Friday 3 January 2014

Until the fat lady sings

Quoting an unofficial source it now seems the time has come for SFP Ventures (UK) Ltd to walk away from the misadventure on Ramsgate Seafront.

For over 11 years they have presided over an unmitigated disaster which seems to have finally caught up with them.

In the last post 2 areas of legal advice had been sought:

Firstly what was the legal opinion on allowing the development agreement to run out on the 28th February 2014 and what would then happen to the 3 leases which cost SFP £550,000 in 2009.

It seems legal opinion is clear and SFP have to walk away with nothing because they have failed to fulfill their side of the bargain, that is build what the planning permission was granted for in January 2004.

There is then the matter of £1M given over to TDC as a surety and it seems that this will be used to clear the site assuming Shaun Patrick Keegan doesn't instigate a legal battle to try and recoup the alleged  £5.25M SFP have supposedly spent so far.

Secondly the variation that SFP tried to get the Council to agree to, that is a reduction in the Council's legal protection and it seems another attempt to gain the Freehold of the site has been rejected by the legal adviser as not in TDC's best interest. My understanding is SFP's legal adviser was communicated with before Xmas but has yet to reply.

So it seems barring a legal battle it is all over with nobody the winner. TDC have to regain the confidence of the People of Ramsgate. The People have yet to have anything done with the site as it seems we have to go back to square one. Cardy have lost out through investing their money in a failed project, however it is clear that there is light at the end of the tunnel and finally we should be able to celebrate the end of a disasterous chapter in Ramsgate's recent past.

As they say it is all over bar the shouting.
Lets hope that this scene will be forever erased from Ramsgate's history


Readit said...

Oh, I do love an optimist.

God help us said...

very droll Ken

Readit said...

Happy New Year Barry. I do hope you are right, but I fear there are many twists and turns ahead before this is finished.

Unknown said...

Happy new year FORS, WELL DONE

Unknown said...

Does SFP have an end game ?

I will simply wait the few weeks now to find out.

Anonymous said...

Reading between the lines it would seem that the existing agreement in place will allow SFP till Feb 2017 to complete the development. I am all for throwing SFP off if they do not complete but as we know there have been many delays on the site and many of these will not be down to SFP
The cliff repairs delayed the site for a year or so and I am sure a good lawyer would also expose further hurdles that have been put in the way of progress

God help us said...

Anon the development agreement terminates on the 28/2/2014, end of.

There is a facility for SFP to request an extension to 2017 should they be building which currently is not happening. SFP have stated they do not have the finances so it would be a little odd if they suddenly discovered a white knight riding to their rescue. Planning was granted in 2004 that is 10 years ago so I doubt any sensible judge would say TDC haven't fallen over backwards to assist this bunch of cowboys

Anonymous said...

The problem is SFP do have the finances

God help us said...

And you know this how? anon

Anonymous said...

Only SFP or TDC can confirm that

But it was you that said SFP did not have the finances

And you know this........

God help us said...

oh dear anon and it was you that said they do have the finances.... so your audience awaits your detailed explanation on just how you know this.

The evidence (no building happening) says they do not have the finances unless of course you can explain just why no builders are on the site beavering away!!!

Anonymous said...

Oh know they haven"t oh yes they have, he's behind you

The point I am making is that you do not know anymore than I do about the funding

However TDC will know that the developer has given them evidence and availability of funding

Anonymous said...

And the development that TDC and SFP signed up to provides (in the event of economic downturn) for a 2017 completion

And I do not think any judge will need much convincing of the we have been through the worst banking and economic slumps of the last 25 years

Clearly we all now want something other than residential on the site

Community use would be superb

But that does not give us the right to reclaim this land

God help us said...

interesting you confirm your ignorance over the finances yet you assume evidence has been given to TDC. How do you know they have?

God help us said...

my understanding is the 2017 deadline is discretionary dependent on substantial building going on. When I last looked no one is doing any building