19 Oct 2008 9:47 AM:
Hi Everyone
Just returned from Spain and visited El Castillo to meet Olga and the owners, we had a good meeting one of the original partners has dropped out but the family Herrero have now become co owners. All bank guarantees will be issued over the next 2 weeks, however, they will want you to sign new contracts the only change is the dates pushing back the development to December 2010 with a possible slip of 6 months taking the contractual opening date to June 2011.
The down side of signing will be you will forgo any claim for interest or delay from the original date of June 09 with 6 month slip, we have seen our solicitors, who advise to wait until the Bank Guarantee is issued to check what dates are on that, before considering signing. There has been no movement on site since our last visit in February, but they state that delays in Planning and sign off from the Murcia and Jumilla authorities is the cause. They anticipate the full approvals before December 09 and then construction will commence in earnest.
Phase one is anticipated to be complete by Dec 2010 which includes the golf Course and the first 300 houses, not the commercial area, they did not have timings on the other phases at this time. Overall I was pleased that the owners of the development chose to sit in on my meeting with Olga, it gave me confidence that they were still serious about this scheme and not afraid to meet with its clients.
The development still looks like it is still going ahead the new co owners are apparently big business owners in the Murcia area which again gives me confidence that the money will be there to build, once the Bank Guarantees are issued again this will give me the piece of mind that our money is safe, the downside is it looks like being 18 months late.
Mike
Community thread:
Any Guitar Players?
--------------------------------------