A statement from Pinnacle Alliance Ltd.
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We would like to provide an update regarding the Angelgate development and other Pinnacle projects.
As many of you will know a single buyer has issued a petition to put the Angelgate development into administration with the Royal Courts of Justice. This petition has been supported by a number of other buyers. Last week, the court ruled in favour of this petition.
This is, of course, extremely disappointing for us at Pinnacle Alliance Ltd. We have worked determinedly with Pinnacle Angelgate Ltd to get the Angelgate development over the line. Unfortunately, PHD1 Ltd (the original commissioned construction company) went into liquidation in 2015. They had significantly under-valued the build and for a year we struggled to find another construction company willing to build the development at the same quoted price.
However, in the last six months, we have turned this situation around and found a trusted construction company to complete the build, within budget, which meant that buyers would not have had to contribute any additional funds.
This result is therefore extremely difficult for us, however, we respect the wishes of this group of buyers. We will endeavour to work with and help the appointed administrator in any way they require to complete the build. We absolutely believe that the Angelgate development can still be delivered for buyers.
We would like to take this opportunity to wholeheartedly iterate that the situation with Angelgate has absolutely no direct impact on other Pinnacle developments, which are all progressing well. Please see below for a brief update regarding each of the developments in progress:
- GROVE HOUSE: Phase two of Grove House will be completing early next week.
- PARAMOUNT: Negotiations with the car park operator are almost finalised, funding secured, two contractors shortlisted to complete the car park works, buyers have agreed the route to complete the rest of the building following completion of the car park.
- QUADRANT: Buyers are working with the developer to agree the contractual terms to enable site recommencement. SPECTRUM: Following confirmation from the buyers, variations to the contract have been agreed and new legal documents have been finalised and distributed to all buyer's solicitors. The first batch of early completions have taken place this week.
- AUSTIN AND ASQUITH HOUSE: PC has been achieved, along with full building regulations sign off. We are just waiting on the warranty to be issued before legal completion can take place. CRL, the warranty provider, now has all the necessary information and we expect the warranty certificates to be issued next week.
As a company, we are completely dedicated to the successful completion of the developments detailed above and are working in close partnership with buyers to achieve this. We have many exciting opportunities in the pipeline, we remain in a stable condition and totally committed to our buyers.
The Pinnacle Alliance Team