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Surbiton Plaza

11 years ago...

Whats the situation with The Surbiton Plaza as there clearly doesnt seem to be anyone moving in (yet)

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Gascoigne Pees are agents for the sale of a 2 Bed flat (not even the penthouse) for £460,000

They’re having a laugh!

http://www.findaproperty.com/displayprop.aspx?edid=00&salerent=0&pid=309...

Still seems quiet around there.
Nice development, shame if it doesn't take off though :-(

link isnt working?

Maybe GP have given up, try this one ..

http://www.homes24.co.uk/doc.html?_a=view&id=741027

A quick look at Companies House website will show that there is a proposal to strike of CNM Estates and their accounts are still overdue from May last year. CNM Estates Red Lion LLP are long overdue with their annual returns and CNM Estates (Tolworth) Ltd is a dormant company with accounts overdue from January. To me this does not look good, but that's just my humble opinion.

Surbiton Plaza is still not finished. Only 30% sold with purchasers running a mile, assumingly away from that groggy end of town

We’ve noticed that the sales et-al staff don’t come into ‘The Vic' pub ordering champagne anymore. There was once a bunch of @6 of them all smiles and happiness but now its down to the 2 or 3 of them standing at the bar with a flat pint rather than a glass of bubbly with pretentious smiles and laughter. The good days have long gone

They have got no chance now. The prices are going to have to come off 50% or more. These were over-priced at £500k when nicer flats in the river roads were £400k. Now those flats in the river roads are below £300k, asking £500k for these ones just looks plain silly. As the market comes down, you will soon be able to buy a 3 bed house with garage and garden on the river roads for less than these flats!

[quote=Anonymous]
They have got no chance now. The prices are going to have to come off 50% or more. These were over-priced at £500k when nicer flats in the river roads were £400k. Now those flats in the river roads are below £300k, asking £500k for these ones just looks plain silly. As the market comes down, you will soon be able to buy a 3 bed house with garage and garden on the river roads for less than these flats![/quote]

I agree, what on earth is going on ?

This whole economic crash seems to have really caught the developers by surprise. The promise of fat profit margins has led them to overpay for sites. If they discount to a reasonable price for today's market, they risk making a big loss. The trouble is that most are predicting that this will get worse before it gets better so next year their prices will look even more outrageous compared to the rest of the market.

This is why they are struggling to sell the developments at the Plaza and Surbiton Place, and why the developers who have overpaid for the sites on Maple Road and Portsmouth Road have not even started building anything yet.

The problem is that we will be stuck with these half finished developments and building sites along with all of the newly empty shops until the recession ends.

Spoke to the sales guys in the Vic last night, only 20% sold and a lot have pulled out after paying their deposits

Apparantly, the builders have pulled out of Surbiton Place (gone bust????).

Mr Samedy and CNM cannot get certification of the build so far and so are unable to finish the build.

How is the planning application for the Tolworth development going?

Apparantly, the builders have pulled out of Surbiton Place (gone bust????).

Mr Samedy and CNM cannot get certification of the build so far and so are unable to finish the build.

How is the planning application for the Tolworth development going - Who is saying they have pulled out and who is saying they cant get a certificate?

We went to the Appeal held in Jan 09 and are awaiting the result 23 feb. I doubt they have gone bust just holding on until they can sell a few more. It didnt stop them having aa QC to represent them at the Red Lion Appeal

[quote=Anonymous]Apparantly, the builders have pulled out of Surbiton Place (gone bust????).

Mr Samedy and CNM cannot get certification of the build so far and so are unable to finish the build.

How is the planning application for the Tolworth development going - Who is saying they have pulled out and who is saying they cant get a certificate?

We went to the Appeal held in Jan 09 and are awaiting the result 23 feb. I doubt they have gone bust just holding on until they can sell a few more. It didnt stop them having aa QC to represent them at the Red Lion Appeal
[/quote]

Sorry.....i meant that i heard that the builders working on surbiton place had gone bust, hence CNM couldn't get certification to allow another builder to come in and complete the build.....not that CNM had gone bust.

I shall try to be clearer in future ;-)

Jst rtrnd, ftr pnt (r tw) n nghbrng pb, thnks bt n thnks! Wrng lctn, tm, prc Nt sr whch f ths shld hv cm frst! Bck t Wmbldn, thnks Srbtn fr th nvt!

The above text has been deliberately disemvowelled as it is in breach of the Surbiton.com terms.

I remember going with a friend of mine to view a flat which turned out to be very near to a rough council estate. The Estate Agent really bigged the flat up (it was okay nothing special) but every time we mentioned the estate and security issues he just ignored us and carried on prattling. They are out to sell and don't give a damn about the condition of the property or the area, horrible people.

I viewed a flat over the weekend and was astounded at the lack of detail to workmanship. The sales rep was so over the top with how great the location was without any reference to the boarded up shops or the YMCA. What I cant understand is why nobody has moved in yet. The inside hallways where dusty, musky smelling, damp even. I said that i'd pass on it but thanks

In fairness, you can't really expect them to highlight the bad points about the location - they will just keep talking about fast train journeys, bars & restaurants etc.

I agree with you, though - I cannot see how they will sell the flats at the high asking prices in that location, especially if the finish is not spot on either.

"The developers are already talking about taking over the boarded up shops"

Yeah right, good sales pitch aye!

YMCA, Sainsbury's, budget restaurant, police sirens and boarded-up shops to the front

So called affordable houses to te rear (or wherever)

NHS Doctors Surgery and Coffee shop in the middle

General public and 'things' from the YMCA walking through the courtyard from Victoria to the side street

The outside looks like a factory warehouse

The Reception looks like an office block

Now bad for a luxury block of flats aye!

It is a grim picture when you paint it like that, but I am still hoping that this development will tidy up that end of Victoria Road. The developers are already talking about taking over the boarded up shops.

A couple more nice shops, and a replacement for the YMCA would actually make this block a much more attractive proposition.

It would not be before time, either. It never fails to amaze me just how scruffy Victoria Road is for the High Street of a supposedly wealthy town. Having said that, Epsom, Walton and Weybridge are also not as smart as they should be, so maybe it is a Surrey thing.

The plaza is quite near to the YMCA actually and judging from some comments on here it will put people off living there.

.....update...

Actually, sorry I think the its just the map is wrong on Rightmove.com. It does actually say St. Mary's Road.

Quotr

August 3, 2008 - 12:38pm — AnonymousThe general consensus in this forum is governed by a small vocal minority, and most of the discussion is around the development as a whole.

The flats themselves seem perfectly fine if pricey. Take a look and judge for yourself.

-------

You've missed the point, the point was that they are located in possibly the worst part of Surbiton, next to a row of boarded-up shops, opposite Sainsburys and the YMCA

Whats going to change that by viewing

Hi, well ofcourse I have not visited yet but....

If I look at Streetmap.co.uk, the YMCA is in Victoria Road just by the station but the plaza (according to Rightmove.com) is in Portsmouth Road. They don't look close at all. Is Rightmove.com wrong, or have I got the wrong development.

Confused,

Steve

Thanks- Well I'm going to take a look this coming week and I shall report back on this site!

Steve

I was thinking of taking a look at the flats in the plaza, to buy. Is the general consensus that they're not all they're cracked up to be?

The general consensus in this forum is governed by a small vocal minority, and most of the discussion is around the development as a whole.

The flats themselves seem perfectly fine if pricey. Take a look and judge for yourself.

Make that seven new coffee shops, the juice bar's about to open next to Martins Newsagent (Post office) which will sell coffee etc

Medical Centre and yet another cafe (that’s 2 new coffee houses in 1 year in Victoria Road) total now SIX and that’s without the Brighton Road cafés

On top of that noise, single mothers pushing screaming kids pass your window to the NHS surgery

Enjoy your luxury

http://www.surbitonplaza.com/living-in-style/

As also mojogit (appropriately named), you don’t do your research before posting

The Aspire is NOT taking new NHS patients!

Errrr I have an appointment next week with Aspire. When I called 3 days ago they were taking on new NHS patients.........

There maybe an reason for that, enjoy the experience

Actually.
Under the new NHS contract, there are no patient registrations only courses of treatment. The dentist gets paid to do a certain amount of dental treatment over a 12 month period. This is measured in units of dental activity UDA. A dentist will have so many UDAs each year to use to treat patients. Once these are used up, they do not get paid to do any more NHS care and can only provide Private care

So, if a dentist has a contract he/she has to see any patient that turns up on their doorstep, unless they have used up all their UDAs.
The only reason they can turn ou away is if they have a contract limited to providing dentistry to children or those exempt from paying fees.

The contract does NOT allow dentists to pick and choose patients. There are NO dental patients registered on the NHS anymore in England and Wales.

If you are exempt from paying NHS dental charges, the dentist HAS to give you an appointment. If you have to pay it varies from surgery to surgery.

ASPIRE may have a contract limited to exempt patients and kids, in which case they can refuse to see you if you are not in that catagory. Otherwise they cannot refuse you.

Similarly a dentist on NHS contract MUST provide ALL necessary care on the NHS. This includes crowns dentures and periodontal care. Implants and cosmetics are not included in this.

Many thanks Anon,I try to aspire to my nom de plume.

When I enquired around 3 weeks ago the impression given was that they were open to NHS.Clearly this must now be incorrect.

Go to Aspire on the Ewell Road,they accept NHS

The Zizi restaurant was sold at auction last week, halve the sales team are constantly in the Vic pub next door, the building is clearly not ready to move in.

Penthouse suites overlooking Sainsbury's and YMCA with a row of tatty boarded up shops next door, wait for the bargain for sale board!

Doomed Mr Mannering, Doomed!

I agree about the flats. I think this, combined with the current housing downturn, should hopefully put off any more greedy developers from covering Surbiton with yet more flats.

I think that the Zizzi sale is just for the freehold or headlease, and the business will remain unaffected. It seems to be doing very well at the moment, but some of that is probably down to the novelty of it being the first chain restaurant in Surbiton.

I bought one of these so called penthouses last year and after numerous excuses by the developer I’ve now backed out losing my deposit

These guys must be the laziest management team I’ve experienced, they spend more time in the pub next door than at their desks

The flat should have been finished last autumn then early spring and now late summer all they do is mumble some excuse, the last one was the supply of the kitchens

With the credit crunch and the potential lose of 30%, I thank the developers for their incompetence

I thought there was a dentist / doctors surgery opening in the unit beside the entrance. Whatever happened to that then?

I need a NHS dentist

Well, I spoke to one of the security guards who said that 'most' of the flats in the expensive side are sold, and that it would be finished this week. The (un)affordable housing section at the back will be finished last. The quality of the building frontage leaves a lot to be desired and I'm sure there will be a massive snagging list.

Looking at;

* http://www.houseprices.co.uk/e.php?q=Surbiton+Plaza&n=100, only 15 sales registered with the land registry so far

* http://www.surbitonplaza.com/living-in-style/, Surbiton plaza consists of 52 properties

So only about a third accounted for at the moment (although it takes a few months for a property to be registered)

What is interesting from the first link, is Flat 15;

* Bought 29/02/08 for £365,000.00

* Sold 01/05/08 for £370,000.00

I guess this was a "flipper" hoping to make a profit by buying off-plan and selling on. However if you add in stamp duty, a couple of months mortgage costs and selling costs, the "profit" drops from £5,000 to possibly a £10,000 loss

Will be interesting to watch over the coming months ;o0

Thought it was time to revisit this :)

Now 20 out of 52 flats are sold according to http://www.houseprices.co.uk/e.php?q=Surbiton+Plaza&n=100

I notice that Knight Frank in Guildford is now marketing some flats.. and almost double the asking the prices in some instants!

* http://www.rightmove.co.uk/property-for-sale/new-homes/property-22113833... (asking price gone up from '£450,000' to '£460,000')

* http://www.rightmove.co.uk/property-for-sale/new-homes/property-22035164... (asking price gone up from 'From £265,000' to 'From £449,000')

* http://www.rightmove.co.uk/property-for-sale/new-homes/property-22113836... (asking price gone up from '£265,000' to '£449,000')

No wonder they are not selling!

If you are wondering how I know the above, install Firefox and take a a look the firefox add-on from property-bee.com. It tells you the how the details has been changed for properties listed rightmove, so you see all the price drops, whether a sale has fallen through - it's fantastic!

That is interesting, but I wonder if they have mixed the entries up and 'fooled' property bee.

As far as I can remember, the penthouses were always £400k+, and it was only the 1 bed flats on the lower floors that came in at under £300k.

Either way, they are fantastically over-priced now that the market has fallen so much. If they were 50% bigger and on one of the river roads they may have some chance of selling, but their Sainsburys view will ensure they go nowhere at this price.

Interesting post. I assume that the last two sales (under £300k each) were from a later release of smaller flats. If not, the people who bought earlier and paid over £400k are not going to be happy!

The recent reductions in prices in Surbiton generally make these look very expensive now. These are too central for my liking - views over Sainsbury's and the YMCA were never going to be that attractive, but are worse now you could buy a similar sized flat with a river view for less.

Whilst these have been selling, 2 bed cottages on sought after Cleaveland Road have come down from £500k to £400k. Give it another couple of months, and you could probably pick up a 3 bed house on The Mall for £500k - less than some of these flats have sold for!

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