Archive for June 2016

Guilfoyle’s property development is dead – 3. No finance

Even if the City Tatts developer gets planning permission and sells the apartments “off the plan”, there is no guarantee they will ever raise the finance to go ahead with the project.

They may really believe they have finance from China lined up, but that means very little. They will only know for sure when they need the money.

Well, they believed they would have planning permission by now and there is no sign of that happening.

In the end, the Chinese backers may simply decide not to get involved in a City Tatts development, given the numerous problems.

The problems don’t even have to be overwhelming. Even if they thought the problems could be overcome they may simply decide to go with an easier project that has a better chance of success.

A number of apartment developments in Sydney, far more advanced than City Tatts, with planning permission, have been put on hold in the past few weeks.

Save City Tatts Committee

Advertisements

Guilfoyle’s property development is dead – 2. No apartment sales

In the unlikely event of getting planning permission for Guilfoyle’s property plan, the next step would be to sell the apartments “off the plan”.

That will not be easy.

Realistically the current developer is probably a year away from starting the sales campaign, if it ever happens.

The first problem will be that the Sydney apartment boom has passed. This is not a huge problem in itself to a developer hoping to sell them all to Chinese buyers, but it doesn’t help.

But there are other problems.

For months now there has been a steady stream of policy changes from banks and governments, all likely to reduce demand from Asian buyers.

Some banks have tightened their lending conditions for Asian buyers, or stopped lending altogether. Some banks have restricted lending to home buyers only and stopped all lending to property investors.

And the NSW government has just introduced extra Stamp Duty and Land Tax for foreign buyers.

Even for those who still want to buy an apartment, how many would want to buy in a development at City Tatts?

Any potential buyer who does ten minutes research on the internet will wonder if the apartments will ever be built.

And will they really want to risk their money on a development tainted with corruption, when there are plenty of other apartments to choose from?

The first sale might be the developer on-selling the whole project.

Save City Tatts Committee

 

Guilfoyle back in the club!

Yes, Guilfoyle was back in the Club a few weeks ago.

But don’t panic, he hasn’t been reinstated.

It was just a brief visit to clean out his office.

Well, he did leave in quite a hurry that famous Thursday night in March, along with Kirsty Assad, which would have left a few loose ends.

Guilfoyle’s visit took place on a Sunday evening which is a quiet time anyway and, more to the point, a time when no one would be in the offices on the 2nd floor.

He was escorted by Jan Ellks for the duration of his visit.

First laundry, now an escort. And you thought Jan was overpaid.

Save City Tatts Committee

Guilfoyle’s Property Development is dead – 1. No Planning Permission

If you want to build anything, the first thing you need is planning permission.

Four years on, City Tatts has yet to get this despite spending millions trying.

It is now clear to everyone that the City of Sydney Council has serious objections to the whole plan.

Actually, property experts were saying this all along, as numerous blogs will testify. If Mirvac couldn’t get planning permission, why would anyone else?

This is not really a surprise – the whole scheme was always just Guilfoyle’s ego trip.

Now the Club says it will take it to the Land and Environment Court.

It’s hard to tell whether they really believe they will get a favourable decision from the Court, or if it’s just a last show of bravado before throwing in the towel.

The odds are strongly against getting approval from the Land and Environment Court.

More likely it will deliver the final rejection that kills off the plan.

Save City Tatts Committee

Looking forward to the Land and Environment Court

We’re really looking forward to the City Tatts hearing at the Land and Environment Court.

This is a real court with proper procedures, and where all the plans and particulars of the development will be on public display.

Campion’s normal routine of telling members how well the DA is “progressing”, while it is repeatedly knocked back by Council, won’t work here.

If Mirvac are not actually there to give an account of their actions, at the very least the Council will give a full account of everything they said during Mirvac’s attempt. It’s going to be very funny to match up what the Council were telling Campion and Guilfoyle with what they were telling members at the same time.

It would be great to see Guilfoyle, as the prime mover of the project, giving evidence in person in support of it but that is unlikely to happen.

At some point the economic case for doing the development is bound to be raised.

What will Mark Cooper do then?

Is he going to fully support Guilfoyle’s very dubious financial case for going ahead with the development – and thereby implicate himself in a possible fraud?

More likely, he will say he was never in favour of it.

Save City Tatts Committee.

Remember Rolf Harris

People sometimes ask “All this talk of Campion going to jail, could it really happen? We know he’s lied to members for years but could he really go to jail?

Yes, he could!!

More than ever, we are convinced it will happen. In fact, the chances of it happening have increased significantly in recent months.

Just consider this:

Five years ago, if you had said to Rolf Harris that he would be:

  • Arrested
  • Charged
  • Tried
  • Convicted, and
  • Jailed

in his eighties, for behaviour that had gone on unchallenged for 40 years, Rolf would have said “that is the most ridiculous thing I have ever heard in my life”.

All of that happened.

Campion’s lies and deceptions about the property development are only a very small part of what he has done as Chairman. His rap sheet of crimes and misdemeanours is now very long.

For many of these, he believes he is on safe ground, because he has some spurious “advice” from Bartier Perry allowing him to do what he did.

We wouldn’t count on it!

We believe that when he has to rely on it, Bartier Perry will wash their hands of him and say “No, we didn’t tell him to do it, we simply set out the legal issues for what he had already decided to do”.

Save City Tatts Committee

 

Positive Feedback!

So Campion and Guilfoyle got positive feedback on their property scheme from the City of Sydney council in 2012?

And how has that worked out?

Well, Mirvac lodged a development application in June 2014. The Council told the Club to withdraw it in April 2015.

The “Second Preferred Developer” lodged another development application in August 2015. Again, the Council refused to approve it.

So 4 years on, this project has yet to get off the starting line with the Council.

You have to wonder how it would have gone if they had got negative feedback from the Council.

Save City Tatts Committee