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Thread: Student Flats - new developer ?

  1. #11
    exeweb.com admin Hants_red's Avatar
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    Re: Update on the SJP works

    Quote Originally Posted by John William View Post
    I for one would be happy for you to extract the off-topic posts and put them in a fresh thread called something like "student flats developer changed". But not to just delete them.
    I wouldn't delete them, your idea sounds good. When I find time I'll re-organise this thread.

  2. #12
    exeweb.com admin Hants_red's Avatar
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    Re: Update on the SJP works

    Quote Originally Posted by Hants_red View Post
    I wouldn't delete them, your idea sounds good. When I find time I'll re-organise this thread.
    Now done ...

  3. #13

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    Re: Student Flats - new developer ?

    Okay, I'll go:

    Is there anything about these goings on that could jeopardize our developement plans?

  4. #14
    Pete Martin (CTID)'s Avatar
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    Re: Student Flats - new developer ?

    Quote Originally Posted by PeteUSA View Post
    Okay, I'll go:

    Is there anything about these goings on that could jeopardize our developement plans?
    Nothing whatsoever. Rest easy.

  5. #15

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    Re: Student Flats - new developer ?

    Quote Originally Posted by Pete Martin (CTID) View Post
    Nothing whatsoever. Rest easy.
    Thanks Pete, I knew I could depend on you.

  6. #16
    rightwing's Avatar
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    Re: Student Flats - new developer ?

    Quote Originally Posted by Pete Martin (CTID) View Post
    Nothing whatsoever. Rest easy.
    Pete, is the Club going to issue a statement about the changes?

  7. #17

    Re: Student Flats - new developer ?

    Quote Originally Posted by rightwing View Post
    Pete, is the Club going to issue a statement about the changes?
    I'm all for openness and good communication, but if this doesn't effect the development in any way, what would be the point in a club statement? I mean who would care and why?!

  8. #18
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    Re: Student Flats - new developer ?

    Quote Originally Posted by Red Bill View Post
    I'm all for openness and good communication, but if this doesn't effect the development in any way, what would be the point in a club statement? I mean who would care and why?!
    It appears to me that Yelverton, although never intending to ultimately finance the scheme, were never-the-less involved throughout the build process with the Printworks development and this was probably their normal modus operandi with this type of scheme.

    The Yelverton website states “This development of 492 student beds was undertaken with Campus Developments and Moorfield in 2011. A mixture of studio and cluster flats were created and were fully let before the start of the new academic year in 2013. Moorfield sold this scheme in 2014 for £40 million. Yelverton Properties were fully involved in creation, planning and the development process of this scheme.”

    In selling on our scheme before the core building elements have started, this appears to be a departure from that method of operation. So, at what stage were the Club informed about the changes? Yelverton must have a contract with the Club to build the OG replacement. Is the Club happy with Yelverton assigning the build to another firm and was provision made for assignment in our contract with them?

  9. #19
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    Re: Student Flats - new developer ?

    I have done a little bit of digging into this one. To my untrained eye (and this may be a completely wrong assumption), it looks as though Yelverton has sold their economic interest in the development to a new developer. That new developer has then essentially created a stand-alone vehicle to "hold" their interest in our development project (namely The Student Housing Company (Exeter) Limited). Their address is almost definitely just a post box address at the law firm in London that set up that company (there are a few possible firms at 5 Old Bailey that this could be). The first director, Timothy William Mitchell, is also a director of a lot of very similarly named companies - http://www.checkdirector.co.uk/direc...liam-mitchell/ - if I had more time I would probably want to look at his other companies, especially any that might be related to property development, and see how they have done and whether any have folded.

    The ownership of The Student Housing Company (Exeter) Limited is less clear. 100% owned (to the tune of 1 share at a cost of £1) by GSA HSRE SJP Limited. We could speculate for days about what these acronyms stand for - the SJP seems obvious which again implies that this is a holding company specific to this one development (again not entirely unusual) - what is perhaps odd is that GSA HSRE SJP Limited is not registered at Companies House, so is not a UK company. Googling for the company finds literally 2 results - both of which are corporate data aggregator pages listing it as the owner of The Student Housing Company (Exeter) Limited.

    Why is this important and what does it mean for our development?

    Answer - it is probably not important - it probably doesn't mean anything for our development. Probably.

    However - I would hope that the Club and Trust are at least asking for some confirmation as to who is the ultimate beneficial owner of GSA HSRE SJP Limited and seeking some form of written comfort that the original terms of the development under Yelverton would be adhered to. The change of counterparty does present a clear need to reconsider the risk profile of the development work - Yelverton were a proven developer with a track record for delivering projects to completion - right now and based on the very little publicly available information, I would not feel comfortable to make the same statement about the new developer.

    There are other risks here too - the involvement of a non-UK company in an opaque corporate ownership structure is not in and of itself unusual and is not in any way indicative of anything illegitimate - but if straight answers are not forthcoming to straight questions, then that could be indicative of a wider concern and could mean that other potential risks may need to be considered, particularly if the development is structured in such a way that The Student Housing Company (Exeter) Limited could be construed as being an "associated party" to ECFC or to be providing services to, or on behalf of, the Club or Trust (I do not know enough about the development to say whether this is or is not the case.)

  10. #20
    John William's Avatar
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    Re: Student Flats - new developer ?

    See the GSA website. They seem to be a large outfit.

    https://www.gsa-gp.com/what-we-do/community-management/

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