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The Regeneration of Tottenham Thread

coys200

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May 22, 2017
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Fair gate was set up in September 2017 with 2 directors levy and collecott. And is obviously connected to the various other companies under the umbrella.
 

davidmatzdorf

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Jun 7, 2004
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867-879 High Road is owned by Fairgate Tottenham Ltd. Registered address Lillywhite House.
Thanks, that's gigantically illuminating, to wit:

  • Fairgate Tottenham Ltd's Freehold interest was registered on 24 February 2020 - five days ago. So they acquired it within the last few weeks/months.
  • The land was originally acquired, I think by another vehicle of THFC, on 18 December 2017, along with six other titles that, together, comprise the site. It has been transferred to Fairgate to undertake the development. I suspect Fairgate has been formed as a Special Purpose Vehicle (SPV).
  • The title is charged to Laxfield LLP. Their charge is dated four days before Fairgate registered its interest in the site. I can see from the wording that they "have obligations to make further advances". They are very likely a mortgagee and there is a draw-down facility to borrow money to carry out the development.

I noticed, in an exchange of posts just above on 31 January, that the original planning application had less then 25% affordable housing and the Mayor's office said "fuck off, provide more". That explains the 35% affordable housing - a concession to get a recommendation for approval.
 

Wine Gum

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May 14, 2007
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I think Laxfield are part of CBRE. Fairgate have 2 Directors; Levy and Collecott and are part of Tottenham Holdings Ltd that list Lewis and Levy as persons having significant control but no other Group Ownership. Look to be separate from the Club Group of Companies.
 
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Wine Gum

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May 14, 2007
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The Goods Yard site ownership is through Canvax Ltd which is part of the Club Group. There are no charges registered on Canvax.
 

coys200

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May 22, 2017
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Was there ever any detail on the Cannon road development which apparently we did in partnership with Newlon. The School part of the development was apparently sold for £11m. Is there any record where that money went plus whatever was made off the 220 flats which I guess must be a substantial amount.
 

Wine Gum

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May 14, 2007
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Was there ever any detail on the Cannon road development which apparently we did in partnership with Newlon. The School part of the development was apparently sold for £11m. Is there any record where that money went plus whatever was made off the 220 flats which I guess must be a substantial amount.
From memory the 11M was shown in the Club Accounts so yes the Club did benefit from it.
 

coys200

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May 22, 2017
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Ok and the split with Newlon was 50%. Meaning by my very rough calculations profit may have been around £20m. It’s crazy really just shows how lucrative picking up a cheap player that increases in value is in comparison to a pretty large
 
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coys200

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May 22, 2017
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Wine gum if you get a chance could you have a look if any more of the Cannon road money turned up in the accounts was completed 2015 I think. You know where to look better than me. If it does show up I guess that would mean any future developments will.
 

davidmatzdorf

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Jun 7, 2004
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Was there ever any detail on the Cannon road development which apparently we did in partnership with Newlon. The School part of the development was apparently sold for £11m. Is there any record where that money went plus whatever was made off the 220 flats which I guess must be a substantial amount.
IIRC, It was a shared ownership scheme, so there weren't any rented or outright-sale units. Normally, if the club developed the site, it would have sold the shared ownership flats "wholesale" to Newlon, who would have marketed them individually through the London housing associations shared ownership marketing consortium. There may or may not have been an arrangement where the club received a share of any unexpected gains from the flats. But I think in this case, the club threw in some land it already owned to make the development feasible and then Newlon did the main development work.

I very much think the school would have been sold at a loss. It was planning gain, rather that a profit-making opportunity. Unless it's a very small school, it's hard to imagine it was built for less than £11m.

I'm not certain, but I don't expect that the club made money from the Cannon site. The idea was that it was affordable housing developed off site, instead of developing it on site in Phase 3 of the NDP proper, following on from the S.106 deal that enabled the stadium to proceed, after the financial crash had created viability problems.

I'd have to read some old articles to be sure about this, but that's my recollection.
 

Wine Gum

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May 14, 2007
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The reported 11M sale of Brook House School was against the 2.6M book value in the Accounts at the time. A profit in the Accounts but that doesn’t mean any actual profit was realised on the Brook House Development.
 

kmk

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Oct 5, 2014
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Proposals for 867-879 High Road

http://867-879highroad.co.uk/

aerial-map-web.jpg


1583364257774.png
 

Yid121

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Aug 9, 2008
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Only benefit I see for the club (apart from financially) is that it supposedly provides better access to WHL station. Too far away to make access to WHL station any better surely ?
 

davidmatzdorf

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Jun 7, 2004
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Only benefit I see for the club (apart from financially) is that it supposedly provides better access to WHL station. Too far away to make access to WHL station any better surely ?
The club is involved in the whole neighbourhood regeneration scheme, dating back to when the stadium development was used as a focal point for investment, after the riots of 2011.

That was when the council compromised on affordable housing and other planning requirements, to make the stadium development financially viable again, after the financial crash. The Mayor and central government were also involved.

The club is going to remain involved, as a major development partner, in multiple sites all over Tottenham. It's a mixture of outreach, profit, good works, land ownership and political expediency.
 

Wine Gum

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May 14, 2007
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Wine Gum

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May 14, 2007
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Planning Application for the next phase of the Northern Terrace submitted.


Full planning application for the erection of a four storey building with flexible A1/A2/A3/B1/D1/D2 uses; external alterations to 798-808 High Road; change of use of 798-808 High Road to a flexible A1/A2/A3/B1/D1/D2 uses; demolition of rear extensions to Nos. 798, 800-802, 804-806, 808 and 814 High Road; erection of new rear extensions to Nos. 798, 800-802, 804-806 and 808 High Road; hard and soft landscaping works; and associated works.
 

Yid121

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Aug 9, 2008
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We just got approval for the B&m site also to convert to resi, no idea why we're doing that
 

Wine Gum

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May 14, 2007
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We just got approval for the B&m site also to convert to resi, no idea why we're doing that

As ever it's all about ???

The planning application must be getting close to being finalised with the GLA confirming their sign-off.
 

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