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sarahbell

Council plans to...

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http://www.theoldhamtimes.co.uk/news/16607770.metal-detecting-and-flying-lanterns-banned/

As part of the strategy, and in recognition of the ‘unprecedented financial challenge’ the council is facing, the authority has put in place a commercial property investment strategy and investment fund.
The purpose of this is to increase the council’s revenue income stream by purchasing more property and then leasing it out to increase rental income.

 

The town hall also agreed that it will refuse to lease its properties to payday lenders, betting shops and pawn brokers.

But garden tenancies – whereby residents can ask the council for a licence to use its land as a private garden by a neighbouring household – will be scrapped.

The cabinet report states that the cost of creating and managing new licences is prohibitive.

Howeve,r it will consider requests to purchase land for use as a private garden from adjacent properties.



Along with banning metal detecting, chinese lanterns ...

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They're all at.  One council starts doing it and then others copy it because they don't want to be thought to be behind the times.

And what an absolutely marvellous time it is to be getting into debt to buy commercial property :/

 

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10 minutes ago, Frank Hovis said:

They're all at.  One council starts doing it and then others copy it because they don't want to be thought to be behind the times.

And what an absolutely marvellous time it is to be getting into debt to buy commercial property :/

 

And who are they going to rent them to? Not payday lenders, betting shops and pawn brokers.

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3 minutes ago, sarahbell said:

And who are they going to rent them to? Not payday lenders, betting shops and pawn brokers.

As these sort of organisations tend to mix commerciality with social purpose to the benefit of neither they, and I have seen this a lot, will rent them to lots of weird and wonderful start ups (ethnic cafes, cupcake shops, holistic indian jewellery, crystals) on a much reduced initial rent which will then stay reduced because the shop's income will be insufficient to pay a commercial rent.  Add into this some peppercorn rents for charity (outreach offices generally rather than shops) and you have a vastly expensive portfolio generating insufficient revenue to cover the interest let alone the management by committee of these property holidngs at the council.

That may sound a tad bitter and jaded but that is exactly my experience and I can't see that Oldham will be any different.

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34 minutes ago, Frank Hovis said:

 management by committee of these property holidngs at the council.


This is the key. Who is going to benefit from having lots of properties to manage? Will it be the bloody surveyors?

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Posted (edited)

I hate this sort of thing. I want to say 'what business do you think you're in?'

Which is actually the problem -- they're now run by people who think they're running a business.  Worse, it is a natural monopoly.

There should be central rules that stop this madness.

Edited by dgul

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Just now, dgul said:

I hate this sort of thing. I want to say 'what business do you think you're in?'

Which is actually the problem -- they're now run by people who think they're running a business.  Worse, it is a natural monopoly.

There should b central rules that stop this madness.

It is a collective madness because they all meet up at conferences to swap notes on the latest craze.

 

In the 80s it was derivatives - interest swaps - and some lost millions.  There was some Scottish islands council with a tiny number of ratepayers that lost over a thousand per head.

They probably did something daft in the 90s but I forget what.

In the 00s they were piling their deposit money into Icelandic banks.  No risk there.  Again lost milions.

Now in the 2010s commercial property is all the rage, some councils have bought, sorry "invested in", huge amounts.  At a time when shops are closing and manufacturing is being transferred overseas with the only demand now being for big warehouse space for holding deliveries which companies buy themselves.

 

If you want to know what the next big financial disaster will be then just watch your local council.

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4 minutes ago, Frank Hovis said:

It is a collective madness because they all meet up at conferences to swap notes on the latest craze.

 

In the 80s it was derivatives - interest swaps - and some lost millions.  There was some Scottish islands council with a tiny number of ratepayers that lost over a thousand per head.

They probably did something daft in the 90s but I forget what.

In the 00s they were piling their deposit money into Icelandic banks.  No risk there.  Again lost milions.

Now in the 2010s commercial property is all the rage, some councils have bought, sorry "invested in", huge amounts.  At a time when shops are closing and manufacturing is being transferred overseas with the only demand now being for big warehouse space for holding deliveries which companies buy themselves.

 

If you want to know what the next big financial disaster will be then just watch your local council.

Won't they just increase the rates to cover the shortfall, after all they work for the ratepayers, don't they?

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1 hour ago, Frank Hovis said:

They're all at.  One council starts doing it and then others copy it because they don't want to be thought to be behind the times.

And what an absolutely marvellous time it is to be getting into debt to buy commercial property :/

 

Our nearest town in Hampshire has plenty of commercial property to let in 2018.

For the most part it's exactly the same property that was to let in 2011.

Still empty.

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4 minutes ago, Option5 said:

Won't they just increase the rates to cover the shortfall, after all they work for the ratepayers, don't they?

Yes, every time.  It's not their own money with wihich they're gambling which is why they're so incredibly reckless.  Their pensions are safe.

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13 hours ago, Frank Hovis said:

They're all at.  One council starts doing it and then others copy it because they don't want to be thought to be behind the times.

And what an absolutely marvellous time it is to be getting into debt to buy commercial property :/

 

Yep you're right. Bought a House of Fraser for 3m before they went bust a short while later.  Councils are another vested interest in keeping property prices high clearly. 

https://www.kentonline.co.uk/kent-business/county-news/rise-of-the-casino-councils-188976/

 

 

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15 minutes ago, lid said:

what a bunch of cretins they are

Bugger me. At least the bloke front centre (seen from behind) seems to be ignoring it.

During any prayer service I will always stand up straight, hands behind my back, and look around. It is usually quite revealing.

 

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18 hours ago, Frank Hovis said:

They're all at.  One council starts doing it and then others copy it because they don't want to be thought to be behind the times.

And what an absolutely marvellous time it is to be getting into debt to buy commercial property :/

 

Well Frank, I seem to remember a lot of councils invested a lot of our council tax in Icelandic Bankskis.

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I have wondered if 'betting shops' can get around all these new restrictions by calling themselves casinos... 

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7 hours ago, lid said:

what a bunch of cretins they are

Allah lord of the world, the most affectionate, the most merciful! wtf why are they submitting themselves to this drivel?!

@Frank Hovis not sure whether or not this spans all the decades but the craze for investing in art and wine picked up pace in the 1990s I can't find the specifics on google but it does throw up an awful lot of councils holding significant art collections. Buried in there are examples of art works being given away/loaned because they are unable to sell them for what they are 'worth' probably to save on-going storage and insurance costs but they should never have been purchased. I don't wish to sully your timeline as always it's on the pulse but just add an idea to where some of their largess has gone.

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My experience of councillors is that they are only there for their social or financial enrichment, or of course both.

Therefore their only qualifications for the job are greed and envy.

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11 minutes ago, longtomsilver said:

Allah lord of the world, the most affectionate, the most merciful! wtf why are they submitting themselves to this drivel?! 

Where's The Queen when you need her

Fid. Def.

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22 hours ago, Frank Hovis said:

If you want to know what the next big financial disaster will be then just watch your local council.

Ours just paid sixty grand for six "solar powered" bins. But it's not a waste of money, because Hartlepool council did it first.

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9 hours ago, Cunning Plan said:

During any prayer service I will always stand up straight, hands behind my back, and look around. It is usually quite revealing.

 

I do that too!

Indulged in some yoga on holiday, but wouldn't do the muslamic looking one. It made me uncomfortable B|

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On 01/09/2018 at 00:17, Cunning Plan said:

 

During any prayer service I will always stand up straight, hands behind my back, and look around. It is usually quite revealing.

 

If I am in a place of worship as a guest I politely stand if the congregation does.

But in a counsil meeting in a secular state I would have sat down, not prayed, nor pretended to pray. Religion has no place in government of a secular state. (Someone please tell the Queen BTW).

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