Jump to content
House Price Crash Forum

Obel


getdoon_weebobby

Recommended Posts

0
HOLA441

So the BTW staff member wants to bail out of the Obel without a loss. Maybe you could tell us how much was paid for this unit PJ?

It always amuses me seeing the bit below on a property ad

.

If I'm not mistaken members of BTW bought in Obel, Custom House, Arc, The Bakery and several other new developments are peak. So no vested interest there in saying prices have bottomed out then. How anyone could take advice from these financial disasters...

I'll consult the list tonight if I can find it

Link to comment
Share on other sites

  • Replies 277
  • Created
  • Last Reply

Top Posters In This Topic

1
HOLA442
2
HOLA443
3
HOLA444
4
HOLA445

Bank set to lose over £22m on Belfast's Obel building

http://www.bbc.co.uk/news/uk-northern-ireland-21177179

The failure of the property company that developed the Obel building in Belfast is set to cost a bank at least £22m. The Obel complex was effectively repossessed in November 2012. The former Bank of Scotland Ireland (BoSI), which is owed almost £48m, appointed administrators to Donegall Quay Ltd. A statement of affairs submitted by the directors suggests that the bank will only get back £25m.

BoSI has been effectively shut down by its parent company, Lloyds Banking Group, and its loan book is being aggressively wound down. The bank was one of the largest property lenders across Ireland during the bubble years. Its lending practices have lead to enormous losses. In November 2012, Lloyds sold £1.47bn of BoSI loans to an investment company for just £149m, equating to a 90% loss.

The Obel consists of a 28-storey residential tower and an adjoining six-storey office block. It was launched onto the market in 2005 and dozens of apartments were sold off plan, mainly to buy-to-let investors. However as the property market crashed sales slowed and many of the apartments are still empty.

Most of the office block is let to the international law firm Allen & Overy. The Obel project was originally backed by a consortium of developers, but in 2008 the Blackbourne family took full control, buying out their partners with the backing of BoSI.

Allen and Overy creates new jobs in Belfast

http://www.bbc.co.uk/news/uk-northern-ireland-21185186

Invest NI has offered the firm £348,400 to support the move.

The money is in addition to the £2.5m that Invest NI gave them two years ago, to support the firm's decision to relocate to Northern Ireland.

Link to comment
Share on other sites

5
HOLA446

Bank set to lose over £22m on Belfast's Obel building

http://www.bbc.co.uk/news/uk-northern-ireland-21177179

The failure of the property company that developed the Obel building in Belfast is set to cost a bank at least £22m. The Obel complex was effectively repossessed in November 2012. The former Bank of Scotland Ireland (BoSI), which is owed almost £48m, appointed administrators to Donegall Quay Ltd. A statement of affairs submitted by the directors suggests that the bank will only get back £25m.

BoSI has been effectively shut down by its parent company, Lloyds Banking Group, and its loan book is being aggressively wound down. The bank was one of the largest property lenders across Ireland during the bubble years. Its lending practices have lead to enormous losses. In November 2012, Lloyds sold £1.47bn of BoSI loans to an investment company for just £149m, equating to a 90% loss.

The Obel consists of a 28-storey residential tower and an adjoining six-storey office block. It was launched onto the market in 2005 and dozens of apartments were sold off plan, mainly to buy-to-let investors. However as the property market crashed sales slowed and many of the apartments are still empty.

Most of the office block is let to the international law firm Allen & Overy. The Obel project was originally backed by a consortium of developers, but in 2008 the Blackbourne family took full control, buying out their partners with the backing of BoSI.

Allen and Overy creates new jobs in Belfast

http://www.bbc.co.uk/news/uk-northern-ireland-21185186

Invest NI has offered the firm £348,400 to support the move.

The money is in addition to the £2.5m that Invest NI gave them two years ago, to support the firm's decision to relocate to Northern Ireland.

Would anyone know what terms they got on their lease if the office space?id estimate a lengthy rent free period for starters. Added to the £3m given to them from invest NI. Any wonder they opened an office here, they must be quids in from government grants alone. Doubt they even needed any clients for the first few months.

Link to comment
Share on other sites

6
HOLA447
7
HOLA448
8
HOLA449
9
HOLA4410

They don't actually practice in this jurisdiction it's all discovery work.

ah, sort of offshoring - like a better paid qualified call centre with a £3 million taxpayer sweetener.

Only reason being cost.

Race to the bottom.

When some other country offers a lower cost base (which of course it will), what happens then........

From the article - more relocation than job creation

"It is understood that the 43 employees whose jobs are due to be transferred to Belfast will be offered the option of relocating to the city.

Should they decline, their posts will then be advertised."

Concerns from 2011

Arlene Foster defends cash grants to Allen and Overy

http://www.bbc.co.uk/news/uk-northern-ireland-12486533

NI Enterprise Minister Arlene Foster has said global law firm Allen and Overy can spend Invest NI grants how they wish.

The company announced earlier this month it would move 180 back office jobs from London to NI.

The UUP has criticised its plans to pass grant money of £8,000 per job on to staff as an incentive for them to relocate to Belfast.

Mrs Foster said she would not be "changing the rules" on such grants.

"The cost was not the only reason why Allen and Overy came to Belfast and if they want to use that money in that way, it is entirely up to them," she said.

The UUP said the plan to pay staff could mean grant money paid out by the Stormont executive is being used to prevent local people filling some of the jobs.

Ulster Unionist finance spokesman David McNarry said: "These are jobs for Northern Ireland people and that is why we are paying the money out of the Northern Ireland purse."

But Mrs Foster said Allen and Overy had to satisfy the government agency that it had met its conditions.

"They only get the money from Invest NI when they have complied with those conditions," she said.

"They don't get the money up front and I think that is an important matter to take into consideration."

She said Invest NI had been in competition with 20 other countries for the project which she said would offer job opportunities to people living in Northern Ireland and those who wanted to "come home" after leaving "in the 1980s and 1990s".

Allen and Overy is offering staff in London first refusal on filling the jobs and if they choose not to relocate, they face losing their jobs.

The firm told staff that, although Belfast was not "the cheapest option", the quality of the city and the government incentives made it a "viable and attractive option".

Economist Philip McDonagh said anyone who did relocate from London would help the Northern Ireland economy because of the multiplier effect attached to their income.

"They bring with them their salary and their spending power," he said.

"They will be looking for accommodation. They will spend their salary, a good bit of it in the local economy, so there is a genuine net contribution to the NI economy."

Edited by Shotoflight
Link to comment
Share on other sites

10
HOLA4411

Spot on. They won't stay here forever. These firm actually pay more than the local law firms. Perhaps that's because they've yet to understand the local labour market. There's been a race to the bottom in the NI law scene for a few years now with apprentices working for free in some firms. Big gap in earnings with the people who made money during the last 30 years holding onto it or keeping it in the family and the new starts paid peanuts.

Link to comment
Share on other sites

  • 2 years later...
11
HOLA4412

Funny how they still refer to obel as 'exclusive', 'high-end' and 'luxury' - it's a dump; poorly insulated with wall mounted electric heaters instead of proper central heating.

It is by far the most obvious symbol of the boom, of it's utter greed. Mate of mine used to live there so I've been in the building many times. Horrible place.

My mate once caught a couple of chav's taking drugs round the back of the building. On another occasion he caught chav's shagging. And now it's become a rubbish tip it seems. Things will not get better - will be fascinating to see what Obel is like in 20 years. I reckon there's a good chance it'll be deserted, as it probably isn't good enough quality to become council housing.

Edited by JoeDavola
Link to comment
Share on other sites

12
HOLA4413

Funny how they still refer to obel as 'exclusive', 'high-end' and 'luxury' - it's a dump; poorly insulated with wall mounted electric heaters instead of proper central heating.

It is by far the most obvious symbol of the boom, of it's utter greed. Mate of mine used to live there so I've been in the building many times. Horrible place.

My mate once caught a couple of chav's taking drugs round the back of the building. On another occasion he caught chav's shagging. And now it's become a rubbish tip it seems. Things will not get better - will be fascinating to see what Obel is like in 20 years. I reckon there's a good chance it'll be deserted, as it probably isn't good enough quality to become council housing.

Already is.
Link to comment
Share on other sites

13
HOLA4414
  • 4 months later...
14
HOLA4415

From the article:

The 27-storey Obel Tower - Northern Ireland's tallest building - is the city's most sought-after postcode.

....ummmmmm no it isn't.

Link to comment
Share on other sites

  • 2 weeks later...
15
HOLA4416
16
HOLA4417
  • 3 months later...
17
HOLA4418
  • 3 weeks later...
18
HOLA4419
19
HOLA4420

Despite the hype, four months later Belfast's most exclusive city centre apartments are all still there.

One sale agreed but not sold, and the rest still for sale.

The market's taking off though, honest.

What's hilarious is the arrogance of those selling them - after all these years, everyone knows they're horrible flats, so why not drop the price big time and hope someone is stupid enough to buy a cheap flat? But no, we'll put new wallpaper on and put them back on the market again.

I could see them being on the market for a decade, which some new wallpaper every 4 or 5 years to lure in the canny investors ;)

Link to comment
Share on other sites

20
HOLA4421
21
HOLA4422
22
HOLA4423

You think a drug lord could afford to live somewhere a bit nicer like.

I thought most of that stuff was home grown these days, if all these "grow house" discoveries are to be believed. It's disappointing to hear our balance of payments is continuing to be damaged by unnecessary imports.

Link to comment
Share on other sites

  • 1 month later...
23
HOLA4424
24
HOLA4425

I've noticed that over the past few weeks the windows fronting towards the M3 must be getting a reflective coating fitted to them, to remove the 'goldfish bowl' living experience within the apartments. No more ability for passing drivers/passengers to gawk in, and also hiding the mess within some of them.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.




×
×
  • Create New...

Important Information