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BLOW FLY

London Land Price: £785K - £4M In Two Years....!

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This is a bit of an anecdotal here but one I found rather interesting yesterday when I was with a customer.

Back in 2007 this customer of mine was relocated from Bow (compulsory purchase) for the Olympics to Silvertown.

In 2008 just before the Brownturn, Northern Rock, etc he sold his relocated business to another London firm which ended up taking a huge haircut on this and it nearly put them under.

He then bought a tiny yard in a shitty part of Charlton two years ago for £785k and started a new business.

He told me yesterday he has had a number of offers for the site nut the largest offer was from Berkley homes for £4m. They have offered this sort of money to most of the freehold owners of the yards in this area.

According to him, that stretch of land from sort of Greenwich Peninsula, Charlton to the Woolwich ferry is earmarked for 400,000 residential dwellings over the next 10 years ?

If the past is anything to go by then we're near the top....

Last time he sold his business everything went tits up....

BF

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Guest eight

Sad thing is it would have to be a hell of a profitable business for him not just to take the cash, liquidate and retire.

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He'll sell for sure.

He could have retired after the compulsory purchase of his Bow site for the Olympics and then subsequent sale of that business to another firm but didn't.

Wanted to keep busy and said that he just can't do nothing as he's worked from age 14 when he left school.

Another business that has sold their land has been allowed to stay on the site for 5 years rent free till its developed.

He's hoping he will get a similar deal.

BF

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According to him, that stretch of land from sort of Greenwich Peninsula, Charlton to the Woolwich ferry is earmarked for 400,000 residential dwellings over the next 10 years

Don't know exactly where you mean, but can believe it all. They want to knock down award-winning 15 year old buildings admired by many, to replace with IKEA.

http://www.independent.co.uk/news/uk/home-news/sainsburys-wants-to-say-bye-bye-to-its-greenwich-supermarket-famously-home-of-the-teletubbies-can-it-be-saved-9206029.html

This crash has been bit of isolated weakness in 2008-2010 for some owners, but majority thinking their own homes not affected, and basically a doubling of prices/values since then, and told owners/buyers are victims at every step of the way.

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Yeah I'm not 100% sure where he meant either but I think from the way he was describing.

If you said say from The O2 Arena to Woolwich Ferry any industrial buildings / sites behind the A2016 (i.e. Riverside) are all earmarked to become residential housing in the next 10 years.

I expect it includes the barracks also.

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According to him, that stretch of land from sort of Greenwich Peninsula, Charlton to the Woolwich ferry is earmarked for 400,000 residential dwellings over the next 10 years.

That sounds very high, but nice if true.

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Probably a bit of poetic licence on his part re the numbers but....

I'm figuring it will all be high rise flats and apartments as per other developments going up in the area.

All sold off plan to foreign investors.

The English slaves who will work / service these investors will have to live out in the sticks as non of the indigenous population will have a hope of buying them.

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I've heard it said in the past that London's bubble could not burst because it hasn't had the overbuilding of other housing bubbles around the world (a variant of the demand is too strong argument). Well, here you have it, the over-building is happening. London is not special.

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Probably a bit of poetic licence on his part re the numbers but....

I'm figuring it will all be high rise flats and apartments as per other developments going up in the area.

All sold off plan to foreign investors.

The English slaves who will work / service these investors will have to live out in the sticks as non of the indigenous population will have a hope of buying them.

Building high rise isnt cheap though, if prices fall even a little, they have to mothball such projects, just as numerous canary wharf developments have been.

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