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Strand Shopping Centre In Receivership


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Does this mean there is a risk of the shops in the Strand having to close and relocate elsewhere?

No. The receiver cannot cancel the leases. If he sells it will be sold subject to the leases

Only assuming that the income is sufficient to discharge the ongoing costs of the business, it continues to trade in administration and a buyer can be found. There is no God given right for leases to continue if one party to them ceases to exist. I don't think it will be the easiest sale to make although no doubt a buyer will be found. The price will be interesting. It depends whether potential purchasers buy into the growth projections for the Island. A tough call indeed. Would you want to overpay? I think not.

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Yes. And the rest actually. I could write a book on the subject.

 

I'd read that book. I also think you would be an interesting person to talk to over a pint or 3- fancy coming along to the MF bash next month for a chat?

 

 

 

My understanding from talking to tenants is that in addition to rent there is a service charge of nearly 50% of rent plus a turnover rent of a small percentage of whatever goes through the tills and the tills are linked to a central computer so the owner knows.

 

Looking at the ads, it's rent plus £10 per sq ft service charge + rates. I had heard in the past that there was also something linked to turnover as well but maybe that only applies to certain leases? Either way it's a shedload of money to find every week for anyone other than a chain and even then, it's not cheap given the limited market over here.

 

I have to say, I used to visit the strand weekly years ago but as I now work 6 days a week in retail myself in Ramsey, a trip to Douglas for shopping or otherwise just doesn't happen.

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Yep, it's all my fault lol. :)

 

I have to say, I do miss not being able to go out for a wander on a Saturday. I wouldn't always spend loads of money every week obviously but it would be rare for me to come back with nothing and I just liked looking around all of the shops and seeing what I might like (and maybe save up for at a future date). I'd much rather do that if I had the spare time than sit in Costa or somewhere similiar tbh.

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Do you remember the good old days before the ghost town?

We danced and sang as the music played in any boomtown

 

Sadly this will become the Islands epitaph for considerable time.

 

What is unwinding with increasing velocity is a result of an unprecedented 30 years looting and fleecing spree on this island with the apparent blessing of our elected leaders. It is simply the over leveraged dominoes falling before we inevitably return to a spuds and herring economy.( I accept the fish have been looted also).

 

As always it is the majority of ordinary locals who never quite managed by design, to catch on to the tail end of what appeared to be mana from heaven who will suffer in the short to medium term and who ultimately paid for everything and will continue to do so.

 

All the while the rats, who know the price of everything but the value of nothing, continue to jump or are pushed off a sinking ship and depart, owing no allegiance to anything save their ego and greed while our dear leader Bell Jong Un and cabal continue to play the fiddle in the lounge on the sun deck of the titanic not quite seeing the iceberg until after impact.

 

The resilient locals that are left, while this slow motion train wreck continues to play out, will no doubt pick up the pieces same as they always have.

 

Local pride, a community spirit united by adversity , a shrinking of our population, knowing your next door neighbour and the ability for local youth to to actually buy a house on the island of their birth will be one of many bonuses that may come out of this real disaster. That is until the whole cycle begins again but not in my lifetime and next time maybe "things will be different."

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Do you remember the good old days before the ghost town?

We danced and sang as the music played in any boomtown

 

Sadly this will become the Islands epitaph for considerable time.

 

What is unwinding with increasing velocity is a result of an unprecedented 30 years looting and fleecing spree on this island with the apparent blessing of our elected leaders. It is simply the over leveraged dominoes falling before we inevitably return to a spuds and herring economy.( I accept the fish have been looted also).

 

As always it is the majority of ordinary locals who never quite managed by design, to catch on to the tail end of what appeared to be mana from heaven who will suffer in the short to medium term and who ultimately paid for everything and will continue to do so.

 

All the while the rats, who know the price of everything but the value of nothing, continue to jump or are pushed off a sinking ship and depart, owing no allegiance to anything save their ego and greed while our dear leader Bell Jong Un and cabal continue to play the fiddle in the lounge on the sun deck of the titanic not quite seeing the iceberg until after impact.

 

The resilient locals that are left, while this slow motion train wreck continues to play out, will no doubt pick up the pieces same as they always have.

 

Local pride, a community spirit united by adversity , a shrinking of our population, knowing your next door neighbour and the ability for local youth to to actually buy a house on the island of their birth will be one of many bonuses that may come out of this real disaster. That is until the whole cycle begins again but not in my lifetime and next time maybe "things will be different."

 

So many piss poor analogies. So little time.

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Woolley, the leases are protected by law, they continue attached to the land irrespective of the status of the owner/landlord. If the landlord is liquidated/struck off without a buyer being found the government will become the owner of the freehold. But that wont happen. The receivers will have been appointed by the lending institution and they will have to cover the losses by paying the Receivers fees and the running costs (only terms on which the Receivers would agree to be appointed)

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JW - correct

 

The losers in this case are the ultimate lenders - probably a bank who will get back what they can from the receivers when the property is sold to a new landlord at a (probably) very discounted price. Note - this is a symptom of overpriced property/lending throughout Europe. European banks are allegedly sitting on billions of euros of non-performing loans which will ultimately have to be written down/off. The other losers are the old landlords who have lost their shirts in this deal.

 

The winners are the shoppers of Strand Street. The new landlord will buy the property for a song, therefore he will be able to rent at lower amounts to get his return, thus attracting new occupants to the empty units. In time we will have a shiny new shopping centre.

 

Nothing really to get upset about.

 

UNLESS

There are no investors out there who see this as an investment at all. If that happened then the whole centre will be left to deteriorate/rot for a number of years.

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Woolley, the leases are protected by law, they continue attached to the land irrespective of the status of the owner/landlord. If the landlord is liquidated/struck off without a buyer being found the government will become the owner of the freehold. But that wont happen. The receivers will have been appointed by the lending institution and they will have to cover the losses by paying the Receivers fees and the running costs (only terms on which the Receivers would agree to be appointed)

OK, thanks, John. I bow to your knowledge on the subject of lease law. I did acknowledge that there would be a buyer however. Everything has its price although it will be interesting to see what that price is. It's like those who whine that they can't sell their house. They CAN, although not at a price they are prepared to accept for reasons of negative equity or overblown profit expectations.

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I hardly go into Douglas these days a most depressing experience ! However I stood in wonder at our newly laid arty montage in Regent Street last week and wonder why on earth we are spending money on creating artistic pavements when the shops are a disgrace and there is nothing to bring people into the town in any case. I know retailing is fighting online shopping but it seems to me that in Douglas it is fighting not only online but off island landlords charging eye watering rents etc which make it almost impossible to trade unless you are part of a large chain !. Maybe it is too late now but I would have much rather seen Government encouraging business here than sending mega millions off island to the UK.

i spent nearly £850 off island last week,i would'nt waste my time going into town with the parking [goverment sponsored] hassle, crap shops and lack of choice watch for more empty spaces.

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I hardly go into Douglas these days a most depressing experience ! However I stood in wonder at our newly laid arty montage in Regent Street last week and wonder why on earth we are spending money on creating artistic pavements when the shops are a disgrace and there is nothing to bring people into the town in any case. I know retailing is fighting online shopping but it seems to me that in Douglas it is fighting not only online but off island landlords charging eye watering rents etc which make it almost impossible to trade unless you are part of a large chain !. Maybe it is too late now but I would have much rather seen Government encouraging business here than sending mega millions off island to the UK.

i spent nearly £850 off island last week,i would'nt waste my time going into town with the parking [goverment sponsored] hassle, crap shops and lack of choice watch for more empty spaces.

Do you feel a bit dirty when you do that though?

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I hardly go into Douglas these days a most depressing experience ! However I stood in wonder at our newly laid arty montage in Regent Street last week and wonder why on earth we are spending money on creating artistic pavements when the shops are a disgrace and there is nothing to bring people into the town in any case. I know retailing is fighting online shopping but it seems to me that in Douglas it is fighting not only online but off island landlords charging eye watering rents etc which make it almost impossible to trade unless you are part of a large chain !. Maybe it is too late now but I would have much rather seen Government encouraging business here than sending mega millions off island to the UK.

i spent nearly £850 off island last week,i would'nt waste my time going into town with the parking [goverment sponsored] hassle, crap shops and lack of choice watch for more empty spaces.

Do you feel a bit dirty when you do that though?

From my point of view I used to shopping off island yes, but watching the government waste money and sit back and do little to try and solve the real problems , but surround themselves with the baubles of power I have learned to get over that.

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From my point of view I used to shopping off island yes, but watching the government waste money and sit back and do little to try and solve the real problems , but surround themselves with the baubles of power I have learned to get over that.

Can't blame local business for that though can you? They have to contribute to those baubles of power you are watching and will be just as frustrated as you, if not more so.

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I stood in wonder at our newly laid arty montage in Regent Street last week and wonder why on earth we are spending money on creating artistic pavements when the shops are a disgrace and there is nothing to bring people into the town

someone sent me a pic of this...montage. i thought it was a mockup. is it real? can we afford it?
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