Millwall and the antics of Lewisham Council

[tsubaki]

Anyone else following this story? I did mention it on the West Ham thread, but as that is full of financial misdeeds already I thought a new thread would be needed.

Some background:

https://www.theguardian.com/footbal...land-battle-new-document-sparks-investigation
https://www.theguardian.com/footbal...-the-den-lewisham-council-property-developers
http://twohundredpercent.net/millwall-property-developers/
http://www.southwarknews.co.uk/news...cil-approves-controversial-cpo-blow-millwall/

For those that can't be arsed to click the links, basically the Council is trying to implement Compulsory Purchase Orders on the club and local residents (one of whom was offered the grand total of £58,000 for her home) take property off them, and then hand the property over to an offshore-controlled company called Renewal - who have links with some Council executives and who want to build the same sort of luxury development that can be found all over London. The local Labour councilors are split, with opponents of the scheme on one side and the Blairite cretinry (who hold a lot of power in South London - they also infest Lambeth Council as well and have similar form for trying to screw people out of their homes) on the other.

 

[Bruce Wayne]

luxury development

That bit makes me laugh really, as these developments are usually bog standard flats that are just bloody expensive.

 

[Baines' left foot]

That bit makes me laugh really, as these developments are usually bog standard flats that are just bloody expensive.

£335k for a studio is the starting price on my site in East London ffs. They're nothing special.

Apparently most have been sold too, the majority of which will most likely sit empty.

 

[Bruce Wayne]

£335k for a studio is the starting price on my site in East London ffs. They're nothing special.

Apparently most have been sold too, the majority of which will most likely sit empty.

It's a pyramid scheme - they're buying in the hope that some other schmuck comes along later and pays even more.

 

[LEONARD]

Institutionalized 'Rachmanism'.


Young gunslingers on here will have to Google ' Peter Rachman'.

 

[roydo]

£335k for a studio is the starting price on my site in East London ffs. They're nothing special.

Apparently most have been sold too, the majority of which will most likely sit empty.

Soz for my lack of knowledge of the London property market, other than;

1. Its bonkers, and

2. Mate of mine knew that lass from The Apprentice who was an estate agent there.

But why do they sit empty? Laundering, soz, investing, rich folks cash?

 

[Baines' left foot]

Soz for my lack of knowledge of the London property market, other than;

1. Its bonkers, and

2. Mate of mine knew that lass from The Apprentice who was an estate agent there.

But why do they sit empty? Laundering, soz, investing, rich folks cash?

They often sit empty because a lot of the time it just isn't worth the hassle to find a tenant what with landlord insurance, maintenance etc....

I remember reading an article recently which was about one of the high end Thames side developments. 80% had been bought by foreign investors before it had even been completed.

 

[tsubaki]

Soz for my lack of knowledge of the London property market, other than;

1. Its bonkers, and

2. Mate of mine knew that lass from The Apprentice who was an estate agent there.

But why do they sit empty? Laundering, soz, investing, rich folks cash?

People from overseas who look at the returns and think its a safe investment. It can be - if you were lucky enough to live in London and inherit or got on the ladder at the right time and for the right money - but there is much less evidence that paying absurd money for flats (however posh) in areas that aren't that central and do not have the best transport links is as much of a sure thing.

 

[roydo]

Its a proper bubble that.

 

[tsubaki]

They often sit empty because a lot of the time it just isn't worth the hassle to find a tenant what with landlord insurance, maintenance etc....

I remember reading an article recently which was about one of the high end Thames side developments. 80% had been bought by foreign investors before it had even been completed.

Helicopter Tower near me has at least 66% of properties foreign owned, and the Guardian found that only 30 properties (of 214) had someone registered to vote there.

 

[roydo]

Sounds like the Dutch Tulip thing all over again to me.

 

[tim gabbott]

£335k for a studio is the starting price on my site in East London ffs. They're nothing special.

Apparently most have been sold too, the majority of which will most likely sit empty.

And they haven't even got a gym

 

[Baines' left foot]

And they haven't even got a gym

I think it will do actually. There's even a school.

 

[tim gabbott]

Runs off to find bank card for deposit.

 

[dandydan]

I wish I could cart my 3 bed semi to that there London and flog it. I'd be able to retire.