London Town Share Discussion Threads

[energyi] 20/7/2003 15:21

Visited The Corner (on Westbourne Grove) today...

Spent more than 1 hour talking to the estate agent (From FP Savilles)
who was minding the store on weekends. She gave me a very professional
and upbeat description and tour of the property, focussing on the show
flat just above the office.

The development is undoubtedly to a high standard, and the apartments
are very spacious with loads of features. But the prices!
They are selling at an average of something like £650 per square foot.
With the large floor spaces, a 2BR of 1,292 sq.ft. is offered at
£785,000 (that flat is £607 per sq. foot.)
Add another £40,000 for the parking space below the building.

Of the 32 flats & 2 mews listed on the price sheet, 9 have been sold,
5 are reserved, 5 unreleased and 15, including 3 penthouses are for sale.
Average price of the remaining flats is £917,000 (£1.3 million for the
penthouses). My guess of the asking prices for the entire development
of 32 flats is £32 million.

Who are they going to sell to?
She spoke alot about newly arrived American couples buying because
they like the standard and the area. maybe.
But the days of high bonuses in the City are over.
In the good old days, a City professional might cop a £500,000
bonus, and his (upwardly striving) wife might say let's invest it
in a better property. And they would put a downpayment on a
£1 million flat. Does that still happen?
A good deal less, than it did a year or two ago, I am sure

[energyi] 18/7/2003 20:40

"The Corner"/ Westbourne Grove: (from the online marketing)
A Sub-Feature:
Sally Buchanan, Head of Design at Jonathan Alexander Ltd, the design and project management arm of the London Town Group, talks to Nick Monson on the creative influences and objectives behind the design of the apartments and villas at The Corner...

........we felt a character building demanded character flats'.

'...........they all required individual design solutions and their own personalised signature'

'Space is the king at The Corner'

'.........limestone for the entrances, timber decking for the terraces, wide oak strips for the apartments'...........

'Yes, I have returned to the ancient Roman solution of under floor heating!'

[energyi] 18/7/2003 19:02

LONDON (AFX) - London Town PLC said its joint venture clients are
withdrawing from the purchase contract to acquire a development site in the
Royal Docks as the requisite planning permission has not been received by the
vendors by the date specified in the purchase contract.
The company remains in contact with the site vendors, the AIM listed
residential property development manager said.
On January 7 2003, London Town said it bought a site, close to the Excel
Centre in London's Royal Docks area, on behalf of clients for 6.7 mln stg, and
its projected project management fee is anticipated to be about 3 mln.
[e-mail]

[energyi] 20/6/2003 10:55

IG,
Thnx for the warning.
If you'd like to expand on that slightly, then drop me an email
at: [e-mail]
thnx

To be honest, my main interest is in seeing how the Westbourne Grove
property plays out. I doubt that I would buy shares

[interglobe] 18/6/2003 14:51

energyi

I know this situation extremely well....proceed with great caution !

InterGlobe

[energyi] 18/6/2003 13:57

LONDON (AFX) - London Town PLC said the planning appeal, lodged by a joint
venture company managed by London Town, relating to the proposed development at Hopton Street has been successful.

This means that the proposed development of the 20 storey block of mixed
residential and commercial development can proceed - subject to there being no
legal challenge to the decision within the next six weeks.
The development will comprise 65,000 square feet, consisting of 19 flats, 9
key worker units, restaurant and office space.
London Town will now consult with its joint ventures partners about the next
stage of the development.
Commenting on the enquiry result, John Dodwell, Finance Director of London
Town, said: 'I am delighted by the successful outcome to the planning inquiry
and pay tribute to the hard work of our professional advisors. As the joint
venture company which owns the site is treated in the London Town consolidated
accounts as a quasi subsidiary, the underlying value of the Hopton Street
development is incorporated in the 2002 London Town Group accounts.
"The 2002 accounts were prepared on the basis that planning permission for
the development would be obtained.'.
rn

[energyi] 30/4/2003 17:08

And now down to 25-26P

[energyi] 29/4/2003 09:24

Issue 64 | 8 January 2002
BREAKING NEWS:

London Town plc, the developers behind the
controversial plan for a skyscaper on Bankside next to
Tate Modern, withdrew their plans before Christmas, it
emerged today. It seems likely that fearing that their
original plans would be rejected by Southwark Council,
the company will now put forward revised proposals for
the prime riverside site.

More news will be posted at

= = =

Planning blow hits Tate Tower developer
London SE1 website team :: 08 April 2003

Uncertainty over plans for London Town's high-rise development in Hopton Street - dubbed the 'Tate Tower' - has led auditors to express "fundamental uncertainty over the group's ability to continue as a going concern".


The property company has been promised an extra £1m of funding this week by majority shareholder Horizon Charitable Trust.

The worries expressed by auditors in the firm's latest accounts casts doubt on the future of half-finished million-pound flats in Notting Hill and Brighton in which it has stakes.

Shares in London Town dived 60 per cent on Friday to an all-time low of 43.5p.

The firm's failure last October to win planning permission to transform the former paper merchant's site next to Tate Modern into 20-storey tower block led to a £3m pre-tax loss for the year to December. It made a £2.25m profit in 2001.

London Town is accounting for its interest in Bankside at cost as if it had permission. An appeal is due in May. John Dodsworth, finance director, said the directors were unable to quantify provisions against losing the appeal but they believed the company would continue as a going concern.

[energyi] 29/4/2003 08:46

Home to some of Britain's coolest celebrities and host to Britain's most famous carnival, Notting Hill has long been a mecca for those wanting to rub shoulders with the rich and famous. Jennifer Sutton looks at impressive homes nearby.



In this A-list enclave, style reigns supreme. And The Corner, London Town plc's conversion of an elegant Grade II listed Victorian building, absolutely radiates chic. Set in an ideal position on the corner of Westbourne Grove and Chepstow Road, The Corner offers 32 luxury two- and three-bedroom homes. The eye-catching architecture will be mirrored by stylish interiors benefiting from a superior specification, including master bedroom suites with ensuite facilities, separate shower cubicles with body jets and a walk-in dressing room, perfect for those with a passion for purchasing.

To continue the luxurious feel, all bathrooms are finished with porcelain wall and floor tiles with a unique opaque bath screen dividing the bathroom and bedroom for full theatrical effect. Culinary queens will love the bespoke kitchens with stainless steel appliances, and spacious reception rooms will be perfect for entertaining. Other features include limestone floors with under floor heating in entrance halls, plus air cooling and oak timber flooring to principal rooms. Some apartments will have balconies or terraces with external lighting and landscaping, perfect for enjoying balmy London nights. If you're looking for the ultimate penthouse pad, The Corner will offer duplex penthouses with a number of additional features including double-height areas to the main reception room, separate dining room and scene lighting to receptions, kitchens and dining rooms. As befits a development of this stature, apartments will include video door entry systems, pre-wiring for surround sound and plasma TV cabling. Prices for the apartments range from £600,000 up to approximately £2 million on 125-year leases. Telephone FPDSavills on 020 7792 0022 or visit www.live-at-the-corner.co.uk.

[energyi] 29/4/2003 08:10

It looks as if millions went into puffing this company up
to give it the appearance of being a large developer of properties,
but without any real work being done.

Here's an example (albeit a small one):

[energyi] 29/4/2003 07:50

paying up to 20% interest on property development loans,
for property acquired from related companies.

[energyi] 29/4/2003 07:40

OLD NEWS now:

Mid April:
LONDON (AFX) - London Town PLC, a residential property manager, said
Jonathan Buchanan has resigned as its chief executive to pursue other interests. His resignation takes effect immediately and no compensation is payable.


Early April:

London Town PLC reported a full-year pretax loss 3.04 mln from 2.25 mln a year earlier and is omitting the final dividend. The loss reflects 1.4 mln stg of provisions and reduction in fee income from the Hopton Street development, the group said. In September, it reported an interim loss of 456,000 stg against 3.16 mln and omitted the interim dividend.

Sales in the period to Dec 31 2002, including sales from joint ventures, rose to 7.64 mln stg compared with 7.36 mln, while excluding joint ventures, the figure more than halved to 3 mln stg against 6.9 mln. London Town made a loss per share of 36.68 pence, compared with earnings of 28.03p the previous full year.

In its results statement, it said it has agreed 1 mln stg of additional working capital from its majority shareholder, but did not provide further details. Chairman Don McCrickard said whilst the company continues to be involved in a number of ongoing projects and in a number of negotiations in respect of sites on behalf of clients for the eventual development, the number of such acquisitions both in the year to end-December and to date has been lower than anticipated, with a resultant reduction in project management fee income.

"If there is a delay in the realisation programme or new projects do not generate the anticipated level of income within the anticipated period or the anticipated deferral is not achieved, the company will require additional funding in the near future," he said.

[energyi] 29/4/2003 07:31

Bankie,
I have been watching this as an indicator of the overheated nature
of the London property market.

Have a look at this thread, then ask the question again:

[energyi] 26/4/2003 17:16

i have not bought a share.
im a bear on property.
i follow this one as a bellwether for the sector

[bankside investments] 26/4/2003 16:42

energyi,

SHARES MAG say that LTW are probably going bust....what levels did you get in at ?

BIM

[bankside investments] 26/4/2003 16:38

energyi,

SHARES MAG say that LTW are probably going bust....what levels did you get in at ?

BIM

[bankside investments] 26/4/2003 16:34

energyi,

SHARES MAG say that LTW are probably going bust....what levels did you get in at ?

BIM

[dusseldorf] 16/4/2003 10:38

I'm very warey...the graph shows no bounces at all. I'm sitting out until further clarification of current financial position. The words from the last RNS '...if this funding is not secured...the company will be unable to continue trading..' keep flashing before my eyes

[mitzis] 16/4/2003 10:32

net tangible asset value of 40p must offer some support to the current share price even if only a small bounce.

[infinity] 16/4/2003 10:11

worth a purchase today I think for a small "recovery" profit - news of director resignation surely doesn't justify 25% fall

[akum] 16/4/2003 09:56

The day it fell it went to 25p offer. I contemplated buying but was reluctant. Then it went to 40p. I said what the heck and bought. Now I say what the sh*t! lost!

[energyi] 16/4/2003 08:54

This looks cheap but worrying.
I wonder how much DEBT they have?

[dusseldorf] 16/4/2003 08:52

Anyone want to call the bottom? its only time before bid speculation starts....I'm not holding yet....

[energyi] 09/4/2003 23:38

Dont miss the Greater London Property Chart: