lobster
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Post by lobster on Feb 21, 2019 7:09:49 GMT
Tempted by this one, which comes live today at 12 noon.
However, it's hard to assess the risk of having no definite planning permission in place. Perhaps one should assume a worst case scenario of no planning being granted (although this sounds unlikely), and therefore avoid ?? Any thoughts ??
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metoo
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Post by metoo on Feb 21, 2019 9:11:11 GMT
I would probably consider the loan on the basis of the current use as tenanted basic workshops/storage with yard and an established tenant, with the possibility to re-let if the tenant fails, or sell the site. I would guess PP is likely to be obtained within the 3 year loan term, but monthly interest has to be serviced in the meantime.
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liso
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Post by liso on Feb 21, 2019 10:57:29 GMT
The site is in a predominantly residential area, which increases the chances of PP being granted.
But without PP I cannot see an exit from the loan. Who would want to buy the site?!
And given the type and 'basic' condition of the workshops, I anticipate the likelihood of long voids if/when the current tenant leaves/fails. Reletting the site would not be easy IMO.
For me, the negatives outweigh the positives so reluctantly I've decided against.
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bababill
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Post by bababill on Feb 21, 2019 11:53:21 GMT
Who would want to buy the site?! With the lack of available workshop accommodation in Leeds a significant amount of local traders and light industries would be interested. I do agree there would be significant void periods between tenants whether they be owner-occupiers or renters.
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