HOME   ARCHIVE   GALLERY   SHOP   ABOUT US      
 

 
FRED DONE £22MILLION PUBLICLY SUBSIDISED FLATS MARKETED TO HONG KONG INVESTORS
 

Star date: 25th August 2017

SALFORD APARTMENTS BACKED WITH PUBLIC MONEY ON SALE TO HONG KONG INVESTORS

Luxury apartments backed with £22.5million in cheap public money loans from the Greater Manchester Housing Fund are now being marketed to Hong Kong investors.

As well as the huge GM loan, Fred Done's company, FICM, currently constructing the blocks of unaffordable housing in Blackfriars, also avoided paying £1.28million of planning fees to Salford City Council, plus the need to provide 76 affordable properties, as the project's profits wouldn't be high enough if it had to cough up.

Full details here...


Fred Done Hong Kong Investor Apartments Salford
click image to enlarge

Fred and Peter Done's wealth rose by £30million over the last twelve months, to £1.33billion, according to the latest Sunday Times Rich List, making them the 97th richest people in the country (see here)

This wealth, however, hasn't stopped the Salford brothers from getting cheap public money loans and avoiding planning fees to Salford City Council.

In March this year, Fred Done's company, FICM Ltd, was awarded a further cheap loan of £5.2million, on top of £17.3million already loaned by the Greater Manchester Housing Fund. That took the total public money subsidy to £22.5million, to build unaffordable apartments on the corner of Blackfriars Road and Trinity Road (see here).

When the two blocks of 380 apartments originally came up for planning, Salford Council waived £1.28million of planning fees plus the need to provide 76 affordable properties because the development wouldn't be 'viable' if the Dones would have to pay the fees ie that their profit wouldn't be high enough (see here).

Transport for Greater Manchester requested that Done and co at least fund two new bus stops on Blackfriars Road `to improve the public transport accessibility of the site'. This was rejected, with Salford Council planning officers stating; "due to scheme viability the application is not able to provide any Section 106 financial contributions, therefore the bus stops cannot be funded by this scheme".

Now that the blocks are under construction, they are being marketed to Hong Kong investors by 'global real estate enterprise', Colliers International, acting for Fred Done's developer company, Salboy.

Colliers, which invites punters to "Secure your investment portfolio" and "take the next step towards a sound property investment" also markets 'premium properties' in London for investors where nothing costs under £1million.

For the Hong Kong market, the Blackfriars blocks, which boast a concierge service, cinema room, bistro, bar and gym, are being hyped as 'A spectacular development' and 'Local, luxe city living...'. There are no public price tags on the flats.

Before he was elected Greater Manchester Mayor, Andy Burnham slated the £300million Greater Manchester Housing Fund, from which the Dones got their cheap loans, promising to 'renegotiate' it...

"There are concerns that the fund has been used to provide loans to large companies, which should have used their own finance instead, and that is too focused on city centre and luxury schemes" Burnham said. (see here)

This was backed up in May this year by Salford City Mayor, Paul Dennett, who is now also Burnham's Greater Manchester housing lead...

"The beneficiaries of some of what we've been doing in Greater Manchester haven't always been the people of Greater Manchester and I think we have to be honest about that" he said "But moving forward, when we recycle this £300million we can actually use it to meet some of our aspirations around social housing, council housing and truly affordable housing..." (see here)

The Blackfriars blocks are definitely not aimed at the 'people of Greater Manchester' Ė yet have been backed with £22.5million of public loans, £1.28million of avoided planning fees, and waiving the need to provide 76 affordable properties and two bus stops.

When interviewed about Blackfriars development FICM director, Simon Ismail, got the violin out...

"Trinity is the heart of the original Salford, it is where we are all from and we all feel a sense of responsibility to create something very special that we can be proud of" he spluttered "This will be Fred's legacy..."


See also previous related Salford Star articles...

* Fred Done Wins Feed The Rich Award - click here

* Fred Done Honoured for Services to Heritage Destruction - click here


* With thanks to Manchester Shield for passing on the photos

Derek Wilson wrote
at 16:46:29 on 26 August 2017
What a joke ask them for the money back how many homes could the council build with that money

John Bamford wrote
at 10:07:13 on 26 August 2017
Wait a minute - if you already have £1.33 billion, why would you need a loan of a few million? My Gran always said "You never see a poor bookie" and that they got their money by stealing it from the poor suckers who thought they could win by betting.

hedley hopper wrote
at 08:54:54 on 26 August 2017
GRR...we're all being "Done" over!!! Well "Done" Mr Merry, for once again sucking up to those that flatter your ego, and to Mr Burnham for being blinded! Is it time to get your eyebrows waxed again so you can see clearly?

Mary ferrer wrote
at 08:53:46 on 26 August 2017
When these low interest loans were given surly there must be some conditions put in place.NO affordable homes.NO planning fees.No 106 money to put back into the community. These people must sit thinking we are somewhat thick in the head.Just wish for once the powers that be put the people of Salford first.But I don't think that is going to happen. We have a council that put the fat cats first.

Ged Heywood wrote
at 17:53:16 on 25 August 2017
I am old enough to remember the pair of fiddling baskets before they had their first shop in Ordsall. Selling "guess the total points scored in the games at The Willows and Station Road." Not only did they make a tidy profit on every book of tickets sold, they made sure one of their cronies or family friends had the 50 points or over tickets! In those days at least half of the games finished higher than 50 points so nothing's changed, just a bigger pot, and they don't care where it comes from.

your joking wrote
at 17:52:49 on 25 August 2017
wait a minute public money used to entice investors from abroad all under the nose of the HOMELESS Czar of Manchester....

Please enter your comment below:
 
 
 
Salford Star Hoodies
Salford Star contact
Deli Lama
advertisement
 
Contact us
phone: 07957 982960
Facebook       Twitter
 
 
Recent comments
article: DISTRAUGHT SALFORD DAUGHTER CANíT GET TO FAMILY GRAVE AT ST PAULíS CHURCH IN KERSAL
I live very close to the grave yard and understand Lesley's frustration. Getting volunteers to give time is not easy. I am a membe... [more]
article: DISTRAUGHT SALFORD DAUGHTER CANíT GET TO FAMILY GRAVE AT ST PAULíS CHURCH IN KERSAL
Hi Guys, I just thought that I'd enlighten you. What it is, is that I found a fabulous grave in St Paul's cemetery in Kersal about... [more]
article: SALFORD ROAD CHAOS LOOMS FOR A YEAR
Can't wait to sample it! The East Lancs is already a joke with the guide bus root causing problems from the Heights to Swinton. ... [more]
article: SALFORD CRESCENT MASTERPLANNERS CONFIRM DEMOLITION OF OLD POLICE HQ
Cody,apart from making tart remarks anď impunŪng the mÚtžves of others, what exactly, are you trying to say?... [more]
article: DISTRAUGHT SALFORD DAUGHTER CANíT GET TO FAMILY GRAVE AT ST PAULíS CHURCH IN KERSAL
I live in Cadishead M44 but I have a cordless strimmer and willing to help if needs be. Good luck, take care Bill ... [more]
 
 
 
 
 
Days
Hours
Minutes
Seconds
 
 
 

Donate

Help the Salford Star...

all donations welcome

 
 

More articles...

DISTRAUGHT SALFORD DAUGHTER CANíT GET TO FAMILY GRAVE AT ST PAULíS CHURCH IN KERSAL

Star date: 14th August 2018

A TALE OF TWO CUSSONS, HIGH BRAMBLES AND IMPERIAL LEATHER

At the front of St Paul's Churchyard in Kersal, the first neat and tidy grave you come across is that of Alexander Cussons and famous family. However the grave of the less famous William Evans, who produced the first ever bar of Imperial Leather soap, is at the very back of the yard and totally inaccessible, literally buried beneath 6ft high weeds and brambles.

William Evans' great granddaughter, Lesley Northall, is distraught as she wants to add her mother's ashes to the site but can't get near it. This isn't just the tale of two Cussons gurus but also of a church struggling for resources.

Full details here...

SALFORD ROAD CHAOS LOOMS FOR A YEAR

Star date: 13th August 2018

JOURNEY TIMES TO DOUBLE AS £15MILLION 'IMPROVEMENT SCHEME' BEGINS

On 29th August, the £15million Manchester and Salford Inner Relief Route improvement scheme begins which is set to last a year and double journey times around Regent Road, from Oldfield Road to the Mancunian Way, which will see roads reduced to one lane in places.

The work is expected to have knock-on delays to other routes including around the M602, East Lancs Road and Trinity Way.

Full details here...

SALFORD CRESCENT MASTERPLANNERS CONFIRM DEMOLITION OF OLD POLICE HQ

Star date: 12th August 2018

POLICE HQ ON THE CRESCENT TO BE DEMOLISHED

The imposing old Salford Police headquarters on the Crescent is to be demolished, as confirmed by the Salford City Council and Salford University masterplanners at yesterday's consultation on the future of the area.

Local people at the consultation didn't seem happy about the amount of high rise buildings in the plans, and nothing was said about any affordable housing.

Full details here...

SAVE SALFORD VICTORIA THEATRE MEETING IN LOWER BROUGHTON

Star date: 12th August 2018

THE FUTURE OF VICTORIA THEATRE

Salford Victoria Theatre Trust Public Meeting
Sunday 26th August 1:30pm
St Boniface's Social Club

There's to be a further public meeting to save Lower Broughton's Grade II listed Victoria Theatre, on Sunday afternoon 26th August. Anyone who has any ideas for its future use or who wants to get involved in the campaign is urged to attend.

Full details here...

SALFORD BUILE HILL MANSION UPDATE MEETING TO HEAR OF PROGRESS

Star date: 12th August 2018

BUILE HILL MANSION MOVES SLOWLY FORWARD

Buile Hill Mansion Support Group Meeting
Tuesday 14th August 7:30pm
Height Methodist Hall

After meeting developer Capital and Centric and the Salford Red Devils Foundation, the Buile Hill Mansion Support Group is holding a public meeting this Tuesday to provide updates.

Full details here...

 



written and produced by Salfordians for Salfordians
with attitude and love xxx