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Property causing havoc


UnconventionalWisdom

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UnconventionalWisdom

Just reading up on Bury FC's problems. Turns out loans for developing property were taken out with the club's ground as collateral. New owner takes over and also makes money by developing student flats- that also lost a load of people money. 

We've known here and on TOS that property is a zero sum game and cant lead a country to prosperity, but hopefully the mainstream are starting  to realise this. 

https://www.theguardian.com/commentisfree/2019/aug/26/bury-britain-gigg-lane-brexit

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Chewing Grass
20 minutes ago, UnconventionalWisdom said:

Just reading up on Bury FC's problems. Turns out loans for developing property were taken out with the club's ground as collateral. New owner takes over and also makes money by developing student flats- that also lost a load of people money. 

We've known here and on TOS that property is a zero sum game and cant lead a country to prosperity, but hopefully the mainstream are starting  to realise this. 

https://www.theguardian.com/commentisfree/2019/aug/26/bury-britain-gigg-lane-brexit

Unfortunately they still have to blame Brexit first which taints the whole (of what is a reasonable) article.

Bury’s financial instability was evident for five years under the previous owner, Stewart Day, a Blackburn-based property developer specialising in accommodation blocks for students. In 2014 his company borrowed money secured on Gigg Lane at 10% interest a month, which compounded into 138% annual interest. That, sadly, did not clang enough alarm bells and Day continued building his flats, and loading borrowings on to Bury, until it all collapsed.

I think a dick-head owner and a 138% APR loan shark style loan is the sole reason.

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  • 4 months later...
Chewing Grass

Roman wall collapses in Chester after private developer undermines and compromises the integrity of the Grade 1 listed structure which in parts is almost 2 millenia old.

https://www.theguardian.com/uk-news/2020/jan/17/roman-wall-collapses-chester-private-building-work

Hopefully the greed driven 'developer' will be rinsed for every penny it costs to repair plus damages.

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