Echo News Fossetts Farm 1,300 homes to be decided next week

[Holy Joe]

Pensions funds invest in lots of projects that might get them a return.

... like owning land and developing property

Indeed I doubt this will be the Merseyside catalyst fund investing - it seems well out of remit. But it will almost certainly be within remit of the Merseyside pension fund

 

[Holy Joe]

Indeed I doubt this will be the Merseyside catalyst fund investing - it seems well out of remit. But it will almost certainly be within remit of the Merseyside pension fund

Unless of course as part of Merseyside regeneration they're planning on exporting all their scallies to southend

 

[Supershrimper]

Unless of course as part of Merseyside regeneration they're planning on exporting all their scallies to southend

Not unheard of. Some of the council houses in Stanford-le-Hope aren't owned by Thurrock Council as you'd expect but are in actual fact owned by Barking and Dagenham councils.

However, I'd imagine the involvement of the Wirral based pension fund is to get a good return on their investment (good luck with that if Ron has he's mitts on it)

 

[edwardss2]

I think that housebuilders only need to build those amenities when certainly thresholds are met on number of dwellings.

e.g. if you build 1,400 homes, you need a GP surgery, if you build 3,500 homes then a school must be built.

Lots of developers therefore build 1,398 homes or 3,485 units etc. Existing social and public infrastructure gets squeezed (to breaking point as we're seeing) but everyone blames immigrants and the property people make a fortune because they didn't have to build things that they don't make money from.

Great racket, no wonder Ron Martin is in the business.

Doesn't matter if these are in the plans or not, there are no doctors and as someone who has had to find one today - no NHS dentists either.

Is there a chance that this could be called in by the Environment Secretary or someone; it does sound like a lot of new homes in one place.

 

[SeldomSeenShrimper]

Are Rons lips moving?

That's all I wanna know

If not, and he's staying out of it, it sounds promising

 

[Holy Joe]

Doesn't matter if these are in the plans or not, there are no doctors and as someone who has had to find one today - no NHS dentists either.

Is there a chance that this could be called in by the Environment Secretary or someone; it does sound like a lot of new homes in one place.

The original FF was called in, the 2nd iteration was notified and not called in. Who knows with this 3rd iteration

 

[Cricko]

So have we actually moved forward or is this more bollocks?

More complications every day.

 

[dusterman]

So have we actually moved forward or is this more bollocks?

More complications every day.

No idea.

What I do know is I’m getting absolutely battered/smashed/blotto/insert horrendously offensive term here on my own when he finally ****s off.

I may die, but I’ll die happy.

 

[Cricko]

@Jai has had a read through it all today and hopefully can inform us more.

 

[kentblues]

Merseyside Pension Fund. That's a new one.

Will be interested to see what "security" can be put in place (via planning/S106/Other) to ensure the phased payments of £20m actually arrive before we all die...

Hopefully SCC's DD can conclude soon and we can get this done in May. We cannot afford to let it drag any longer, or it will de-rail next season as well.

CRBE lend on behalf of investors according to risk appetite- funds could comprise a single investor or many investors. CRBE are never transacting on their own behalf so there was always an investor or group of investors behind it. Looks like a singular investor - a pension fund.

You might remember talk previously about a previous interested buyer, a few buyers back, who was interested in buying the whole thing FF development/Club et al. That was a pension fund as well from memory.

 

[Yorkshire Blue]

FFS the due diligence still isn’t complete.

The hold up will invariably lay on Ron’s side. The Council’s lawyers will likely have requested information that Ron has failed to provide. It’s hard to know what exactly but I suspect it’s things like Environmental Impact Assessments and the like. Ron might have provided initial reports but the Council’s lawyers have probably asked supplemental questions which haven’t been answered or the issues they’ve raised haven’t been mitigated yet. He has an extensive track record of things taking longer than they should. Add in his poor record of paying people and he might find it hard to get suitable experts to work for him (or his offspring) and to prioritise his work.

This at least moves things forward as it puts the decision in the hands of individuals rather than the council as a whole.

The pension fund will be Thames Plaza/Citizens Housing (or whoever it is who is the company who is developing the site at Fossetts)’s investor. That’s not unusual to have a pension fund involved with something like this. Nor does it matter that it’s not local (pension funds will want to diversify their investments). They do still need to sign off on it and that makes me nervous. Ron has a habit of promising things he can’t deliver. I’ve no doubt he’s told the consortium/council that that’s a formality but I’m not counting chickens until they’ve hatched.

 

[dusterman]

Dream’s dead:

7.4.5. The Council must also satisfy itself that all the parties involved in the transaction have sufficient experience, credibility, and financial resilience to be able to meet the covenants that they will be entering into as part of the transaction.

 

[dusterman]

Main impression after reading the whole thing is how precarious it all feels. You get the sebse they are wed to it but clear that:

- Ron and parties are not doing things timely e.g. ESG info, so environmental and community assets for example. Need to have this before can complete DD on costs and fees
- Only had a vital component of deal at end of March, can’t recall what off top of my head but will recheck
- Planning doesn’t have to go through pre the exchange as some suggested which is good news to have confirmed
- Consortium are ones pushing for May not Ron
- Lease still to be agreed as many have mentioned
- Appears they are taking a big leap of faith with lots of assumptions flying around. Probably a regular thing
- Reserve right to pull out at any point (gulp)
- Lots of pointers that RM is fannying about with level of houses vs flats etc
- Basically says they have no real power to make sure £20m comes our way IMO but will try as much as they can to make sure they hold him to account. I wouldn’t hold our collective breath on that

As suggested the council will be taking a big leap of faith getting this through and all that is driving it is the football club. So, so apparent, as we know, our beloved club is purely a pawn in RM’s push make millions is enough to make me feel physically sick. He could sell and do this without us involved but we are his last chance to push this bollocks through.

Scumbag.

I don’t believe he should stop being roadblocked and hounded by us fans if this deal scrapes through. We should make his and his families walk into the sun with their ill gotten gains a very miserable and lonely existence.

 

[damien]

Main impression after reading the whole thing is how precarious it all feels. You get the sebse they are wed to it but clear that:

- Ron and parties are not doing things timely e.g. ESG info, so environmental and community assets for example. Need to have this before can complete DD on costs and fees
- Only had a vital component of deal at end of March, can’t recall what off top of my head but will recheck
- Planning doesn’t have to go through pre the exchange as some suggested which is good news to have confirmed
- Consortium are ones pushing for May not Ron
- Lease still to be agreed as many have mentioned
- Appears they are taking a big leap of faith with lots of assumptions flying around. Probably a regular thing
- Reserve right to pull out at any point (gulp)
- Lots of pointers that RM is fannying about with level of houses vs flats etc
- Basically says they have no real power to make sure £20m comes our way IMO but will try as much as they can to make sure they hold him to account. I wouldn’t hold our collective breath on that

As suggested the council will be taking a big leap of faith getting this through and all that is driving it is the football club. So, so apparent, as we know, our beloved club is purely a pawn in RM’s push make millions is enough to make me feel physically sick. He could sell and do this without us involved but we are his last chance to push this bollocks through.

Scumbag.

I don’t believe he should stop being roadblocked and hounded by us fans if this deal scrapes through. We should make his and his families walk into the sun with their ill gotten gains a very miserable and lonely existence.

Don’t worry mate I still ride my horn every time I go round the bend past his place.

 

[OldBlueLady]

Ron moving the goalposts? Perish the thought. https://www.echo-news.co.uk/news/24...pzNOzeNoAkOKNicsQDsWXHy_c0GzoBMv-Rjp5W3qG-Sql

 

[Holy Joe]

Ron moving the goalposts? Perish the thought. https://www.echo-news.co.uk/news/24...pzNOzeNoAkOKNicsQDsWXHy_c0GzoBMv-Rjp5W3qG-Sql

Stinks doesn't it

 

[Shrimper]

If they're still doing DD then I don't see this being done before pre-season

 

[THE SEVENTIES NORTH BANK]

THE majority of the new homes created at Fossetts Farm will be high-end apartments and houses with “above average” rents, it has been revealed.

Details of an agreement between outgoing Southend United chairman Ron Martin and Southend Council will see the upmarket homes leased to the council under a build-to-rent finance scheme.

Fresh documents released ahead of a special council meeting next week have revealed the homes will be rented out by the council at rates “20 per cent higher” than average for Southend.

The development will see 1,311 homes built across three “zones” and includes the 400 homes once destined to be built at Roots Hall.

A previous requirement for 30 per cent of the homes to be classed as affordable has now been slashed to 15 per cent and concerns have been raised the plans are “far from ideal” but are a necessity to help the sale of Southend United on track.

Matt Dent, Kursaal Ward councillor and the Labour Group’s spokesman on housing, said: “It’s incredibly important for the whole city that we reach a deal that will ensure he future of Southend United. I’m not wild about this deal.

“It does feel a bit like a sop to Ron Martin to walk away but given the circumstances and bearing in mind the Government targets we have for house building I think this is probably something we have to swallow.

“The concerns that are going to be coming through are going to be the usual ones around infrastructure and affordability. Ultimately, I feel if a deal isn’t reached we are back to the prospect of losing Southend United which we are not prepared to countenance.”

Tony Cox, Tory leader of the council, insisted the development is “designed to be high-end”

He said: “It will enable people to rent homes in what will be a high quality development and there is a demand for that type of development.

“It brings in homes for the city and it allows for the release of £20m for the football club and to have ownership of Roots Hall.”

Currently, Zone A will have 911 apartments, Zone B will have 330 homes with 93 per cent houses and Zone C will see 315 new homes built with 70 per cent of them houses.

 

[Barling Magna]

"A previous requirement for 30 per cent of the homes to be classed as affordable has now been slashed to 15 per cent."

"Affordable" usually means 80% of average rents in Southend. Which isn't affordable for so many folk. But at least it gives some a chance to have their own home, just half as many as originally planned. Shameful.

 

[Sammy Shrimper]

"A previous requirement for 30 per cent of the homes to be classed as affordable has now been slashed to 15 per cent."

"Affordable" usually means 80% of average rents in Southend. Which isn't affordable for so many folk. But at least it gives some a chance to have their own home, just half as many as originally planned. Shameful.

This bit stinks but it is a usual tactic by residential developers.