector projects and receive interest of 12% per year over seven years, plus annual bonus payments if the original investment is retained.
Place North West | Former High Street auditor slams group governance
placenorthwest.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from placenorthwest.co.uk Daily Mail and Mail on Sunday newspapers.
Sarah Townsend
Completion of the residential development in central Warrington has been pushed back several months to early next year as construction work pauses while the developer reviews its delivery programme.
Newcastle-based High Street Group is building the £48.7m Cheshire Junction, an eight-storey block planned to deliver 362 apartments on a former industrial site on John Street. The scheme also includes a car park with 796 spaces.
As of last November, main contractor Nobles Construction had completed the external frame and begun work erecting the external walls and creating the internal structure of the apartments, with fit-out to follow, according to a project update sent to investors at the time. The scheme was intended to complete by November 2021.