shimself
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Post by shimself on Oct 6, 2016 8:10:39 GMT
Mods I assume 2958794759 - Development Land in Suffolk is sufficiently anonymous?
This loan goes open for bids this morning. The description says
The land has been valued at £3.5m by xxxxx. A valuation report will be made available before the loan is drawn down. Are we expected to bid without sight of the valuation, or is this a typo?
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SteveT
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Post by SteveT on Oct 6, 2016 8:24:25 GMT
At £680k, I don't think it will be filling in minutes. Likely plenty of time to wait for the VR to appear.
There's a whole heap of new funding being raised currently on FS. I'm starting to wonder if there's much of the Birkenhead area left that's not yet been borrowed against.
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Post by reeknralf on Oct 6, 2016 8:34:35 GMT
I'm not sure the VR's going to tell us much. 300 acres of ex-quarry and cement works at £12 000 an acre. Outlying planning in place for redevelopment. The chance of the proposed development coming to fruition look similar to that of a snowball (ha ha) in hell.
I actually used to walk here as a boy, when visiting my aunt. Local agricultural land is at £8500. Planning would probably be granted for any business-orientated development, but who could raise finance for a project like this post 23/06? Hence even at the £6000 an acre required to cover the loan buyers could be few. Not for me.
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Post by ruralres66 on Oct 6, 2016 8:41:01 GMT
I am intrigued as I was visiting Barham and Claydon this week and heard tell of an application for 600 homes to be built in this area.
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shimself
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Post by shimself on Oct 6, 2016 8:47:39 GMT
I am intrigued as I was visiting Barham and Claydon this week and heard tell of an application for 600 homes to be built in this area. That was my thought without knowing the specifics, there is demand everywhere in the SE, it's brownfield land so somebody could build something on some of it without too much planning hassle, and that would cover us wouldn't it?
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Post by Deleted on Oct 6, 2016 9:38:53 GMT
in which case, why not say so...
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shimself
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Post by shimself on Oct 6, 2016 9:43:39 GMT
in which case, why not say so... Loop back to top post, where's the valuation.....
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Post by ruralres66 on Oct 6, 2016 9:53:03 GMT
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mikes1531
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Post by mikes1531 on Oct 6, 2016 17:00:50 GMT
Is it fair to presume that the valuer will be aware of this issue and take it into account in making their valuation? Or is that just wishful thinking?
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Post by ruralres66 on Oct 7, 2016 7:57:25 GMT
Definitely, very definitely, wishful thinking... There was a lot of unrecorded night time dumping on various sites in this part of Suffolk during a time when official oversight and regulation were non existent. In my area a major chemical company used one local pit without seeking authorisation in the 50s and 60s leading to contamination of the local river. The site has monitoring devices even now and is still a waste land.
Locals at that time saw the convoys of lorries taking who knows what, shipped in from afar...... through the dark hours.
Then of course we have the Great Crested newts too.......
Looking further into issues for this area, threre has been a Section 106 and viability row rumbling on for 4 years which I believe relates to both past development and proposed future development. In addition there are lots of nice uncomplicated greenfield uncontaminated sites being offered atm....nearby....
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Post by ruralres66 on Oct 7, 2016 8:02:28 GMT
Apologies if I breached rules but I thought as an Isle of Wight site was described in detail on the forum, and referenced RS, general comment about the past history of the area would be ok.
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sqh
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Before P2P, savers put a guinea in a piggy bank, now they smash the banks to become guinea pigs.
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Post by sqh on Oct 7, 2016 9:10:41 GMT
The Loan information states "To date, the owners have spent around £18m on the site." I would imagine £1.8m would be more likely.
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Post by ruralres66 on Nov 2, 2016 12:01:57 GMT
I am aware of some discussion on a particular P2P site recently of opportunities in Suffolk where I live.
This may be of interest!
<link to bbc news program identifying development site redacted>
"Detailed information on S******* at G**** B********* near Ipswich, has been lodged to safeguard outline planning consent which was granted in 2008.
Developer G****** S******* blamed the delay in building on the recession and ecological matters including newts, badgers, bats and crayfish on the site."
"I wouldn't have followed it for the last 15 years and I wouldn't have spent everybody's money on it to get to where we are today.
"And I certainly wouldn't have spent the last three months and £2.5m on getting what the council needs."
Note the developer doesn't mention the "can of worms" which also impact on this....ie planning permission potential hitches...
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kermie
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Post by kermie on Nov 2, 2016 19:30:55 GMT
This rings a bell, I thought it was on SS, but I can't seem to spot it - any clues as to where this loan is/was/appeared?
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morris
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Post by morris on Nov 3, 2016 7:05:36 GMT
It's out for funding on FS.
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