Coldharbour Lane - Britain's slowest building site

[Dopermine]

"Any bank would lend money on the strength of that" - they probably have already lent all that they are prepared to.

If they pull the plug, they'll never get their money back unless they take over the site.

BTW, there are builders going in and out of the Loughborough pub sites, though that's all they seem to do. Never see them working. Typical lazy British workers IMO, they're all on the dole driving round in sports cars.

 

[Giles]

If they pull the plug, they'll never get their money back unless they take over the site.

BTW, there are builders going in and out of the Loughborough pub sites, though that's all they seem to do. Never see them working. Typical lazy British workers IMO, they're all on the dole driving round in sports cars.

Well, they probably WILL get their money, because they will their loans secured on the property, and maybe also secured on the developers other assets or houses etc.

I used to work for a bank and this was at the time of the last recession. They did end up taking possession of a few part-built places, and then paying another contractor (or the same contractor) to finish them.

In the end, they won big-style, because they got to sell the flats and keep all the profit. Unlike the poor old now financially-fucked original owner who got his own house repossessed in a couple of cases. As this bank's property lending manager used to say "Its a tough old world". The bastard.

Giles..

 

[shakespearegirl]

They seem to be making some progress on the old junction site, the site looks nearly ready. They have made a council application to call it 'Warrior Court' .

 

[Bob]

The site's definitely closed down now.
Apparently the site cost £2 million and like Dopermine I don't really comprehend how you can go bust when it's 90% finished and clearly worth a bomb.

That would explain why the builders aren't there in the mornings now as I walk along the pavement.

I'm sure somebody will buy into the site though - the forty or so flats will have a sale value of maybe £10m and finishing them off will cost very little by comparison.

A pity for the delay though - it's taken them two years already and it would be nice to have something on that stretch.