Hello, and a warm welcome to all our valued current and prospective stakeholders in The Lyceum, Manchester project.
As outlined in our previous updates, demolition is now complete, following the façade retention works, along with the formation of the gabion wall to the east elevation of the site. This enables the groundworks to commence, forming the pad foundations which will form the base of the structural steel frame.
To this point, the scheme has been fully self-funded by Integritas Property Group, until external funding was secured to push on with the build process.
We are pleased to announce that our tier one funder, Maslow Capital, have agreed heads of terms, and we imminently await the first drawdown once the contract is in place to accelerate works at pace.
This is a significant achievement for IPG, highlighting the commercial standing and progress the group have made in such a short space of time. Our sensible and well considered planning has delivered us one of the most well respected financial establishments in the sector. Mitchell and the team have worked tirelessly behind the scenes to facilitate this funding, which will deliver key benefits for all parties involved.
We have also been negotiating with Salford Council in relation to a Section 106 Agreement. We are also proud to announce we have reached an agreement in principle and await final sign-off from their legal department.
Around 80% of the sub contract packages are secured, which gives us greater cost control heading into Q2, with the commercial teams looking to finalise the outstanding 20% in the next few weeks.
With only the pad foundations to be formed, the coming weeks will see the building become three dimensional and rise from the ground, which will be an amazing spectacle.
We feel it quite poignant that the shoots of The Lyceum will burst through the ground during the coming season, and expect to see this project completed as planned in Q4 2023.
A massive thank you from Mitchell and the team for your support on this prestigious project, which will bring this iconic building back to its former glory.
Watch this space for our April update, outlining progress both on and off site.
David Mason, Construction Director