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stew

Another Ditched Apartment Development

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I have posted before about a proposed development 'City Lofts' :rolleyes: in Sutton town centre. The plot has been lying empty for years. I don't remember the exact details, but IIRC it was going to be developed by company A, who left it derelict for a while, then sold the lot off to company B....

Well, this weeks local rag has an interesting frontpage...

sutton_lfp.gif

Who'd have seen this coming it, eh?

Edit: Adding below pic...

This is what it currently looks like... (and has been like for years)

brassington.jpg

Edited by stew

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Having briefly read the piece, it seems that 'City Lofts' is the company name, and that there are 5 similar lots in other British cities that will also get the chop.

"On Wednesday, Allsops confirmed that it had been appointed Fixed Charge Receiver for all City lofts assets. Bank of Scotland Corporate, City Loft's biggest lender, declined to comment"

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Sutton Coldfield used to be a lovely place, and the centre was nice to shop in.

Now it's just full of Poundland-style and charity shops.

And stupid Brummies of course.

Does anyone know anything about the empty houses in this area? There is one immediately to the right of this photo, then there are a couple more close to The Station and telephone exchange. Everytime I look at them, it appears as if nobbody lives there, but they are not completely derelict either.

Perhaps they are entrances to secret underground bunkers like in Men in Black? ;)

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in the telegraph

http://www.telegraph.co.uk/money/main.jhtm.../cnlofts105.xml

some choice quotes from the article

In 2003 Mr Wright floated the company on AIM, then sold it to Lehman Brothers and US private equity firm JER partners
The owners are expected to recover little, if any, of their money.

ouch

It was also unclear last night whether City Loft's biggest lender HBOS would lose money.

thats not goingo t help HBOS share price/rights issue

Some individual developments such as City Lofts in Sheffield did not go into administration and are expected to be sold on to raise money for creditors.

they arnt going ot get much money, i would be interest ot find out how much they will sell for

property developer Grant Bovey *snip* is in talks with his lender HBOS to restructure his struggling buy-to-let, Imagine Homes

oh dear, HBOS again

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Cool. Sutton is in the sort of area I'm looking to buy a cheap flat end '09. So this is positive, or at least it is if another developer buys the land for buttons.

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  • 399 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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