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.