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Developers In Trouble


Mr Mephisto
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Thats not what the Police are investigating.

I heard that the site went on the market and he bought it.

But its a cracker of a story.

The key part of this story is at the Housing Executive (HE) end as opposed to the Gilligan/ Big Picture end.

The HE told the planners right down the line that this land for social housing and it was zoned as such under the BMAP.

So even though Big Picture bought the site they were stuck with a pretty tricky planning problem.

Enter someone at the HE who wrote to the planners saying they had changed their mind and that they were happy enough that the site no longer be used for social housing. Planning problem solved.

However it rapidly became clear that this letter did not in fact reflect HE policy.

So the investigation is focussing on who wrote to the planners, whose authority they were acting on and what was their motivation.

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Pj is spot on (again).

All this talk about his introduction to the site is irrelevant. This is exactly what they are investigating. The Police are not investigating Big Picture, they were invited by the HE to investigate themselves.

On the planning issue, I have heard, that the site has already planning for 60 (something) apartments with, apparently no Social Housing restriction. Big Picture wanted to double or treble this number but, again that's a side issue, the Social housing restriction is probably already gone anyway.

if the police are not investigating big pic

why are they raiding barrys home + office?

http://www.bbc.co.uk/news/uk-northern-ireland-10928995

rock on!

Edited by R + R
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if the police are not investigating big pic

why are they raiding barrys home + office?

rock on!

exactly . leaving how he acquired the site to one side.

The Police investigation of the actions of 'someone at the HE' has clearly led to them feeling their is a need at this stage to raid barrys home + office.

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exactly . leaving how he acquired the site to one side.

The Police investigation of the actions of 'someone at the HE' has clearly led to them feeling their is a need at this stage to raid barrys home + office.

One assumes they are looking for a paper trail between Big Picture/Barry and those on the HE end

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  • 3 weeks later...

I see in this morning's Bel Tel that Killymeal House in the Ormeau Gasworks in on the market; it was one of the Jermon/ Peter Dolan properties effectively repo-ed by Anglo.

It'll be a decent investment at the right price as the Tribunals Service are a sitting tenant with the bulk of a 25yr lease to run.

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I notice from the Companies list that various bits of Peter Curistan's tattered empire face winding up petitions in the HC tomorrow, as does the main Peter Dolan company, Jermon Developments. It's at least the second petition Jermon had faced recently.

I'm assuming they are being brought by some smaller creditors so therefore have no chance of suceeding. Anglo holds all the cards here. A judge generally won't grant a winding up order if there's a bigger creditor in the queue. But it does make me wonder about Anglo's longer term intentions as regards these two.

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I notice from the Companies list that various bits of Peter Curistan's tattered empire face winding up petitions in the HC tomorrow, as does the main Peter Dolan company, Jermon Developments. It's at least the second petition Jermon had faced recently.

I'm assuming they are being brought by some smaller creditors so therefore have no chance of suceeding. Anglo holds all the cards here. A judge generally won't grant a winding up order if there's a bigger creditor in the queue. But it does make me wonder about Anglo's longer term intentions as regards these two.

If the creditor has a lawful case for payment then the Judge has to grant a hearing. This is what happened with Taggart. A small London PR co. lodged a WIP for £20k. It was a lawful claim and the Judge, as I understand it would have granted. UB, who was the lead bank in that particular part of the Taggart outfit couldn't allow the small creditor to get the position of winning the WIP, so it pulled the plug.

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I see in this morning's Bel Tel that Killymeal House in the Ormeau Gasworks in on the market; it was one of the Jermon/ Peter Dolan properties effectively repo-ed by Anglo.

It'll be a decent investment at the right price as the Tribunals Service are a sitting tenant with the bulk of a 25yr lease to run.

The Lahara retail park in Larne is also for sale as part of this receivership. It's fully let with an annual rent income of £500k. The asking is £6.1m.

BTW I notice that Robin Horner has resigned as a director of Adam Armstrong's MAR properties. He was the chief exec.

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