Vision for Bournemouth step closer to reality (From Bournemouth Echo)
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Vision for Bournemouth step closer to reality
12:00pm Friday 22nd March 2013 in News By Melanie Vass
IMAGINE: An artist’s impression of early ideas for a development at Leyton Mount which will kick start town centre regeneration and, inset, Cllr John Beesley, leader of the council
TWO major Bournemouth town centre developments are a step closer to starting, following a discussion about how they would be funded.
The schemes, which will see flats and shop units built at Leyton Mount and student accommodation built at Madeira Road, are part of the wide-ranging Bournemouth Town Centre Master Vision.
Both developments have planning permission and had attracted two different funding offers.
At a special cabinet meeting on Tuesday, councillors were told the Madeira Road scheme needed to start imminently, to ensure the student accommodation is ready for September 2014.
They decided to authorise council chief executive Tony Williams, along with other senior officers, to negotiate terms with the Arts University Bournemouth and with Prudential Retirement Income Limited (PRIL).
The Arts University Bournemouth will have a 25-year lease on the student halls of residence at Madeira Road, while a 150-year lease on this site will be granted to PRIL.
The council will pay an annual rent to PRIL for 26.5 years and will then have the option of buying back the lease and buildings for £1.
The Leyton Mount scheme is funded by the council contributing £1million land value and £1m cash, while Morgan Sindall Investments are contributing £750,000 pre-development costs and £1.25m cash. The government’s Get Britain Building Fund has also offered a loan of £4m. Cllr John Beesley, leader of the council, said afterwards: “Today’s cabinet marked a significant step towards agreeing the funding arrangements for the student accommodation in Madeira Road and a mixed use residential and commercial development.
“We have received two strong funding offers and council officers will now negotiate the most beneficial proposal for delivering the project.
“These funding offers are very encouraging given the current economic climate, and demonstrate a confidence in our approach to town centre regeneration.”
Comments(12)
BmthNewshound
says...
1:08pm Fri 22 Mar 13
.
If Prudential has bought a 150 lease why is the Council paying them an annual rent ? How much will that rent be ? There's clearly a lot of detail been ommitted from the Council press release. A typical Beasley smoke and mirrors job to deceive the public.
.
With the Leyton Mount development who is responsible for guaranteeing the repayment of the £4m government loan, Morgan Sindall or the tay payer....as if we need ask.
.
Risking public money on speculative property development is highly irresponsible. The fact that big private investors are steering well clear of Beasley's Town Centre Vision demonstrates how wrong the Council have got it.
Linguist
says...
3:36pm Fri 22 Mar 13
wonderway wrote:I think it says that te building will be reay by September 2014, which is 17 months.
well they cant build a surf reef cant knock down the imax on time wonder how many bodge ups there will be in these contracts 5months to build student accommodation so it will be very well constructed 5 months after completion theres going to be a lot of duck tape holding it together
Linguist
says...
3:40pm Fri 22 Mar 13
BmthNewshound wrote:I cannot, for the life of me, think of who would want to buy a flat in that area of town, right opposite the walkabout bar that hammers out music till 3 in the morning.
With Tony Williams leading the negotiations we're pretty much guaranteed that the other parties will have stitched the Council up.
.
If Prudential has bought a 150 lease why is the Council paying them an annual rent ? How much will that rent be ? There's clearly a lot of detail been ommitted from the Council press release. A typical Beasley smoke and mirrors job to deceive the public.
.
With the Leyton Mount development who is responsible for guaranteeing the repayment of the £4m government loan, Morgan Sindall or the tay payer....as if we need ask.
.
Risking public money on speculative property development is highly irresponsible. The fact that big private investors are steering well clear of Beasley's Town Centre Vision demonstrates how wrong the Council have got it.
Redgolfer
says...
4:28pm Fri 22 Mar 13
Yankee1
says...
10:51pm Fri 22 Mar 13
Linguist wrote:They will become student rentals.
BmthNewshound wrote:I cannot, for the life of me, think of who would want to buy a flat in that area of town, right opposite the walkabout bar that hammers out music till 3 in the morning.
With Tony Williams leading the negotiations we're pretty much guaranteed that the other parties will have stitched the Council up.
.
If Prudential has bought a 150 lease why is the Council paying them an annual rent ? How much will that rent be ? There's clearly a lot of detail been ommitted from the Council press release. A typical Beasley smoke and mirrors job to deceive the public.
.
With the Leyton Mount development who is responsible for guaranteeing the repayment of the £4m government loan, Morgan Sindall or the tay payer....as if we need ask.
.
Risking public money on speculative property development is highly irresponsible. The fact that big private investors are steering well clear of Beasley's Town Centre Vision demonstrates how wrong the Council have got it.
Yankee1
says...
10:51pm Fri 22 Mar 13
Linguist wrote:They will become student rentals.
BmthNewshound wrote:I cannot, for the life of me, think of who would want to buy a flat in that area of town, right opposite the walkabout bar that hammers out music till 3 in the morning.
With Tony Williams leading the negotiations we're pretty much guaranteed that the other parties will have stitched the Council up.
.
If Prudential has bought a 150 lease why is the Council paying them an annual rent ? How much will that rent be ? There's clearly a lot of detail been ommitted from the Council press release. A typical Beasley smoke and mirrors job to deceive the public.
.
With the Leyton Mount development who is responsible for guaranteeing the repayment of the £4m government loan, Morgan Sindall or the tay payer....as if we need ask.
.
Risking public money on speculative property development is highly irresponsible. The fact that big private investors are steering well clear of Beasley's Town Centre Vision demonstrates how wrong the Council have got it.
Yankee1
says...
10:51pm Fri 22 Mar 13
Linguist wrote:They will become student rentals.
BmthNewshound wrote:I cannot, for the life of me, think of who would want to buy a flat in that area of town, right opposite the walkabout bar that hammers out music till 3 in the morning.
With Tony Williams leading the negotiations we're pretty much guaranteed that the other parties will have stitched the Council up.
.
If Prudential has bought a 150 lease why is the Council paying them an annual rent ? How much will that rent be ? There's clearly a lot of detail been ommitted from the Council press release. A typical Beasley smoke and mirrors job to deceive the public.
.
With the Leyton Mount development who is responsible for guaranteeing the repayment of the £4m government loan, Morgan Sindall or the tay payer....as if we need ask.
.
Risking public money on speculative property development is highly irresponsible. The fact that big private investors are steering well clear of Beasley's Town Centre Vision demonstrates how wrong the Council have got it.
Yankee1
says...
10:51pm Fri 22 Mar 13
Linguist wrote:They will become student rentals.
BmthNewshound wrote:I cannot, for the life of me, think of who would want to buy a flat in that area of town, right opposite the walkabout bar that hammers out music till 3 in the morning.
With Tony Williams leading the negotiations we're pretty much guaranteed that the other parties will have stitched the Council up.
.
If Prudential has bought a 150 lease why is the Council paying them an annual rent ? How much will that rent be ? There's clearly a lot of detail been ommitted from the Council press release. A typical Beasley smoke and mirrors job to deceive the public.
.
With the Leyton Mount development who is responsible for guaranteeing the repayment of the £4m government loan, Morgan Sindall or the tay payer....as if we need ask.
.
Risking public money on speculative property development is highly irresponsible. The fact that big private investors are steering well clear of Beasley's Town Centre Vision demonstrates how wrong the Council have got it.
Yankee1
says...
10:51pm Fri 22 Mar 13
Linguist wrote:They will become student rentals.
BmthNewshound wrote:I cannot, for the life of me, think of who would want to buy a flat in that area of town, right opposite the walkabout bar that hammers out music till 3 in the morning.
With Tony Williams leading the negotiations we're pretty much guaranteed that the other parties will have stitched the Council up.
.
If Prudential has bought a 150 lease why is the Council paying them an annual rent ? How much will that rent be ? There's clearly a lot of detail been ommitted from the Council press release. A typical Beasley smoke and mirrors job to deceive the public.
.
With the Leyton Mount development who is responsible for guaranteeing the repayment of the £4m government loan, Morgan Sindall or the tay payer....as if we need ask.
.
Risking public money on speculative property development is highly irresponsible. The fact that big private investors are steering well clear of Beasley's Town Centre Vision demonstrates how wrong the Council have got it.
Baywolf
says...
10:48am Sat 23 Mar 13
paul.p
says...
6:11pm Thu 28 Mar 13
wonderway says...
12:51pm Fri 22 Mar 13