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Lloyds Abandons Plans For New Edinburgh Headquarters

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http://news.bbc.co.uk/1/hi/scotland/10299323.stm

Plans to build a giant Halifax Bank of Scotland headquarters in Edinburgh have been abandoned.

HBOS bought the 13-acre former Fountain brewery site two years ago for a reported £100m.

It had hoped to create a prestige HQ alongside the Union Canal and relocate staff from eight other offices in the capital.

But since HBOS nearly collapsed and was taken over by Lloyds, the new bosses have ruled out that plan.

Instead, they are applying for permission to build a mixed development on the brewery site.

This could include offices, a hotel, a care home and student housing.

It is understood that the property will then be put up for sale.

I wonder how much money they think they'll get back for this or are they expecting the taxpayer to pick up the tab?

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Lloyds do not need a Scottish HQ they have a perfectly good one in London.

Also do not forget at the time of the bank bailout there were rumours that Brown and Darling had insisted on a no job losses in Scotland only job losses in England as part of the bailout.

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Guest sillybear2

Lloyds do not need a Scottish HQ they have a perfectly good one in London.

Also do not forget at the time of the bank bailout there were rumours that Brown and Darling had insisted on a no job losses in Scotland only job losses in England as part of the bailout.

Yup, I thought everyone in Halifax had to take it up the assets?

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Lloyds are a bank, not a property developer.

This site is no longer needed so surely the sensible thing to do is sell it.

Unless selling it as-is would result in a huge embarrassing loss?

No, surely not. Property only ever goes up in value.

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Guest sillybear2

Lloyds are a bank, not a property developer.

This site is no longer needed so surely the sensible thing to do is sell it.

Unless selling it as-is would result in a huge embarrassing loss?

No, surely not. Property only ever goes up in value.

Is there a difference? They ended up with all of Grant Bovey portfolio of... whatever he was doing.

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Edinburgh is a classic example of the usual 'They just don't build land anymore - lack of supply blah blah'.

There is so much development land in Edinburgh right now just sitting waiting for houses/flats to be built on it. Much of it has planning permission already as well.

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Lloyds are a bank, not a property developer.

This site is no longer needed so surely the sensible thing to do is sell it.

Unless selling it as-is would result in a huge embarrassing loss?

No, surely not. Property only ever goes up in value.

Alas, Lloyds don't sell property, they hoard it until the market picks up.

If they sold their multi billion portfolio, it would be valued, reflecting their 40% + commercial property losses, and they would be bankrupt....again :blink:

Edited by Saving For a Space Ship

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Guest sillybear2

Alas, Lloyds don't sell property, they hoard it until the market picks up.

If they sold there multi billion portfolio, it would be valued, reflecting their 40% + commercial property losses, and they would be bankrupt. :blink:

Ahh, their "mark to 2007" accounting rules.

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Anyone know what this land is "worth" now. I'm guessing that it could perhaps be less than the £100m some genius at HBOS paid for it.

Is the land near the Uni in Edinburgh?

No idea about the cost of the land but it is in a relatively prime location, probably within 15 minutes of Haymarket trainstation and handy for all city centre bus routes to the Gyle etc. it is not very close to Edinburgh University but it is close enough to to parts of it and Napier to be usefull for student housing.

it is right next to my personal favourite overpriced newbuild estate in Edinburgh

http://www.springside.co.uk/

Very small one bedroom flats for £200K+ so on the assumption a developer can by the site and build a mass of identikit flats it would be worth a fair bit still.

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Someone has just showed them a commercial real estate projected value that was about a tenth of the mark-to-myth figure they had already pencilled in.

Combine that with the departure of the great leader, & all confidence is lost.

Shame really, as multi-million pound self-indulgent way-over-budget office buildings gave the peasantry a feel-good factor that will be difficult to replace :rolleyes:

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Guest sillybear2

No idea about the cost of the land but it is in a relatively prime location, probably within 15 minutes of Haymarket trainstation and handy for all city centre bus routes to the Gyle etc. it is not very close to Edinburgh University but it is close enough to to parts of it and Napier to be usefull for student housing.

it is right next to my personal favourite overpriced newbuild estate in Edinburgh

http://www.springside.co.uk/

Very small one bedroom flats for £200K+ so on the assumption a developer can by the site and build a mass of identikit flats it would be worth a fair bit still.

I didn't realise the Stasi operate offices in Edinburgh.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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