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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' 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....

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