jimbob
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Post by jimbob on Jun 9, 2016 12:14:56 GMT
Great to see our pennies being used to keep the wheels of the UK economy turning  |
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locutus
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Post by locutus on Jun 9, 2016 12:56:04 GMT
I think I paid for one of the bolts on those girders.
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Liz
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Post by Liz on Jun 9, 2016 13:00:34 GMT
Thanks for the pics, the development looks impressive already.
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Post by trevxe on Jun 9, 2016 17:57:17 GMT
Thanks foetus pics, the development looks impressive already. I guess this early in the build you could say the project is still somewhat embryonic.
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mh
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Post by mh on Jul 22, 2016 14:31:09 GMT
From the thread on Skyscraper City, I've just learned that the borrower has submitted a new planning application to further enlarge the scheme to 123 residential apartments and 9,418 sq ft of commercial floor space. Here's a picture. www.insidermedia.com/uploads/news/[redacted]-liverpool-123-apartments-cgi-resized.jpg |
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 22, 2016 14:53:12 GMT
From the thread on Skyscraper City, I've just learned that the borrower has submitted a new planning application to further enlarge the scheme to 123 residential apartments and 9,418 sq ft of commercial floor space. Here's a picture. Good spot ... I've found the new PP application, and will muse over it (thrilling Friday night reading; I highly reccomend...  ).
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sam i am
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Post by sam i am on Jul 22, 2016 15:41:26 GMT
From the thread on Skyscraper City, I've just learned that the borrower has submitted a new planning application to further enlarge the scheme to 123 residential apartments and 9,418 sq ft of commercial floor space. Here's a picture. Good spot ... I've found the new PP application, and will muse over it (thrilling Friday night reading; I highly reccomend... ). Best done with a glass of brandy
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 22, 2016 15:44:21 GMT
So, according to savingstream, when the loan went live...
I wonder how this PP amendment will affect the above, if at all?
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mh
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Post by mh on Jul 22, 2016 17:48:03 GMT
These are the questions that run through my head:
Our money was originally lent for a 101 apartment development. It will obviously cost more to build the additional 22 apartments and commercial space, but the returns would probably justify the additional expense. I'd like to see a financial report which sets out the new figures.
Of more concern is the question of whether the borrower NEEDS to make the scheme bigger in order to make the project viable, or whether these new applications are just an attempt to stretch the matter of planning permission to the absolute limit that Liverpool Council will allow.
If it's the first, rather than the second, then the borrower might well decide to cut their losses and abandon the project altogether if permission for the new larger scheme is not granted.
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mikes1531
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Post by mikes1531 on Jul 22, 2016 18:57:13 GMT
If it's the first, rather than the second, then the borrower might well decide to cut their losses and abandon the project altogether if permission for the new larger scheme is not granted. A decision to complete or abandon would be made on a 'forward costs' basis, and all 'sunk' costs would be ignored. The borrower already has put a large chunk of money into the project and I suspect their loss would be less if the continued than if they abandoned. (Have they paid for the Chinese curtain wall already?) Also, the PP decision isn't going to be made instantly, so it would be a while before the complete/abandon decision could be taken and there'd be even more sunk costs by then. What would happen to all the 50% deposits taken? Would those buyers end up with losses if the project were to be abandoned? Or would the borrower be obliged to give the money back? From what resources? And would those refund claims be ahead of or behind us in the creditor queue? My own feeling is that, with the project as advanced as it is, abandonment is pretty unlikely. But I have no experience or knowledge of such matters.
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fp
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Post by fp on Jul 22, 2016 19:01:21 GMT
Could it be that they have acquired or have an option on more adjoining land, or decided to make better use of the existing plot?
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 22, 2016 19:03:35 GMT
Could it be that they have acquired or have an option on more adjoining land, or decided to make better use of the existing plot? Nope. This new application relates to the same land as the security in this loan. The new application notes that this new application is an alternative to the existing approved PP
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cooling_dude
Bye Bye's for the PPI
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Post by cooling_dude on Jul 23, 2016 11:18:05 GMT
Nope. This new application relates to the same land as the security in this loan. The new application notes that this new application is an alternative to the existing approved PP The Planning Application web site states that the application was withdrawn. Am I missing something? Application Number; xxx/xxxx - Hxxxxxxxxxx Qxxx Rxxxxx Way Liverpool L3 - Amendment to approved scheme to provide an additional 22 apartments, office/retail space, sub-station. Associated car parking and landscaping. WITHDRAWN (01/06/2016) You may want to amend your post (naming & shaming & those Application numbers may ID the borrower)  There was indeed planning application that was withdrawn (01/06/2016), but subsequently, a new Planning Application was submitted 31-05-2016 which is active.
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mh
Posts: 26
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Post by mh on Jul 23, 2016 12:11:55 GMT
Sorry. What I wrote in this post wasn't entirely right, so it's best to delete it. I might repost later.
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dan83
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Post by dan83 on Jul 25, 2016 22:13:54 GMT
I cycled past this building on Sunday morning, I can confirm the pics do look like what is currently there, although I'm not to fussed on the area of the building. It's not an area I would want to live, other would probably disagree.
The area has a lot of commercial space, a few office blocks not far away, a restaurant about 20-30 meters away, a car show room very close by and a go kart track a few hundred meters away. The area doesn't look run down, but in my opinion doesn't look nice either. Some of the apartments will have a view over the dark and dirty waters of the river Mersey and over to the Wirral, on a nice day, over to the Welsh hills.
It is probably 10-20mins walk to the Albert Dock, the main dock and 1 of the main tourist places in Liverpool, there is a path that runs along the side of the river next to this building. Otterspool prom is 10-20mins walk in the opposite direction, it is basically a big park on the water front that gets jam packed on nice days, also popular with male dog walkers late at night.
I have a loan part in this loan, and after having a good look round on Sunday, this is one that I'll be off loading long before the end date.
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