31 March 2021 update
The project team has now been appointed to oversee the works and the tender process has commenced. There is no update as yet with regard to the work commencement date.
18 December 2020 update
Building Safety Fund approval of funding in relation to the remediation of the UPVC panels / curtain glazing has been allowed. The work commencement date is being scheduled.
30 September 2020 update
The cladding at the building comprises UPVC curtain glazing with UPVC infill panels with a polystyrene core. The landlord has submitted an application to the Government’s Building Safety Fund and has appointed a surveying company to oversee the work required. It has become evident that some internal compartmentation work may be required at the building which is being further investigated.
31 July 2020 update
There has been no further update from the managing agents regarding the remedial works.
30 March 2020 update
There has been no further update from the managing agents regarding the remedial works despite continuous requests.
13 December 2019 update
In response to the most recent Government guidance on the fire safety of materials used to clad the exterior of high rise buildings, a chartered surveyor was instructed by the freeholders’ property management company to complete a survey on all aspects of the external fabric of Vista Tower.
Having recently received notice of the outcome of this initial survey, we are suspending trading on the property until 11am on 9 January 2020 to enable investors to consider the new information. For prudence, the dividend will be suspended to build up a cash reserve in anticipation of potential future costs, in relation to fire safety works.
The surveyor has confirmed that the cladding on the exterior of the property is a mixture of UPVC Curtain glazing and render, with some low level masonry brickwork and that there are no ACM’s (Aluminium Composite Materials) installed at the development. ACM cladding is
the type present on Grenfell Tower, which was outlawed in the wake of the tragedy in 2017.
The surveyor has confirmed that infill panels were found to be a UPVC facing panel, backed on to a polystyrene core and timber panel. This in places goes from floor to floor, is believed to be combustible and does do not comply with the most recent guidance notes issued by the Ministry of Housing, Communities and Local Government.
The freeholder’s management company has confirmed that they will notify the local fire authority and will be instructing a specialist fire consultant to undertake further investigations and provide a schedule of works required to bring the building in line with the new standards. The project will be put to competitive tender.
At this time we are not able to provide any further information on the potential cost of the works or the impact of this situation on the value of our holding of 4 flats, which will be revalued by an independent surveyor in March 2020.