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West account 2008 submitted April May 2009

for what its worth here's what the auditor said

Emphasis of matter - going concern
In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of th disclosures made in note 1 ('Basis of preparation') to the financial statements concerning the company's ability t continue as a going concern.
The group is reliant on the continued support of its bankers with which it has loans that are technically repayabl on demand. The Directors have requested and received written notification that the two relevant banks current have no intention of demanding repayment within the next twelve months however, in line with the terms of th loan it cannot be deemed as a certainty. Additionally, the group relies on the continued custom of its principi clients which is dependent upon the continued support of their own bankers.
These conditions along with other matters disclosed in note 1 to the financial statements, indicate the existenc of a material uncertainty which may cast significant doubt about the group and company's ability to continue as going concern.
The financial statements do not, therefore, include adjustments that would result if the group and company we unable to continue as a going concern.
 

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for what its worth here's what the auditor said

Emphasis of matter - going concern
In forming our opinion on the financial statements, which is not qualified, we have considered the adequacy of th disclosures made in note 1 ('Basis of preparation') to the financial statements concerning the company's ability t continue as a going concern.
The group is reliant on the continued support of its bankers with which it has loans that are technically repayabl on demand. The Directors have requested and received written notification that the two relevant banks current have no intention of demanding repayment within the next twelve months however, in line with the terms of th loan it cannot be deemed as a certainty. Additionally, the group relies on the continued custom of its principi clients which is dependent upon the continued support of their own bankers.
These conditions along with other matters disclosed in note 1 to the financial statements, indicate the existenc of a material uncertainty which may cast significant doubt about the group and company's ability to continue as going concern.
The financial statements do not, therefore, include adjustments that would result if the group and company we unable to continue as a going concern.

That statement would apply to about 99% of all UK businesses at the moment. Interesting that the accountants feel the need to undermine the business in that way by making such a statement...
 

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Could 2010 get off to a flyer?

On the stalled sites I can bring news about Origin. We who live next door of course talk regularly to West at all levels but the latest from the top was that they hoped to make an announcement in mid January.....

Taken from the consistently excellent Manchester Confidential:

http://www.manchesterconfidential.c...sionx=IpqiNwc6IWToKaqiNwB6IHqi&frombounce=yes

MERRY XMAS TO YOU ALL!
 

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Snippet from an MIPIM article in the MEN,
West Properties, one of Manchester’s five main sponsors, is understood to be close to making an announcement on its Princess Street Origin scheme

Director Colin Roy, said: “We will be looking to see what is going on with finance in particular. We are relatively comfortable about Origin, the key thing there is that the brand, the W Hotel, has not run away, but when it comes to getting funding the due diligence is much more protracted. But we would hope to be back on site by the summer.”

He will arrive in Cannes direct from the Berlin Hotel fair where he will be eyeing operators for other West sites, including Sharp Street in Manchester, where it wants to change the current planning permission for residential into a hotel scheme. A revised scheme is currently with planners.
http://www.manchestereveningnews.co...636_business_as_usual_for_manchester_at_mipim
 

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The latest on Origin is this. The Council have agreed that the pavement on Whitworth Street will be restored and the street car parking (one yellow line) will be put back. The hordings will be 'renovated'. If you check V you will see that the Manchester hotel opening has disappeared for the site. As far as I know all West's sites are mothballed or not started. Ask for a list.

Turning to other local developments (with 200m) I might mention the Old Fire Station will be developed by its owners as a 4 Star Hotel. (they have submitted plans.. but so they did before the Commonwealth Games!!) The Mayfield development across the Road on Fairfield Street is off since the goverment will not move North.

The former emplyment exchange on Aytoun Street (a Tower Plan is extant) get much worse every day)

Donal's bother's tower behing the Station is still capped and used as a car park.
 

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10th February 2008
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Manchester Confidential.

Origin scheme in doubt as West directors quit

Mystery surrounds troubled property firm

The future of West Properties’ Origin scheme on Princess Street has been thrown into doubt after the resignation of its managing director from the board.

Colin Roy resigned from the board last week but is still a part of the company, Confidential understands.

Construction director Michael Nee also resigned from the board at the same time. Techinical director Martin Daly resigned in August, which now only leaves one director at the firm, Francis Hilton.

The firm’s website has disappeared from the internet and one source close to Manchester City Council suggested the Origin development was unable to progress due to a lack of money.

West Properties had planned for a 210-bedroom W Hotel operated by Starwood, to anchor the Ian Simpson-designed site, which would also feature 180 apartments and 62,000 sq ft of office space.

Colin Roy told Confidential in September that the scheme would restart in April, once a new funding package had been finalised.

“We are looking to have funding secured and be back on site by April,” he said. “The scheme hasn’t changed in terms of design or shape. We’re currently debating whether we’ll phase it or deliver it all in one go.”

Local councillor Ken Dobson had launched a petition against the site in September, branding it an ‘eyesore.’

The firm, owned by Donal Mulryan, also has another site in Manchester city centre, on the corner of Deansgate and Blackfriars Street.

When Confidential called West Properties, Hilton was in a meeting and unable to take the call.
 

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Honestly think this area should be turned into a multi-purpose cafe/cultural/hotel quarter. The site is huge, and a small pedestrianised area facing the canal, flanked by some well-fitting buildings would be perfecto! :nuts:

I envisage a nice cafe, a small museum about gay history (staying true to the area) sitting on the open area, with a upper/mid-range hotel facing Whitworth Street would bring such an interesting new dynamic to the area. If the site remains deserted for another decade I may just have to develop it in this way myself!

With the cranes being removed today, is this the end of West's involvement with the site?
 

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Some movement on site this morning...

Walked past the site on my way to work this morning, there was a lorry unloading and the cranes were lifting what looked like big concrete slabs into place... Maybe they're paving it all to turn it back into a car park!!!! I'll keep an eye on it and let you know....
 

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10th February 2008
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MEN.

Origin development is "re-evaluated"March 10, 2011

The residential element of the Origin development in Manchester city centre could be scrapped in an effort to get the scheme back on track.
Donal Mulryan and Francis Hilton, directors of the developer, West Properties, met with city council chief executive Sir Howard Bernstein at the MIPIM property fair in Cannes and both agreed to work together to "re-evaluate" the Princess Street scheme.
The development, with planning for a W Hotel, 160 apartments and offices, has been stalled for two years because of the bank funding squeeze.
Mr Mulryan said: "We have a great partnership with the city and are actively working with them now to find a resolution.
"We have invested an awful lot of time, energy and money into the project and, like the city council we are determined to see it happen."
I think the hotel would do a roaring trade, being located next to Canal Street.

As for the office proposal. That needs looking at again as well.
 

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MEN.



I think the hotel would do a roaring trade, being located next to Canal Street.

As for the office proposal. That needs looking at again as well.
Couldn't agree more, I think this is the perfect site for a good quality small - medium size tower, although given its context i'd imagine it sitting back from the street slightly.
 

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Looks like it is all coming to and end

http://www.reuters.com/article/2011/10/10/nama-loans-idUSL5E7LA1XA20111010

Oct 10 (Reuters) - The National Asset Management Agency, Ireland's state-run "bad bank", has put two loan portfolios worth a total of 800 million euros ($1.1 billion) on the market, a source familiar with the matter said on Monday.
The source told Reuters that NAMA was being advised by property consultancy Savills on the disposal of about 200 million euros of loans that had been made to housing and hotel developer Donal Mulryan.
Separately, real estate consultancy CBRE was marketing about 600 million euros worth of loans to property developer Cyril Dennis.
NAMA, CBRE and Savills all declined to comment.
The source said loans in the portfolio were secured against a string of brownfield sites across the UK, adding early bids were expected within weeks, potentially from debt funds.
NAMA was created to purge Irish banks of risky property loans and is one of the world's biggest property groups, having shelled out almost 31 billion euros on loans valued at more than 72 billion at the height of Ireland's property boom.
The story was previously reported in the Sunday Times
 

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Looks like it is all coming to and end

http://www.reuters.com/article/2011/10/10/nama-loans-idUSL5E7LA1XA20111010

Oct 10 (Reuters) - The National Asset Management Agency, Ireland's state-run "bad bank", has put two loan portfolios worth a total of 800 million euros ($1.1 billion) on the market, a source familiar with the matter said on Monday.
The source told Reuters that NAMA was being advised by property consultancy Savills on the disposal of about 200 million euros of loans that had been made to housing and hotel developer Donal Mulryan.
Separately, real estate consultancy CBRE was marketing about 600 million euros worth of loans to property developer Cyril Dennis.
NAMA, CBRE and Savills all declined to comment.
The source said loans in the portfolio were secured against a string of brownfield sites across the UK, adding early bids were expected within weeks, potentially from debt funds.
NAMA was created to purge Irish banks of risky property loans and is one of the world's biggest property groups, having shelled out almost 31 billion euros on loans valued at more than 72 billion at the height of Ireland's property boom.
The story was previously reported in the Sunday Times
Its only the loan book that is being sold. Any purchaser would still have the option to foreclose, although if that were an attractive option it would probably have happened before now. Also the entire West Property loan portfolio will likely be sold together.
 
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