Dylon works - FT reports L&Q buying bulk for social housing

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Sydenham
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Dylon works - FT reports L&Q buying bulk for social housing

Post by Sydenham » 19 Jul 2018 09:42

So Dylon Works development might not now have as many private homes as originally expected if report in today's FT is accurate. Seems developers are not getting the individual private sales they expected at the price they want so bulk buying landlords moving in taking them at a discount to original expected price. Same thing across London.

Good news for social housing sector and those seeking to get somewhere to live outside private rented sector.

"The chief executive of Crest Nicholson, Patrick Bergin, said last month the housebuilder had sold 69 homes at the Dylon Works development in south London to a housing association. “We did this [sale] because we knew we would otherwise have [unsold] built stock,” he said. “With the discount, compared with the costs of holding stock and the costs of marketing, we generally find a bulk sale can be achieved at a level that makes a contribution to ebit [earnings before interest and tax] even if not at the gross margin we had anticipated.” "

https://on.ft.com/2O2btgU

https://www.ft.com/content/99072e92-8a6 ... 71d5404543

maestro
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by maestro » 19 Jul 2018 10:45

Bromley Council are currently objecting to any further residential development of this area (Worsley Bridge Road and not "Lower Sydenham Road" as the article mistakenly states).

http://www.newsshopper.co.uk/news/16362 ... -rejected/

JayB
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by JayB » 19 Jul 2018 12:18

The developers have been trying to sell Dylon appartments week after week with massive advertisements in The Standard- clearly to no avail. They, or perhaps the second tier landlords are also very active on social media trying to lure(or con?) potential buyers with misrepresentation about the availability of public transport,(trains every 30 mins last direct one from Charing X at 22.05 pm ) saying there is easy comnnection to the overground at Sydenham station (in reality there is one bus to Bell Green every 20 mins in the day and every 30 mins in the evenings and all day Sundays) showing beautiful photos of the view of the church down Lawrie Park Avenue- some two miles away! Given the inconvenient reality of living in lower Sydenham perhaps the developers should have priced far more realistically in the first place and rather than shout down people who want to see improvements in the area, have joined in by adding their not inconsiderable influence to improving transport, aesthetics and pollution levels in the area, selling on the basis that it is "up and coming" rather than trying to gloss over the self- evident issues of our areaa - do they think buyers, even if from overseas as absent landlords , and tenants won't soon notice the reality?

alywin
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by alywin » 20 Jul 2018 00:20

“In addition, there are fundamental issues in terms of amount, scale and detailed design of the proposal that would seriously threaten the character, place making and functionality of the area as well as giving rise to a poor standard of amenity for future residents.”

Difficult to believe this is the same Bromley Council which has already put through one eyesore in the town centre and is now trying to approve another one!

I'd guessed that the developers were having trouble selling, just by the sheer number of adverts around. So some more "affordable" housing - great!

(BTW, what's happening to that swish development up on the hill, can't remember what it's called, the one with the marvellous views over Sydders?)

alywin
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by alywin » 20 Jul 2018 00:23

JayB wrote:They, or perhaps the second tier landlords are also very active on social media trying to lure(or con?) potential buyers with misrepresentation about the availability of public transport,(trains every 30 mins last direct one from Charing X at 22.05 pm )
???

The last train to LS is at past midnight!

JayB
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by JayB » 20 Jul 2018 16:32

alywin wrote:
JayB wrote:They, or perhaps the second tier landlords are also very active on social media trying to lure(or con?) potential buyers with misrepresentation about the availability of public transport,(trains every 30 mins last direct one from Charing X at 22.05 pm )
???

The last train to LS is at past midnight!

No that is not a direct train and hasn't been for quite some time.

alywin
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by alywin » 23 Jul 2018 13:52

Charing Cross 2337 all week, arrives LS 0001. Half-an-hour later Thursday to Saturday.

alywin
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by alywin » 30 Aug 2018 09:35

Developers now offering to pay mortgage and service charge for the first year on selected flats.

alywin
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by alywin » 30 Aug 2018 09:39

alywin wrote:(BTW, what's happening to that swish development up on the hill, can't remember what it's called, the one with the marvellous views over Sydders?)
Forgotten its name AGAIN - something with Wells Park in the title? - but they were still trying to get rid of one of the properties a few weeks back.

The Clown
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by The Clown » 30 Aug 2018 10:11

Wells Park Place?
They didn’t receive sign off for occupation on time apparently and buyers were frustrated because the move date kept... moving.
Although I think it’s sorted or almost and some will be taking occupation now(ish)
All local gossip, so not entirely sure.

From the website, Most of the flats appear to have been sold with the exception of some of the terraced houses. The townhouses seemed to have sold reasonably well but not the terraces. I think it is the townhouses with the wonderful views, not sure about the terraces, or what they overlook.

It seemed like a reasonably attractive build though.

simon
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Re: Dylon works - FT reports L&Q buying bulk for social hous

Post by simon » 30 Aug 2018 14:42

I've been inside one of the townhouses with the marvellous views. They are nice but have tiny little gardens and, to be honest, I would rather pay the same for the last house on Longton Avenue with a decent sized garden.

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