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

[kentblues]

I do wonder how many private enterprises and housing associations turned it down before the council were offered the deal (original deal not this revision)

Who knows, many, some, none… thing is this development always needed SBC heavily on board and the chances of approval were always going to be hugely improved with SBC having skin in the game and not just around housing targets. I would say a master stroke- but it’s Ron so I won’t…

 

[THE SEVENTIES NORTH BANK]

THE deal to build more than 1,300 homes at Fossetts Farm - triggering the sale of Southend United - involves multiple companies linked to Ron Martin and a family of multi-billionaire property magnates.

The driving force behind the project’s finances is understood to be Citizen Housing, set up in 2018 as momentum around plans for a new stadium and homes gained pace. The company is fronted by Jack Martin - son of Blues’ chairman Ron Martin.
Citizen Housing is a joint venture, 50 per cent owned by Allied Commercial Exporters, a company founded by real estate tycoon Jack Dellal, and 50 per cent being owned by Jack Martin.
Allied Commercial investment activities are made possible through the significant, discretionary cash resources from the multi-billionaire Dellal family.
Council documents ahead of a meeting on Wednesday show Thames Plaza PLC – a company set up by Jack Martin to enable Southend Council to take part in the housing development – is at the heart of the deal.

Both Citizen Housing and Thames Plaza PLC are linked to Ron Martin’s sons Jack and Thomas – but are said to have no direct involvement by Ron Martin.
Global commercial retail company CBRE is managing funds on behalf of the Merseyside Pension Fund and will preside over the release of funds from the Roots Hall site.

Elounda LLP, owned by Ron Martin’s sons Jack and Thomas, as well as his wife Julie, are also involved but it is unclear what role they play.
Bringing each company to the point where it is happy enough to go ahead with such a huge deal has been nail-biting for the council.
Tony Cox, leader of the council said: “Citizen Housing own Thames Plaza, the company created for Southend Council to deal with. CBRE are the pension fund. They are the ones who have the land charge over Roots Hall. They’re the ones who are going to be providing the finance to facilitate the development.”

While the Roots Hall and Fossetts Farm developments have altered with the loss of the new stadium, Mr Cox said most elements remain unchanged.
He said: “It has changed in terms of company structure of the deal that’s already there. All that’s changed is that the stadium isn’t going to be built but money is going to be given, not by the council but through Thames Plaza into the club.”

 

[Cricko]

THE deal to build more than 1,300 homes at Fossetts Farm - triggering the sale of Southend United - involves multiple companies linked to Ron Martin and a family of multi-billionaire property magnates.

The driving force behind the project’s finances is understood to be Citizen Housing, set up in 2018 as momentum around plans for a new stadium and homes gained pace. The company is fronted by Jack Martin - son of Blues’ chairman Ron Martin.
Citizen Housing is a joint venture, 50 per cent owned by Allied Commercial Exporters, a company founded by real estate tycoon Jack Dellal, and 50 per cent being owned by Jack Martin.
Allied Commercial investment activities are made possible through the significant, discretionary cash resources from the multi-billionaire Dellal family.
Council documents ahead of a meeting on Wednesday show Thames Plaza PLC – a company set up by Jack Martin to enable Southend Council to take part in the housing development – is at the heart of the deal.

Both Citizen Housing and Thames Plaza PLC are linked to Ron Martin’s sons Jack and Thomas – but are said to have no direct involvement by Ron Martin.
Global commercial retail company CBRE is managing funds on behalf of the Merseyside Pension Fund and will preside over the release of funds from the Roots Hall site.

Elounda LLP, owned by Ron Martin’s sons Jack and Thomas, as well as his wife Julie, are also involved but it is unclear what role they play.
Bringing each company to the point where it is happy enough to go ahead with such a huge deal has been nail-biting for the council.
Tony Cox, leader of the council said: “Citizen Housing own Thames Plaza, the company created for Southend Council to deal with. CBRE are the pension fund. They are the ones who have the land charge over Roots Hall. They’re the ones who are going to be providing the finance to facilitate the development.”

While the Roots Hall and Fossetts Farm developments have altered with the loss of the new stadium, Mr Cox said most elements remain unchanged.
He said: “It has changed in terms of company structure of the deal that’s already there. All that’s changed is that the stadium isn’t going to be built but money is going to be given, not by the council but through Thames Plaza into the club.”

Thanks R, it's funny how the Rat has no involvement in any of the companies these days but still seems to be the front man.

 

[GBJ]

Thanks R, it's funny how the Rat has no involvement in any of the companies these days but still seems to be the front man.

Even funnier how it requires multiple companies, all seemingly fronted by the same person, just to get a deal done.

It all feels very familiar.

 

[THE SEVENTIES NORTH BANK]

Thanks R, it's funny how the Rat has no involvement in any of the companies these days but still seems to be the front man.

The wife one always makes me laugh. She probably knows nothing, but has her name put down to help her husband. Same as the other never seen son. Jack is the only one that is probably genuinely involved. But we all know that Ron Martin is the driving force and puppet master.

 

[Napster]

The council could have just read my ramblings over the years.

 

[Yorkshire Blue]

Even funnier how it requires multiple companies, all seemingly fronted by the same person, just to get a deal done.

It all feels very familiar.

It is standard business practice. You’ll note that even the consortium will hold the stadium in a different company to the company that will own the club.

 

[GBJ]

It is standard business practice. You’ll note that even the consortium will hold the stadium in a different company to the company that will own the club.

Is it standard business practice to own 20-odd businesses which operate at a loss, and yet still roll around in a new Bentley or rent a helicopter willy nilly?

Move along, nothing to see here, just standard business practice occurring

 

[Cricko]

Is it standard business practice to own 20-odd businesses which operate at a loss, and yet still roll around in a new Bentley or rent a helicopter willy nilly?

Move along, nothing to see here, just standard business practice occurring

He has all his 20 baskets containing the same one egg,

 

[kentblues]

Is it standard business practice to own 20-odd businesses which operate at a loss, and yet still roll around in a new Bentley or rent a helicopter willy nilly?

Move along, nothing to see here, just standard business practice occurring

In this scenrio its probably even more important to have them as separate businesses....regrettably.....

 

[GBJ]

He has all his 20 baskets containing the same one egg,

Yeah, but now there’s even more baskets being brought into the mix - all of which still seemingly owned by the same people - trying to juggle that egg around.

 

[GBJ]

In this scenrio its probably even more important to have them as separate businesses....regrettably.....

Sure… he hasn’t managed to deliver the FF project with 20-odd companies all striving to achieve it, why not add some more into the mix. Game changer.

 

[dusterman]

Are we running a sweepstake for when we finally say buh bye to rat features? Now the season is done it’s all I care aboot. Be nice to win a SZ mug or bag o’ chips or summit.

 

[hlane17]

Are we running a sweepstake for when we finally say buh bye to rat features? Now the season is done it’s all I care aboot. Be nice to win a SZ mug or bag o’ chips or summit.

At this rate it may be a sweepstake nobody ever wins. Feels like we can't ever get rid of the vermin.

Not long now until it's been a year since a certain Kimura were knocking about, promises of celebrity involvement, documentary, 'Wolfy' etc.

 

[Holy Joe]

Are we running a sweepstake for when we finally say buh bye to rat features? Now the season is done it’s all I care aboot. Be nice to win a SZ mug or bag o’ chips or summit.

Define get rid? He's still going to own RH for a period of time after consortium buy the club

 

[dusterman]

Define get rid? He's still going to own RH for a period of time after consortium buy the club

Just to the point where he doesn’t say ‘we’ anymore or Kev doesn’t have to answer his calls and we don’t need to hear his name or see his face preferably.

Perhaps when he’s no longer using our club as a bargaining stick I guess, or being able to see Justin smiling at a desk in Roots Hall. Something like that.

 

[Medway Blue]

The whole point of these deals is to ease the councils waiting list. The council do get the houses/homes after 55 years but have to rent them for that period.

If the properties aren't filled with renters for whatever reason, the council have to pay the rent.

The purpose of these properties was to ease council lists ie social housing. This isn't the case anymore.

Was it? I don't recall that ever being confirmed by anybody.

There was a time when the development, indeed any development, would have helped the council meet arbitrary Govt targets for new housing stock, but those targets have been dropped. Or at least aren't being forced in the way that they once were.

I don't personally recall any confirmation from any of the parties involved that the entire development's reason for being was to provide social housing.

 

[dusterman]

Was it? I don't recall that ever being confirmed by anybody.

There was a time when the development, indeed any development, would have helped the council meet arbitrary Govt targets for new housing stock, but those targets have been dropped. Or at least aren't being forced in the way that they once were.

I don't personally recall any confirmation from any of the parties involved that the entire development's reason for being was to provide social housing.

Yeah I agree, I think it was just used as a sweetener to aid conversation once the retail development was poo pooed.

 

[Billy Bests boot laces]

THE deal to build more than 1,300 homes at Fossetts Farm - triggering the sale of Southend United - involves multiple companies linked to Ron Martin and a family of multi-billionaire property magnates.

The driving force behind the project’s finances is understood to be Citizen Housing, set up in 2018 as momentum around plans for a new stadium and homes gained pace. The company is fronted by Jack Martin - son of Blues’ chairman Ron Martin.
Citizen Housing is a joint venture, 50 per cent owned by Allied Commercial Exporters, a company founded by real estate tycoon Jack Dellal, and 50 per cent being owned by Jack Martin.

This might sound like a daft question, but if Jack owns 50% of it, then surely he had to invest a hefty sum ( where from? ) to have that status?.

 

[Sammy Shrimper]

This might sound like a daft question, but if Jack owns 50% of it, then surely he had to invest a hefty sum ( where from? ) to have that status?.

Probably from his father , who has taken out numerous loans borrowed against the property assets he stripped from SUFC!!