Re: Re: One Berkley court -132m Tower
It would be interesting for the state to buy this site back to replace the vetinary college for a similar price to what they sold the former college for.
You are correct that RBS and HBoS opted out of the government scheme as the cost of the finance is not cheap and unlike the Irish banks they had the choice to weigh it up with the UK package which has more generous terms for political reasons.
It will be interesting to see what happens next and my guess is that nothing will happen until ABP make a decision; the ownership with a full grant possibly retained by SD; and if SD can’t find development finance in the event of a grant the intention of all potential buyers will be based purely on what guidance is given as to preferred land use for this site.
Worst case scenario from a property point of view is that the site contains two very successful hotels albeit managed with the short term in mind of late which if they were the subject of a modest investment programme would have a substantial value per bedroom plus a large valuation for the conferencing facilities.
If the permission were granted that would really take the banks off the hook and possibly give SD some of his equity back; this whole saga reads like a certain shopping centre in 1981 minus the speech in the BoI boardroom after a certain inheritance.
How different the outlook has become generally 🙁
A couple of years ago all battles were simply between consultants and the conservation movement / wealthy residents now the credit squeeze is hurting all sides. 🙁