| Topic: | Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Re:Brentford Redevelopment Plans | |
| Posted by: | Satvir Sidhu | |
| Date/Time: | 20/11/12 16:54:00 |
| That's extactly what happened to Ferry Quays estate in Brentford. Fair View Homes and Rialto set up Hither Green to develop Ferry Quays site with regeneration money. As soon as site got completed thay sold the freehold to another company for undisclosed amount of profit. They set up 5 companies to manage the different blocks of the development and appointed further 2 management companies for the day to day running. The new owners decided to maxmise the estate for profit. Service Charges rocketed and they sold of undeveloped parts of the estate and obtained further planning permissions to set up and run business from the estate. This was all unexpected by the earlier leasehold owners, who invested thinking all will be rosey on the estate as it looks.The commercial units are being taken back by the banks, due to shrinking economy and extremely high service charges. The units are impossible to sell or lease to new entrprenouers. The residential units values are mostly below or just above the purchase price after 7/8 years. The new developments are lethal. Despite very expensive security systems installed there are regular thefts taking place!! I do not understand why councills / councillors come under pressure from large developers and make ordinary peoples lives miserable. |