It is my opinion that Bill Gleeson, business editor and his hoppo, Tony McDonut at the Daily Ghost Writer business section have not got the requisites to work out how these deals are done....or profits are shared without money changing hands. Or how hedge fund vehicles can be used to give the impression that a building has been sold. Have they ever been in business? Do they just print what someone at Downtown Liverpool (DLIB) tells them? They have in my opinion, been instrumental in promoting the architectural crime to destroy the world heritage site since its outset.
Now big trouble has broken out as Dylan Harvey (who are supposed to own the site) stave off angry buy to let and home-makers wanting a flat, in the North West. Who are now sue-ing them for lost deposits. They are trying to switch investors to Mann Island to the bemusement of most, making further promises. How does this affect those investing in Mann Island who may have splashed cash for a off plan development. Is it safe? Steven Gerrard was at court yesterday a hundred yards from his new promotion/investment deal http://www.mannislanddevelopments.com/latest_signing.html
THIS IS ABSENT FROM THE DP BUSINESS PAGES........Surely they need to warn people that there is a risk investing here. All the signs are there. The property market is in free fall and how much are these flats losing every week. And also advise them that the apartments at Mann Island are next to a giant carbon monoxide chimney ventilating the Mersey Tunnel.
Another claim against Dylan Harvey, Manchester-based property developer and broker was launched by a third group of buy to let investors. The investors have spent £100,000 on
deposits for ten flats, which they fear might never be built, and that is they have hired solicitors from Manchester-based law firm Heatons LLP, who have issued proceedings on the investors’ behalf.
The proceedings are made against Dylan Harvey Residential Ltd., the developer who secured a planning permission for the Clippers Quay apartment project, located on Trafford Road in Salford Quays last May but has not yet started the construction.
Toby Whittaker, the managing director of Dylan Harvey Residential Ltd. Said that the credit crunch has hit the company real hard, it had its debts and bills to pay, so the company has no opportunity to pay the deposits back to investors. However, he added the company will be happy to switch investors’ deposits to other schemes.
The company acquired £6.5 million in deposits from the Clippers Quay apartment project (5% of the average asking price of £200,000 per apartment). All but 100 deposits have been transferred to other schemes, according to Whittaker.
He also claimed that the company is a joint venture with Manchester-based Ask (Ask Dylan Harvey Ltd), however there is no written record of the partnership. Ask said the Clippers Quay project is simply postponed due to unfavourable market conditions, but will be revisited when the situation improves.
There is also evidence that the investors might pursue Toby Whittaker personally, because they believe the situation is more a matter of principle than a matter of money.
Lawyers in n Manchester and Birmingham are preparing claims on behalf of 2 groups of depositors who seek to return a total of £7 million.