tommytaylor
P2P - The new wild west
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Post by tommytaylor on Dec 15, 2020 13:39:34 GMT
Anyone have any news on this one. Its all gone quiet again. Last i heard it had sold
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Post by gaza77 on Dec 15, 2020 16:42:35 GMT
Anyone have any news on this one. Its all gone quiet again. Last i heard it had sold I have heard though the LAG that there has been recent activity regarding this property at the Land Registry. So, as of this moment, it looks like things are happening - fingers crossed. Shame it has sold for such a low amount!
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tommytaylor
P2P - The new wild west
Posts: 234
Likes: 375
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Post by tommytaylor on Dec 16, 2020 9:37:45 GMT
Anyone have any news on this one. Its all gone quiet again. Last i heard it had sold I have heard though the LAG that there has been recent activity regarding this property at the Land Registry. So, as of this moment, it looks like things are happening - fingers crossed. Shame it has sold for such a low amount! Thanks for this Gaza
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cwah
Member of DD Central
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Post by cwah on Dec 17, 2020 22:20:10 GMT
Anyone have any news on this one. Its all gone quiet again. Last i heard it had sold I have heard though the LAG that there has been recent activity regarding this property at the Land Registry. So, as of this moment, it looks like things are happening - fingers crossed. Shame it has sold for such a low amount! I've just checked land registry: landregistry.data.gov.uk/app/ppd/searchAnd nothing was there. I didn't put the property address for confidentiality purpose but if the sale was completed it would have updated here.
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cwah
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Post by cwah on Dec 17, 2020 22:21:40 GMT
What's interesting, is that the building sold for £5.25M in 2013. So if it sold for £4.75M now, the buyer really made a good deal for such a central location
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tommytaylor
P2P - The new wild west
Posts: 234
Likes: 375
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Post by tommytaylor on Dec 18, 2020 8:02:15 GMT
What's interesting, is that the building sold for £5.25M in 2013. So if it sold for £4.75M now, the buyer really made a good deal for such a central location Thanks for this. Looks like everyone has made a good deal then apart from the law abiding investors. Do we presume then that this property has in fact not yet sold?
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adrianc
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Post by adrianc on Dec 18, 2020 8:29:18 GMT
What's interesting, is that the building sold for £5.25M in 2013. So if it sold for £4.75M now, the buyer really made a good deal for such a central location Central London commercial property is not exactly flying off the shelves at the moment, for fairly obvious reasons. And that's before considering any deterioration in condition over that time - yes, the existing building is going to be demolished, but... I can't remember the PP situation - hasn't that expired?
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cwah
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Post by cwah on Dec 18, 2020 9:59:58 GMT
What's interesting, is that the building sold for £5.25M in 2013. So if it sold for £4.75M now, the buyer really made a good deal for such a central location Thanks for this. Looks like everyone has made a good deal then apart from the law abiding investors. Do we presume then that this property has in fact not yet sold? Until its updated in land registry, I'd say no. However, it can take few weeks (months?) to update. So if it was just done few days ago it may not have been updated yet
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cwah
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Post by cwah on Dec 18, 2020 10:20:52 GMT
What's interesting, is that the building sold for £5.25M in 2013. So if it sold for £4.75M now, the buyer really made a good deal for such a central location Central London commercial property is not exactly flying off the shelves at the moment, for fairly obvious reasons. And that's before considering any deterioration in condition over that time - yes, the existing building is going to be demolished, but... I can't remember the PP situation - hasn't that expired? Yes the last planning permission was approved on 2017. So as its 2020 now, the 3 years period has elapsed and has expired. I've seen they've submitted new planning permission on august and nov, still pending... idoxpa.westminster.gov.uk/online-applications/Just put the postcode to check status. There is a possibility that the buyer may be waiting for the planning permission approval to buy. But I rather think they'd prefer to pay way less (in the £4M mark) to buy without planning and then significantly improve their margin! Commercial properties are low indeed, but this one is going to be turned into residential and residential are still going up and strong!
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adrianc
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Post by adrianc on Dec 18, 2020 10:26:41 GMT
Commercial properties are low indeed, but this one is going to be turned into residential and residential are still going up and strong! Mmm. Bit of an oversupply of high-value central London flats at the moment, isn't there? Lots of people deciding that if they're likely to WFH more in the future, they'd rather have more space and a commute...
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iRobot
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Post by iRobot on Dec 18, 2020 10:33:48 GMT
Thanks for this. Looks like everyone has made a good deal then apart from the law abiding investors. Do we presume then that this property has in fact not yet sold? Until its updated in land registry, I'd say no. However, it can take few weeks (months?) to update. So if it was just done few days ago it may not have been updated yet Couple of points to keep in view when using Land Registry as a reference. a) Not all transactions will appear there. Transactions between corporate entities for commercial properties are more prone to omission than private residential, particularly when it's the company / SPV which holds the title that has passed between the seller and buyer rather than the title itself. Point in case (for general commercial omission) is this property itself. As you mention, cwah , the LR lists the 2013 sale of this property, but doesn't list the Borrowers' purchase in 2017. b) The sums shown don't always reflect the actual value of property, but rather what either party (buyer or seller) may prefer to have the world think the value of the property is/ was. This isn't uncommon in either residential or commercial, where technically the sale price is correctly reflected (ie - ties up with other legal docs), but the reality is that a side deal had been done to re-balance the final transaction price to suit the requirement. (eg: avoidance of additional Stamp Duty, etc.) Both the above make (or 'made', in my case) meaningful DD on loan offerings involving commercial property significantly harder and is one reason I stopped 90% of lending to such loans. Lastly, and anecdotally, from general observations of the residential market, it feels sales / completions are taking longer to hit the LR; I can't put any numbers against that - it's just a feeling I have.
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ilmoro
Member of DD Central
'Wondering which of the bu***rs to blame, and watching for pigs on the wing.' - Pink Floyd
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Post by ilmoro on Dec 18, 2020 13:55:16 GMT
What's interesting, is that the building sold for £5.25M in 2013. So if it sold for £4.75M now, the buyer really made a good deal for such a central location Central London commercial property is not exactly flying off the shelves at the moment, for fairly obvious reasons. And that's before considering any deterioration in condition over that time - yes, the existing building is going to be demolished, but... I can't remember the PP situation - hasn't that expired? It was unclear. Some work had been done which may have satisfied it but the receivers would caveating it heavily on the sales particulars.
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Vero
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Post by Vero on Dec 18, 2020 18:08:32 GMT
Commercial properties are low indeed, but this one is going to be turned into residential and residential are still going up and strong! Mmm. Bit of an oversupply of high-value central London flats at the moment, isn't there? Lots of people deciding that if they're likely to WFH more in the future, they'd rather have more space and a commute... Another point, this property is just inside the London inner ring road, near the Marylebone flyover, not really prime central London. It's not a very desirable area.
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adrianc
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Post by adrianc on Dec 18, 2020 18:25:56 GMT
Mmm. Bit of an oversupply of high-value central London flats at the moment, isn't there? Lots of people deciding that if they're likely to WFH more in the future, they'd rather have more space and a commute... Another point, this property is just inside the London inner ring road, near the Marylebone flyover, not really prime central London. It's not a very desirable area. Zone 1, City of Westminster...
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Vero
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Post by Vero on Dec 18, 2020 18:38:06 GMT
Another point, this property is just inside the London inner ring road, near the Marylebone flyover, not really prime central London. It's not a very desirable area. Zone 1, City of Westminster... I've been buying property in W1 over 25 years, I'd never consider this area of "Marylebone" (read: Edgware Road). I know the area well. It's not prime.
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