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£152,005 p.a. - for just £1

Covering Market, Trends, and Practical (but see LEMON-AID for Building & DIY)
Lootman
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Re: £152,005 p.a. - for just £1

#197632

Postby Lootman » January 30th, 2019, 4:10 pm

brightncheerful wrote:I think it would make sense for the buyer to demolish the centre and redevelop it into something for which there is demand. I should think the seller, Columbia Threadneedle, has that in mind by setting the reserve at £1.

Local Labour MP Lesley Laird is quoted as saying:"There is an urgent need for the Postings to be redeveloped, not only to reinvigorate the site itself, but as a key part of a composite town centre strategy to combat the raft of store closures Kirkcaldy has suffered of late".

But what is this "demand"? Where does it come from? The worst thing to do is throw a lot of good money after bad. And frankly what the local Labour MP thinks is not relevant to outside investors who have other options that are in more affluent areas with a better potential ROI.

I suspect there is no viable use for either this property or this site, unless a home-builder can earn a crust on it, but then would planning consent be given?

I maintain that the only way to make money on this is to accelerate rental income, frustrate the creditors and then declare bankruptcy at the right moment. It's a sinking asset to be milked ruthlessly.

UncleIan
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Re: £152,005 p.a. - for just £1

#199064

Postby UncleIan » February 5th, 2019, 2:07 pm

Okay, so which one of you thought it was worth £310,000?...

https://www.bbc.co.uk/news/business-47130516

GoSeigen
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Re: £152,005 p.a. - for just £1

#199162

Postby GoSeigen » February 5th, 2019, 9:13 pm

UncleIan wrote:Okay, so which one of you thought it was worth £310,000?...

https://www.bbc.co.uk/news/business-47130516


Me!

#p196119
GoSeigen wrote:Personally I doubt the purchase price is going to be £1 anyway, far from it.


GS

brightncheerful
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Re: £152,005 p.a. - for just £1

#206134

Postby brightncheerful » March 7th, 2019, 9:18 am

Another for your collection:

Disclosed reserve £1

Later this month, Allsop is auctioning a riverside pub in Isleworth, Middlesex (London) that is let on lease for 999 years from 1987. The rent is 1 x nine gallon barrel of beer per annum; (a firkin*).

Seller is a major UK fund manager. I wonder if its compliance officer has decided an investment no longer appropriate?


*Firkin
Middle English ferdekyn, probably from the Middle Dutch diminutive of vierde ‘fourth’ (a firkin originally contained a quarter of a barrel).
In 1803 ale firkin was again redefined to be 9 ale or beer gallons (41.59 litre), equivalent to the beer firkin. From the mid 15th century until 1824 the beer firkin was defined as 9 ale or beer gallons. The beer or ale firkin was redefined to be 9 imperial gallons in 1824.

theta
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Re: £152,005 p.a. - for just £1

#217275

Postby theta » April 25th, 2019, 3:32 pm

brightncheerful wrote:Another for your collection:

Disclosed reserve £1

Later this month, Allsop is auctioning a riverside pub in Isleworth, Middlesex (London) that is let on lease for 999 years from 1987. The rent is 1 x nine gallon barrel of beer per annum; (a firkin*).

Seller is a major UK fund manager. I wonder if its compliance officer has decided an investment no longer appropriate?


*Firkin
Middle English ferdekyn, probably from the Middle Dutch diminutive of vierde ‘fourth’ (a firkin originally contained a quarter of a barrel).
In 1803 ale firkin was again redefined to be 9 ale or beer gallons (41.59 litre), equivalent to the beer firkin. From the mid 15th century until 1824 the beer firkin was defined as 9 ale or beer gallons. The beer or ale firkin was redefined to be 9 imperial gallons in 1824.

Perfect inflation hedge - Your beer covered for life :)

brightncheerful
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Re: £152,005 p.a. - for just £1

#217408

Postby brightncheerful » April 26th, 2019, 9:01 am

Perfect inflation hedge - Your beer covered for life


Fetched £40,000 excluding purchase costs.

At £3.60 (average) a pint - https://www.bbc.co.uk/news/uk-england-41183028 - one would need 11,111 pints minimum before a 'stand you in for nothing' return on capital.

UncleIan
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Re: £152,005 p.a. - for just £1

#217427

Postby UncleIan » April 26th, 2019, 10:24 am

brightncheerful wrote:
Perfect inflation hedge - Your beer covered for life


Fetched £40,000 excluding purchase costs.

At £3.60 (average) a pint - https://www.bbc.co.uk/news/uk-england-41183028 - one would need 11,111 pints minimum before a 'stand you in for nothing' return on capital.


£3.60 a pint? In Isleworth? Won't get much change from a fiver more like!

PinkDalek
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Re: £152,005 p.a. - for just £1

#217434

Postby PinkDalek » April 26th, 2019, 10:41 am

UncleIan wrote:£3.60 a pint? In Isleworth? Won't get much change from a fiver more like!


This being Property Investment Discussions, it's mainly about Location, location, location. :)

Charlottesquare
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Re: £152,005 p.a. - for just £1

#217791

Postby Charlottesquare » April 27th, 2019, 8:48 pm

theta wrote:
brightncheerful wrote:Another for your collection:

Disclosed reserve £1

Later this month, Allsop is auctioning a riverside pub in Isleworth, Middlesex (London) that is let on lease for 999 years from 1987. The rent is 1 x nine gallon barrel of beer per annum; (a firkin*).

Seller is a major UK fund manager. I wonder if its compliance officer has decided an investment no longer appropriate?


*Firkin
Middle English ferdekyn, probably from the Middle Dutch diminutive of vierde ‘fourth’ (a firkin originally contained a quarter of a barrel).
In 1803 ale firkin was again redefined to be 9 ale or beer gallons (41.59 litre), equivalent to the beer firkin. From the mid 15th century until 1824 the beer firkin was defined as 9 ale or beer gallons. The beer or ale firkin was redefined to be 9 imperial gallons in 1824.

Perfect inflation hedge - Your beer covered for life :)


Perfect asset to leave to your heirs, they can literally p*** away their inheritance.



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