DavidofMersea
Well-known member
The Jumbo in Colchester is to be sold without reserve at auction this Thursday 29th May
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Who wants to buy a water tower?
- Thread starter DavidofMersea
- Start date
Sixpence
Active member
As the council have already turned down planning applications to do something which might have saved it, I think it's safe to say anybody who bought it would be mad. Even I wouldn't touch something where the council blocked any plans to convert it
DavidofMersea
Well-known member
I don't know that I would buy it if I were a developer, but this could be a winner. Whilst you are correct to say the Councillors have thrown it out, the Planning dept recommended approval in 2006 (I think). 8 years later we have some different councillors who might think differently, especially as their Planning Dept recommended acceptance
Habebty
Well-known member
I would buy it......if I had the money and time to convert it. Having seen some of the conversions on Grand Designs, I think they make superb properties.
But the tower I would most like to convert is the tall round concrete tower on Southwold marshes. 360 view of the sea, marshes, town, and harbour.
But the tower I would most like to convert is the tall round concrete tower on Southwold marshes. 360 view of the sea, marshes, town, and harbour.
Sixpence
Active member
I'm not a gambler and there's no way I'd risk being lumbered with the responsibility for maintaining a listed building, when all planning applications have been turned down, regardless of a change in councilors. Continued refusal would mean you're left with a huge, and expensive, ornament. By law you have to maintain it, the council would enforce that, and probably continue to deny any efforts to change its use. Outline planning permission being granted as a minimum before it might be worth the risk, any buyer would have to have very deep pockets otherwise, things like this bankrupt people
philiphurst
Active member
Spot on.
For dreamers and nutters, only.
For dreamers and nutters, only.
Sixpence
Active member
Oh, that would count me in :biggrin-new:
But even I'm not that daft, even if I had the money
DavidofMersea
Well-known member
I don't think so, although there is a risk. It is being sold at auction, so there will be somebody who is prepared to pay just a little less than you. If you bought it, and found you still could not develop, you could sell it on - You would make a loss, but if you were prepared to make that loss and you thought there was a fighting chance of getting planning permission, it would be worth taking a punt.
This is not for people that want a simple 9 to 5 job, but entrepreneurs
Sixpence
Active member
With very very very deep pockets, trust me, anyone who bought it would probably have a fight on their hands and going up against a council, isn't good for the cash flow. Been there before, and without a suitably huge budget for fighting, the loss was fifty percent of purchase price. The buyer thought he could win, but also lost. The council would have to give at least some form of outline permission before it might be worth the risk
philiphurst
Active member
You've really lost the plot, David.
philiphurst
Active member
Like I said, sixpence, dreamers and nutters...
ianfr
Well-known member
Am I the only one who thinks the thing is an eye sore and should be knocked down?
Ian
Ian
philiphurst
Active member
If there are two or more people at an Auction intent on 'living the dream' the chances are that, in this kind if situation, the bidding will go beyond sensible levels.
Add to that the cost of fighting the planners and you would need very deep pockets or balls of steel.
Sixpence
Active member
Just in case anyone is thinking of the grand designs water tower conversion, that made a loss of £2 Million, according to a quick search of the web. I know most of us are boat owners, but even though we look at boats as a cash absorber, I don't know of anyone who would take on a boat if the likely loss was in those sort of figures
Ian, ugly is in the eyes of, etc, but being listed it can't be knocked down
Ian, ugly is in the eyes of, etc, but being listed it can't be knocked down
DavidofMersea
Well-known member
I am not saying "buy it at any cost". You have missed the point that the planning department recommended approval before, and it was rejected by the Planning committee 8 years ago. If you know you will get the support of the planning Dept to recommend acceptance again, you might get it though now - It would be worth taking a risk if you could afford to lose
I have just bid £420,000 for a property I propose to knock down and replace. I am confident that I can get permission to build a property that will be worth more than the purchase and construction price
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tillergirl
Well-known member
No. Sense at last!
philiphurst
Active member
I have not missed the point and I am very glad that you are not my investment/business adviser.
tillergirl
Well-known member
Blimey, you are brave. I have had one attempt to get planning permission from Colchester and never again. They are completely without logic and sense.
Sixpence
Active member
Not quite the word I was thinking of, but think it's time to stop banging my head against a brick wall on this one
trying
Active member
The one on grand designs ...
http://www.dailymail.co.uk/news/art...-featured-TV-knock-2million-asking-price.html ...
Looks like they dropped the asking price by £2m... but at that would still make £2.3m (if the declared figures are correct)
Anyway, I'd love to do one... always have fancied something like that... not that one though, the public viewing gallery would put me off I'm afraid.
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