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Plymouth £22 Million Development Goes Bust


bricor mortis
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Article appears in this is plymouth 22nd june 2012.

Basically a £22 million development known as zero one has gone into administration as the backers could not keep up the payments " I coughed up £400,000" whines a wannabe property developer and judging by the comments on the article she has a reputation which is not good. This does not bode well for some other development plans in the City Centre, I know there is / was a plan for a 30 storey block on the Ansteys /TVSouthwest site and James Brent Pavillions concept involves residential I believe.

Edited by bricor mortis
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This is what the guy said back in 2008... and is complaining now about being hard done by... :

Mike Hockin, London and Westcountry Estates Limited boss,claimed last month a number of potential buyers were reneging

on deals because they have got 'cold feet' as the credit crunch

bites.He has now told The Herald he has singled out 10 of those'serial speculators' who he believes are planning to auction

off their flats – thus, he said, breaking their contracts.

Mr Hockin wants to sue those who have laid down deposits andexchanged contracts but who have so far not completed them on

flats at the landmark nine-storey development in The Crescent.Mr Hockin said an auction of the flats is planned for

September 25 and 26. He said that any shortfall in the purchase price obtained at auction – and all costs – will be 'sought in

the High Court from these defaulting buyers'. He told The Herald: "The serial speculators have enjoyed

great results from the rising Plymouth property market over the

past few years – and they now have cold feet as the economy takes a tumble.

"Clearly we would not be in this situation had the market continued its upward trend." :rolleyes:

Edited by GinAndPlatonic
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This is what the guy said back in 2008... and is complaining now about being hard done by... :

Mike Hockin, London and Westcountry Estates Limited boss,claimed last month a number of potential buyers were reneging

on deals because they have got 'cold feet' as the credit crunch

bites.He has now told The Herald he has singled out 10 of those'serial speculators' who he believes are planning to auction

off their flats – thus, he said, breaking their contracts.

Mr Hockin wants to sue those who have laid down deposits andexchanged contracts but who have so far not completed them on

flats at the landmark nine-storey development in The Crescent.Mr Hockin said an auction of the flats is planned for

September 25 and 26. He said that any shortfall in the purchase price obtained at auction – and all costs – will be 'sought in

the High Court from these defaulting buyers'. He told The Herald: "The serial speculators have enjoyed

great results from the rising Plymouth property market over the

past few years – and they now have cold feet as the economy takes a tumble.

"Clearly we would not be in this situation had the market continued its upward trend." :rolleyes:

Yes I remember posting in 2008 about the dubious nature of this development, £169,000 for a flat on a main road near Union St.

There must be people working in the City Centre who would like a flat near work, but there cant be many earning over £20,000 pa.

I also get the feeling the adjacent Millbay development zone is stalled, nothing much seems to get built there since the Cargo development.

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  • 2 weeks later...

I see this one going the same way if it ever does commence.

Aforementioned 32 story job for Derrys Cross.

http://www.thisisplymouth.co.uk/Developer-vows-tallest-tower-Plymouth-built/story-16509428-detail/story.html

Heh. Skyscrapers in Plimuff? Whatever next?

Though it could even work. A few hundred student rooms in one place helps bring the buzz of student life, and could instantly become much more popular than a bunch of shabby HMOs. And as for hotels ... look at what it's competing with - not hard to beat!

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And as for hotels ... look at what it's competing with - not hard to beat!

The highest rated comment in the article points out a possible flaw in the Hotel plans:

“Could anyone point me in the direction of any other successful business where paying guests and students share the same building?”
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