Cinema 1781021782 REPAID

I am in this business and been thinking about this one - to be honest I am puzzled

So the purchaser is going to demolish property which he does not yet own - interesting!

There is no way on this planet my business would do this as I would worry about what the final cost for letting the purchaser do this "favour" would be.

Well for him to do this it is going to need some legal work ! And why were we investors (I had a nibble) not told about this restriction. Wonder if the purchaser wants the cost off the purchase price etc? Surely if this is true then the purchaser has paid a substantial deposit ( as we keep asking) and hopefully there is a mega penalty clause if he pulls out.   What worries me (I see it all the time) is that the purchaser finds some excuse to force the price down and threathens to pull out as he knows he has the seller over a barrel. I refuse to deal with the major companies as I know what they are like from bitter experience... of course if all the legal work has been done properly then it may soon all be done and dusted. But we have been told this since last year and the 3 loans are all now between 2 and 6 months late be interested to know if the new funders are a rival P2P company!

All I want is this damn thing sold and my money back - if my prediction for a league 2 loss is wrong I will be the first to admit it... 
 

Well, I did visit today and spoke to a few local people and a builder from the development next door.

The site is fenced off as per recent photo on FS site but this has been there for months.

A small amount of removal of rubble and clearing of trees/vegetation took place on Mon/Tuesday at the rear of the Cinema (which also used to be a supermarket) from the loading bay of the property.

A builder from next door development, which is well underway and looking great if you're looking for a retirement apartment did not know of any link between the two development; but then he wouldn't.

I had a chat with FS and explained about my visit and asked them to confirm if I was understanding the update and that the whole of the cinema site is to be cleared in the next two weeks. I did not receive any clarity but persevered and was promised a call to help me understand the updates more clearly.

Its a McCarty Stone retirement development

" I did not receive any clarity" - I had to change my rompers micky, having wet them when I read this!        

You're a card you are.   

It is pleasing to get a positive reaction from FS. However, it is such a shame that I had to be so belligerent with them this afternoon to get these details, which really ought to have been shared with investors last week.

So the demolition company are taking down the cinema apart from the frontage which has to be saved - however much would that cost - crane and heavy equipement, ,men, scaffolding, skips (very expensive these days), kettle and tea bags,  steel support and footings for front. All this so the new purchasers can buy the plot - is somebody having a laugh or what? We were told the delay was to be about 2 weeks and now the latest estimate is a further conservative 4-6  weeks (we all know about builders' estimates!) 

So who is actually paying  for all this 6 figure works? The applicant has defaulted on £2m which ,according to my maths is over £30K pcm at 20%. I really can't see the new purchasers paying for this.  Well this is an interesting one! Will the demolition cost plus site cost plus interest costs exceed the new plot purchase price - no idea but I would say 50-50?

And now we are looking at September or later ! Wonder what the next excuse will be.

Gordon Bennett!