« As approved by the Daily Telegraph | Main | Tweet tweet »

Lend us a quid (or two, or a million, or two)

If you're visiting because you're looking at investing in, er bailing out, er re-gearing finance on the site, hello!

Our intelligence reports are that there's a good degree of desperation out there on the part of the heavily-mortgaged owners. A great deal can be done. Hold out for at least two-thirds of the equity - you'll get it!

Why are we encouraging this? Well, a majority shareholder might be better behaved than the floundering wannabe developers who've fumbled this potentially proportionate development for the past eight years.

The people who live in, use and otherwise respect the street would be more than happy if a new owner put some thought into the site's use. They might even get some active cooperation!

If not, well read on. There's a long and bloody history here and if anyone thinks its an easy development, start with two site visits - this one in depth and a little bit of scrub inconveniently and expensively located somewhere that no-one will ever realistically pay the asking prices necessary to make a turn...

 

Posted on Wednesday, March 4, 2009 at 08:34AM by Registered CommenterLittle Green Street | Comments2 Comments

PrintView Printer Friendly Version

EmailEmail Article to Friend

Reader Comments (2)

The PTP Architects brochure publicly available on their website lists it as a £7 million pound project, so I'm not sure where one or two million gets you. At the terms proposed the owner would succeed in raising £4 million, lose the site and the scheme to the lender[s] and still not have enough to complete the build. Which doesn't sound remotely feasible to me. Now, if I was to cut costs on the project, ditch the underground car park and the two years of work needed to build it [thus saving the tree and halving the construction time] and figure out a car free development, I would at least get closer to the figures being discussed.[Whilst still losing control of the site to the lenders] You see the problem? Under current economic circumstances no scheme can progress. Camden should approach the government to allow them the funds to develop the site themselves, car free, its the only way.
March 17, 2009 | Unregistered CommenterResident P
Hello,
A small band of locally based, architect led individuals with the vision of a small development of car-free eco houses. What's the chance in that happening? would be interested to get your thoughts.
Sometimes it's the vision that counts.
Kind regards and good luck with the fight.
Simon Fleury
July 8, 2009 | Unregistered CommenterSimon fleury

PostPost a New Comment

Enter your information below to add a new comment.

My response is on my own website »
Author Email (optional):
Author URL (optional):
Post:
 
All HTML will be escaped. Hyperlinks will be created for URLs automatically.