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Gladedale's Business Model for Archery Ground - Seriously Flawed?

When Gladedale planned their project for 163 units on the Archery Ground, it would have been on the basis of generating around £40m over a four to five year development period. This would have to cover all costs; purchasing the land, preparing the designs, submitting the application, all engineering construction and material costs, paying interest to their bankers as well as generating a respectable net profit.

Most of the assumptions on which their planning was based have changed radically. Firstly, the credit crunch has badly hit property prices and a £40 million turnover is no longer looking realisable. Moreover, Hastings is over-supplied with one-bedroom flats and this will have a further deflationary impact on the prices of the finished products.

The political environment has changed (see article opposite about lower density requirements) - councils will now have to focus their priorities on family houses not one-bedroomed flats. Gladedale's development project is wrong for today's market; their new Managing Director is from Redrow who were one of the first construction firms to acknowledge this national trend. Will Gladedale's bankers be ready to finance the Archery Ground Development based on an outdated business plan? It's looking doubtful.


 

Demonstration

 

A demonstration against the Magdalen Road Development will be held at:
The Oval, Lower Bohemia Road  (the Eastern side of the Convent site)
on  Friday 30 July 2010
1:00 p.m. for 1:05 p.m.

see more

Hastings Planning Committee

Hastings Planning Committee is scheduled to meet on the following dates:
18 August
15 September
18 October
10 November
8 December
Gladedale have not yet submitted their amended application following their meeting with the council planners on 22 January 2010. See minutes of their meeting.

Greg Clark Stops Garden Grabbing

Decentralisation Minister Greg Clark announced that councils and communities are being given new powers to prevent the destructive practice of 'garden grabbing' and to decide what types of homes are suitable for their area,
Over the last decade, many councils have been left frustrated at being unable to prevent a dramatic increase in the number of new houses being built on previously residential land such as people's back gardens - up from one in ten to one in four between 1997 and 2008.
Planning guidance has classified gardens as previously residential land', in the same Brownfield category as derelict factories and disused railway sidings, robbing communities of green breathing space, safe places for children to play and havens for urban wildlife.
Mr Clark is today unveiling plans to take gardens out of the Brownfield category, a simple step that will dramatically transform councils' ability to prevent unwanted development on gardens where local people object and protect the character of their neighbourhoods.
From today Mr Clark will also scrap the minimum density target, handing power back to town halls and local communities to decide what new homes are best for their area. The target has contributed to the lack of family sized homes and flats that local people need. Councils will now work with local communities and developers to deliver more family homes and affordable housing the local community. read more