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St Marys Road
Anybody know what is happening with these guys and their various developments around Surbiton. The Brighton Road site seems to have come to a stand still. Is the Plaza finished?
CNM Estates
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Comments
Just become aware of a CNM "development" behind the old KIA garage on KCR,have they ever actually completed a project or are just in love with demolition?
I have noticed that CNM have put up a hoarding next to Paul Garrett's hairdressers at the building site along Victoria Road. Suffice to say it is covered in graffiti already. As CNM have gone into liquidation, and Surbiton Plaza is so poorly built, I can't imagine any further building works will carry on here. Walking around the back of the Plaza flats still look like a building site - I feel so sorry for the people who have bought apartments here in good faith at a considerable price . The downstairs 'shops' haven't been let and it looks like a ghost town. I expect the hoarding is just an advert for CNM and will be there for a number of years .. watch this space ... literally.
It is a shame that they have bitten off more than they can chew by knocking down the other buildings before selling a sufficient proportion of the ones they have already built.
In better economic times, those shops would have been very popular and would have created a nice alternative to busy Victoria Road for shopping. As it stands, there are too many vacant shops in Surbiton already, so it would take a brave person to move in there.
Word on the street is that that the funding bank has sold the site to Taylor Wimpey and work will start soon. The hoarding was put up by the council and CNM just put their logo's on it.
So Wahid Samedy has acquired the Surbiton Plaza back then ?? How can this be allowed when so many companies lost money when he went bust before !!!
How could he still be doing deals like this in the meantime too??
http://www.thewestonmercury.co.uk/news/pier_sold_for_substantial_amount_...
"Mr Samady says he is working on £200million worth of projects through his business."
The poor people of Birnbeck better prepare themselves for disappointment!
How could he still be doing deals like this in the meantime too??
http://www.thewestonmercury.co.uk/news/pier_sold_for_substantial_amount_...
"Mr Samady says he is working on £200million worth of projects through his business."
The poor people of Birnbeck better prepare themselves for disappointment!
Wahid samedy (CNM Estates), has had his flats in Surbiton Plaza repossessed. Surbiton place development shell company in receivership.
There are signs of work going on around the Surbiton Place site in the past week or so. They appear to be preparing to finish the exterior parts as some of the white boarding surrounding the site has been removed. It must have been sitting there for two years like that, with nothing happening. I noticed also that some of the yellow brickwork facing Brighton Road looks dirty with dark staining already. Doesn't bode well for the future of the building.
It doesn't seem to have stopped his plans to develop the Royal Pier in Weston Supermare. He'll be doing it through Birnbeck Investments Ltd which is yet another part of the CNM Estates Group.
I guess residents there better prepare themselves!! How do these guys manage to carry on???
http://www.westonsupermarepeople.co.uk/news/Luxury-Apts-Aprroved-Royal-P...
I notice they seem to have taken to using a young girl in her bra to promote Surbiton Place on Twitter!
CNM are still listed as the main sponsor for the Kingston Regatta the weekend after next. Organisers must have got the money up front.
I went past the Brighton Rd site yesterday and there was some movement.
Brighton road has been quiet for months, but some (small amount) of activity has begun again in the last few weeks. Windows are in place and it looks like gas/elec/water mains were plugged in via corner of the building, perhaps???
Surbiton Plaza Phase I is finished, but looks deathly quiet. CNM must be desperate to sell commercial units now as they have resorted to putting tatty looking a4 sheets in the window of one unit to try and get a tenant.These units have been empty since completion nearly 2 years ago..... Townhouses don't look lived in at all!!
I see that demolition signs and scaffolding have gone up around the derelict bulidings next door. Hoi Polloi has moved to Brighton road, into the menswear store.... It looks like Phase II of Surbiton Plaza may begin soon, especially now Wahid Samedy is alleged by the Kinsgton Informer/Guardian to have paid off the guy squatting on the Phase II land.
There was some scuttlebut earlier this year that CNM estates had not submitted accounts on time and that they were in trouble. Perhaps they have more funding behind them again???
Anymore info folks...i luv a bit of news!!!
Last I heard was that they lost funding to build the last block. That was a good few months ago though and not surprising considering the financial climate, although I hear Surbiton house prices aren't suffering too badly, I'd be interested to know if others agreed though.
Sam
Surbiton houses prices seem to have suffered as badly as most places, around 20% off their peak valuations.
The problem for CNM and a lot of the other developers is that they priced these developments above the peak market rate and can now not afford to continue.
Take the dormant site at Maple Road as an example. There were originally 3 large detached houses on the site that were in poor condition, but would still have sold for a minimum of £850k each in 2007, meaning that the developer must have paid at least £3m for the site otherwise the owners might as well have sold off the original houses.
The site has PP for 20 1 bed flats. Assuming a demoliton and build cost of £2m, that means the developer has to sell these for £250k each just to break even, or £275k to turn a 10% profit.
Only the best 1 bed flats sold for £275k at the peak of the market, and I can't imagine that the flats shoehorned onto this site are going to be that big.
The problem is that these bullish developers will leave us with half finished building sites for years.
The Red Lion Road site is still empty too- could be a squatter's paradise...