A BETTER BOURNEMOUTH
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Trevor Osborne and the Council.
The Daily Echo has unearthed yet another unsavoury deal by Bournemouth Council and with some inevitability, John Beesley.JB and Tony Williams have signed an agreement to sell the Bath Road car park to Trevor Osborne for £1.3m He will then lease back the newly constructed 3 tier(not 4 as the council will have you believe) underground car park at£436k p.a. for a period of 75 years. While this deal was being negotiated Beesley bought and demolished the Waterfront (Imax) building,some would say with indecent haste.This gives the proposed Osborne development an unimpaired view across the bay to the Isle of Purbeck,a considerable benefit to potential investors,not to mention the developer.
Strangely the negotiations have been held,and an agreement signed ,by Beesley and Williams with “Osborn (Bournemouth) Ltd,although the planning consent was granted to “The Trevor Osborne Property Group Ltd.,)The former company is listed as “Non-
The TO Property Group,the developer,has whopping liabilities of around£ 41 million of which £37m are deemed ‘ long term’.There are book assets of £8.6m, and £1.3m of it’s overdraft is personally guaranteed by Trevor Osborne.The company has a credit limit of NIL.The credit rating assessment has been suspended as a result of being issued with a dissolution notice by Companies House for failing to file last years’ accounts.The notice has now been withdrawn,but still no accounts available.One of Mr.Osborne’s former companies,”Speyhawk” went bust in 1993 owing £360 million.
The deal that the Council have given Osborne is an incentive to start the development for which he has had planning consent since 2007,but has never had the funds to progress.The £436k p.a. over 75 years will clearly take care of his long term liabilities,guaranteed as it is by Bournemouth’s tax payers. The old car park netted around £230k p.a. It is grossly undervalued at £1.3 m. The car park deal and the Imax demolition have smoothed the way for Osborne to begin his search for tenants. This would have the effect of neutralising the Licet scheme in Exter Road,coincidentally the site Beesley wants for a new Bus Station.The Licet scheme very closely echoes the Osborne scheme for facilities offered,though it is thought they do not require financial assistance from the Council.It should be noted that the Council granted consent for planning and has now changed it’s mind. Beesley intends to make a compulsory purchase of the NCP car park, showing scant regard (again) for financial regularity,due procedure or moral rectitude.
Read how Morgan Sindall,Legal and General ,and Mouchel are all related.(Unless John Beesley tells you first!):
Bournemouth Council has outsourced to Mouchel.
Sir Michael Lyons is a director of Mouchel.
Sir Michael Lyons is the chairman of the English Cities Fund.
The English Cities Fund comprises of,Homes and Communities Agency,Legal and General Property,and a company called MUSE.
MUSE is part of the Morgan Sindall Group.
Morgan Sindall has formed the Bournemouth Development Company with Bournemouth Council in a £500m project.
Bournemouth Council has announced a £300m investment from Legal and General Properties.
Legal and General Properties are part of MUSE.
MUSE is part of the English Cities Fund.
Sir Michael Lyons is Chairman of the English Cities Fund.
Sir Michael Lyons is an advisor to C.B.Richard Ellis,the worlds’largest real estate company.