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' 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 10:46:29 AM on Saturday, August 26, 2017
What a joke ask them for the money back how many homes could the council build with that money

John Bamford wrote
at 4:07:13 AM on Saturday, August 26, 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 2:54:54 AM on Saturday, August 26, 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 2:53:46 AM on Saturday, August 26, 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 11:53:16 AM on Friday, August 25, 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 11:52:49 AM on Friday, August 25, 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 Live Events
Salford Star contact
Salford Star
Salford Star print
Deli Lama
advertisement
 
Contact us
phone: 07957 982960
Facebook       Twitter
 
 
Recent comments
article: SALFORD HAS ONLY TWO AFFORDABLE HOUSES FOR 4,172 FLATS AND HOUSES BUILT IN GREENGATE AND CHAPEL STREET
Salford council are law unto themselves I am unable to see how the people of Salford can continue to elec them over and over agai... [more]
article: SALFORD HAS ONLY TWO AFFORDABLE HOUSES FOR 4,172 FLATS AND HOUSES BUILT IN GREENGATE AND CHAPEL STREET
About time this pathetic council stopped the viability let offs and ducking out of the affordable additional housing...I am sure t... [more]
article: SALFORD HAS ONLY TWO AFFORDABLE HOUSES FOR 4,172 FLATS AND HOUSES BUILT IN GREENGATE AND CHAPEL STREET
We must make sure the developer's make a decent profit.Can't allow them to be out of pocket.Thank you Salford labour run council. ... [more]
article: SALFORD PHOTO ARCHIVE GIVEAWAY
Does anyone remember the Dentist's name on Langworthy Road in the 1950/60's? His nurses name was Rosemary and I think she was his... [more]
article: SALFORD DOGS4US SEES PUPPY FARM AWARENESS DAY PROTEST
Mary, you clearly have never ever contacted Salford Trafing stamdards about buying a dodgy car! Once again you are failing to not... [more]
 
 
 
 
 
Days
Hours
Minutes
Seconds
 
 
 

Donate

Help the Salford Star...

all donations welcome

 
 

More articles...

SALFORD HAS ONLY TWO AFFORDABLE HOUSES FOR 4,172 FLATS AND HOUSES BUILT IN GREENGATE AND CHAPEL STREET

Star date: 25th September 2017

SALFORD COUNCIL POLICIES ENSURE DEVELOPERS EVADE AFFORDABLE HOUSING

Tonight, Salford councillors meet to discuss the 'achievements' of new developments in Greengate and Chapel Street. The report they will see lists schemes comprising 4,172 apartments and houses, including Middlewood Locks and Vimto Gardens, with a focus on 'Creating a great place to live'.

These schemes between them have produced finance for just two affordable houses, in line with official Salford City Council policy and 'viability' evasion.

Full details here...

MEDIA UNDER THE SPOTLIGHT AT TAKE BACK MANCHESTER FESTIVAL

Star date: 24th September

IS THE MEDIA TURNING ALTERNATIVE? JULIE HESMONDHALGH AND THE SALFORD STAR SPEAK OUT

Media for the Many, not the Few
Monday, October 2nd 2pm-4pm
The People's Event Marquee, Piccadilly Gardens free

As the Conservative Party Conference kicks off in Manchester, a public meeting on the media is taking place in Piccadilly Gardens, which asks whether a media transformation is taking place, with speakers including Julie Hesmondhalgh and the Salford Star editor. It's hosted by the People's Assembly as part of the Take Back Manchester Festival.

Full details here...

THE MOODS DEBUT ALBUM MISSING PEACE GETS FIVE SALFORD STARS

Star date: 24th September 2017

THE UNIQUE SOUNDS OF THE MOODS THRILL ON DEBUT ALBUM

The Moods - the ten-piece combo with the motto 'Make you think, make you dance' - release their much awaited debut album, Missing Peace, this week. Its fuse of hip-hop, reggae, pop, brass and spoken-word and more gets a five Salford Stars review from Ian Leslie...a genuine breath of fresh air...

Full review here...

SALFORD PUBLIC MEETING ON FIGHTING UNEMPLOYMENT POVERTY AND AUSTERITY

Star date: 24th September 2017

TAKE BACK MANCHESTER FESTIVAL SEES ANTI-AUSTERITY MEETING

Fighting Unemployment, Poverty and Austerity
Saturday 30th September 1pm-3pm free
Working Class Movement Library

On the eve of the Tory Party Conference, the Mary Quaile Club is running a public meeting at Salford's Working Class Movement Library on Fighting Unemployment, Poverty and Austerity, with speakers Sean Mitchell, author of the book Struggle or Starve about Belfast riots, and Tameside Against The Cuts activist Charlotte Hughes.

Full details here...

KEN LOACH STARS IN FUNDRAISER FOR SALFORD RESOURCE CENTRE

Star date: 24th September 2017

KEN LOACH, JB BARRINGTON, RICKY TOMLINSON AND MORE

Films and Conversation with Ken Loach and Friends
Thursday 23rd November 4pm-midnight
Moston Miners' Centre 20/10

Ken Loach, director of top films like I, Daniel Blake, Cathy Come Home and Looking For Eric, is to star in a fundraiser for Salford Unemployed and Community Resource Centre on Thursday 23rd November. Joining him are JB Barrington, Ricky Tomlinson and more, with tickets on sale now.

Full details here...

 



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