seeingred
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Post by seeingred on Oct 15, 2017 19:17:24 GMT
No hint of problems in the sales literature, save the PROPOSED vehicular access from W******* V***  |
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seeingred
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Post by seeingred on Oct 15, 2017 19:18:12 GMT
and furthermore.  |
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seeingred
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Post by seeingred on Oct 15, 2017 19:18:51 GMT
and finally:  |
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Post by wightknight on Oct 15, 2017 19:20:56 GMT
wightknight Do you live anywhere near the site? Has there been any chatter in the local news? Could you upload any useful photos? From the plan it appears that there are multiple access possibilities, some would involve some demolition but still feasible which makes a single ransom strip unlikely. I'm on the Island, but the opposite end, I'll take a look around next time I'm over that way.
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Post by martin44 on Oct 15, 2017 19:22:01 GMT
wightknight Do you live anywhere near the site? Has there been any chatter in the local news? Could you upload any useful photos? From the plan it appears that there are multiple access possibilities, some would involve some demolition but still feasible which makes a single ransom strip unlikely. I'm on the Island, but the opposite end, I'll take a look around next time I'm over that way. Don't forget your camera. 
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seeingred
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Post by seeingred on Oct 15, 2017 19:23:10 GMT
There must be some local knowledge on this - if the silence continues then a few dozen free phone calls to local persons of interest and even to residents selected to be near the development might elicit some information. It is surprising sometimes how people will chat to a complete stranger.
cross posted with above few entries.
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Post by wightknight on Oct 15, 2017 19:24:57 GMT
Not sure of the relevance of fine tuning the 32m and 28m calculations of GDV - this site is advertised as 11.3 acres and if it worth only 900k that is less than 80,000 per acre? can this be right for anywhere on I of W? yes, in short, this can be right. There are other development sites available on the Island (even in Ryde), the asking prices aren't that high. Hence the incredulity at a security of £5M.
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seeingred
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Post by seeingred on Oct 15, 2017 19:41:30 GMT
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Post by wightknight on Oct 15, 2017 19:49:54 GMT
There must be some local knowledge on this - if the silence continues then a few dozen free phone calls to local persons of interest and even to residents selected to be near the development might elicit some information. It is surprising sometimes how people will chat to a complete stranger. cross posted with above few entries. Yes, I haven't heard much on the local grapevine about this, although I distrust it on the Island - its turned out to be complete bollox that many times. If I get the time to mooch around later this week I'll see if any locals want to talk about it though. Looking at the planning documents I don't think there is a ransom strip, but without pulling the title deeds it's hard to tell. There are definitely other access points, but some involve purchase and demolition and all would involve starting the planning process again - hence reducing the value of the current approval to nil.
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seeingred
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Post by seeingred on Oct 15, 2017 20:00:24 GMT
"as for knotweed, £60 an acre," I think knot.If the site is totally infested it would be unusable for years and might have to be cleared to a substantial depth. Nasty business. Should be pretty obvious by inspection, lots of photos on internet. Distinctive red markings on the stems, maybe not at this time of year though. www.japaneseknotweed.co.uk/japanese-knotweed-identification/It can render houses unsaleable and plots unusable. Ask the natives, anyone living nearby would have a right to be concerned. There is lots locally to me (but not near houses thankfully). |
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Post by martin44 on Oct 15, 2017 20:10:07 GMT
"as for knotweed, £60 an acre," I think knot.If the site is totally infested it would be unusable for years and might have to be cleared to a substantial depth. Nasty business. Should be pretty obvious by inspection, lots of photos on internet. Distinctive red markings on the stems, maybe not at this time of year though. www.japaneseknotweed.co.uk/japanese-knotweed-identification/It can render houses unsaleable and plots unusable. Ask the natives, anyone living nearby would have a right to be concerned. There is lots locally to me (but not near houses thankfully). Knotweed is easily eradicated with 'roundup' a Glyphosate weed killer. It will also kill everything else on the site, i use it regularly to eradicate pests. www.roundup-garden.com/weeding/japanese-knotweed-solutionsEdit. A 5ltr tub at £49.00 goes a long way. Edit2 Unfortunately it does not work on moles. 
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seeingred
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Post by seeingred on Oct 15, 2017 20:26:31 GMT
Only works as I understand it when injected into stems - time consuming process and may need to be repeated. www.bbc.co.uk/news/business-40899108Interesting topic but may not be relevant of course. EDIT; Moles are delightful creatures, except maybe underneath a pristine lawn. We could do with a few at Lendy Towers, equipped with listening devices and transmitters. |
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Post by martin44 on Oct 15, 2017 20:34:33 GMT
Only works as I understand it when injected into stems - time consuming process and may need to be repeated.www.bbc.co.uk/news/business-40899108Interesting topic but may not be relevant of course. EDIT; Moles are delightful creatures, except maybe underneath a pristine lawn. We could do with a few at Lendy Towers, equipped with listening devices and transmitters. No.. 3 treatments at 48 hr intervals, light spray only, 4th treatment after 14 days to eliminate any persistent hanger ons, not recommended anywhere other than areas where complete eradication of weeds is needed.
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Brainer
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Post by Brainer on Oct 16, 2017 12:45:21 GMT
I have seen a residual valuation for a P2P platform where the valuer had assumed financing for the development could be obtained at 7% p.a. That clearly was unreasonable because the platform was offering well more than that to its investors, so the resulting development cost estimate seemed -- to me, anyway -- likely to be low and the residual value high. That was enough to convince me to avoid that particular loan. You may have already realised this but I thought it worth pointing out as I had the same initial reaction when I first read a VR assuming 7% p.a for development financing, compared to the ~18% we assume P2P borrowers are paying. It's not quite as off as it looks at first glance if the development finance is released in tranches. I believe the valuations take 7% of the full development cost, whereas invariably it is released in tranches, so the borrower isn't paying interest on the whole lump sum for the whole period. Quick, idealised back of envelope calculation. Assume: £1,000,000 loan, 12 months, 200k advanced initially and then equally sized tranches for the next 11 months, all at 18% interest for their duration. This results in an effective development finance interest rate of 10.8% p.a. Not quite 7% but not as bad as the 18% one might initially assume.
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Post by GSV3MIaC on Oct 16, 2017 20:08:24 GMT
Only works as I understand it when injected into stems - time consuming process and may need to be repeated.www.bbc.co.uk/news/business-40899108Interesting topic but may not be relevant of course. EDIT; Moles are delightful creatures, except maybe underneath a pristine lawn. We could do with a few at Lendy Towers, equipped with listening devices and transmitters. No.. 3 treatments at 48 hr intervals, light spray only, 4th treatment after 14 days to eliminate any persistent hanger ons, not recommended anywhere other than areas where complete eradication of weeds is needed. Interesting .. I thought the London Olympic park costs somewhat over £1m an acre to clear .. but that may be because if you are going excavating, then you can't just kill the top growth and wait for the roots to die off? However, as someone said, that probably isn't the problem at all, and for the apparent loss of value on this plot you ought be able to cart the whole top meter away and replace it.
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