Author Topic: Brunel Shopping Centre Goes Into Receivership (Read 670 times)

swindoncentric · « **on:** January 06, 2012, 10:31:14 PM »

Yes, it has :

http://www.swindonadvertiser.co.uk/news/9458399.Brunel_Centre_goes_into_receivership/

Got Signal · « **Reply #1 on:** January 06, 2012, 11:49:56 PM »

Minor detail it will still trade and owners will continue charging rents to cover the debt. No problem for the shoppers that flock to Swindon's Brunel Centre. Rod Bluh and Garry Perkins repeat that Swindon is where business wants to be.

kohima · « **Reply #2 on:** January 07, 2012, 11:17:49 AM »

GS, its a no brainer, do you go to the out of town centres, where parking is free and most shops of quality are, or do you go to the town cenre, where half of the town was given over to the drink trade, and car parking at a cost.
Now who was it who let the town go that way many years ago..............

ph1lc · « **Reply #3 on:** January 07, 2012, 02:13:39 PM »

Not quite receivership - Fixed Charge receivership.

Fixed charge receivers are outside the scope of the Insolvency process, they are most usually appointed by mortgagors. Commercial mortgages are most often fixed term periods of lending which are rolled over periodically.

Got Signal · « **Reply #4 on:** January 07, 2012, 02:55:03 PM »

Talking of No Brainers the Brunel Centre was sold by the old Thamesdown council in the summer of 1999 to MEPC for £93 million it changed hands at some point and CIT owned it and spent £2.5 million changing the canopies. It is now reported to be worth £87 million pounds. It would appear to me the old Thamesdown council played a blinder back in 1999. The question is will the council now buy it back?

Bassettina · « **Reply #5 on:** January 07, 2012, 07:42:00 PM »

Quote from: kohima on January 07, 2012, 11:17:49 AM

GS, its a no brainer, do you go to the out of town centres, where parking is free and most shops of quality are, or do you go to the town cenre, where half of the town was given over to the drink trade, and car parking at a cost.
Now who was it who let the town go that way many years ago..............

Or you go to another town centre (like Ciren) where parking's free on Sundays, lots of shops, cafes and local character.

I don't think some units in the Brunel Centre have ever been filled, since the refurb.

swindoncentric · « **Reply #6 on:** January 07, 2012, 10:23:58 PM »

On a purely theoretical level, having the council buy into the Brunel Centre could give considerable benefits.

Retail strategy could be more co-ordinated and the massive win would be that a town-wide regeneration plan would have greater flexibility if at the core the Brunel was owned (or co/part owned) by the Council.

But it'd be a brave councillor who suggests this!

Got Signal · « **Reply #7 on:** January 07, 2012, 10:32:30 PM »

Brunel buy back or a canal now which would the council think long and hard about spending another £80 mill of tax payers loose change on?

swindoncentric · « **Reply #8 on:** January 07, 2012, 10:42:49 PM »

In terms of strategic thinking, it would be beneficial.

Not that we have £80m+ spare cash anywhere... unless someone knows something?

Richard Symonds · « **Reply #9 on:** January 08, 2012, 09:48:29 AM »

Quote from: Got Signal on January 07, 2012, 10:32:30 PM

Brunel buy back or a canal now which would the council think long and hard about spending another £80 mill of tax payers loose change on?

You know the answer to that one GS, but we also agree that a canal along Canal Walk could really benefit the town but that would be only as long as someone else paid for it in full. And that means exactly what it says someone else not Swindon Council Tax Payers by default. Remember the 'Cost Neutral' Big Spend Weekend that cost us at least £05m?

Half a mill here half a mill there no wonder we are £100m in debt and counting added to which we have no idea how much was spent on the abortive attempt to get rid of the housing stock for £4,000 each!!

You know it makes sense

Richard Symonds · « **Reply #10 on:** January 08, 2012, 09:56:23 AM »

Now to parking in the town centre, obviously it costs money but why not make it free and get a retailers association to bear the costs and then it is a win win situation for Swindon and Retailers alike.

The way that this could be apportioned is by square footage.

But yes it would be a brave politician you would implement unless he or she sold it to the businesses first of course!!

Mind you this type of thinking is a little too Innovative and Vibrant for the present lot!!

the gorgon · « **Reply #11 on:** January 08, 2012, 01:37:36 PM »

Can't remember whereabouts this happens in the country but in some towns all local residents get a sort of "parking permit" that entitles them to either free or reduced price parking in their town centre.

That might get locals using the town centre which could encourage businesses to open shops, which in turn might encourage people to come here from further away.

Also I don't know if this can actually be done but couldn't SBC work with the receiver and try and get Westfield to buy back the Brunel Centre (at less than they sold it for). Perhaps helping by offering them some very cheap development land if they start development work within a short period of time. The Granville/Morley Street site could be perfect.

Mart · « **Reply #12 on:** January 08, 2012, 03:35:52 PM »

Brunel buy back or a canal now which would the council think long and hard about spending another £80 mill of tax payers loose change on?

Well, that's easy. You just sell the Council Housing stock twice. Arguably no more questionable than previous SBC forays into 'Business'.

I've got no knowledge or inclination but just what sort of investment are you looking at to take on a unit in the Brunel?

I think I probably hate going into town, I hate the parking, I hate the tattiness and I hate the shits that use it as a kind of geometrically defiant street corner.

I like the burger van though.

Wonder if Rodders ever actually shops there or the morally challenged Perkins? I suspect not.

To allay any fears that I've gone pinko I'd like to reassure you all that I think they'd be feckwits which ever flag of political conveniene they sailed, or barged, under.

swindoncentric · « **Reply #13 on:** January 08, 2012, 03:37:52 PM »

Interesting idea Gorgon.

Could be a Mark II version of the original early 2000s idea of expanding The Brunel onto the Granville/Morley Street area.

newcollege1981 · « **Reply #14 on:** January 09, 2012, 08:08:14 AM »

Bring back the Brunel Market:

http://www.flickr.com/photos/swindonlocal/6096434603/#

One problem though, the current owners must have spent £1m or so extending 2 units in the Brunel Arcade which have never been occupied (empty approx 2 years or so I guess). This must have been a dent in their pocket and they are seeing no return for it.

2 large empty units, one on each level. Indoor market perhaps?? Trouble is, we have the traders in the tented market to think about as well.

How do people feel about the replacement canopies on the Brunel Centre? I

bobwright · « **Reply #15 on:** January 09, 2012, 08:36:03 AM »

Mart - Street Traders and that includes the Burger Van are being blamed for empty shop units

Mark Dempsey has asked for a Master plan review on the town centre. This has been agreed and it will involve public consultation. I personally do not think we need more offices and new technology means almost all the technical arguments for not leasing the empty old units can be overcome. In truth whilst Forward Swindon has been charged with regenerating Swindon they have found it hard to attract new jobs. From what I have been told it attracted 5 new jobs (people) last year.

I am sure the Council will do everything in it power to ensure a successful Brunel Centre. After 10 years of delivering new paving and roads the last thing it will want is to lose the confidence of the current business in Swindon. The Administration has chosen to build a brand new state of the art car park as a way of helping Swindon attract more business. It was able to borrow a further £15 million to achieve this so I am sure they will support existing business in any way it can.

Richard Symonds · « **Reply #16 on:** January 09, 2012, 09:37:57 AM »

Quote from: bobwright on January 09, 2012, 08:36:03 AM

The Administration has chosen to build a brand new state of the art car park as a way of helping Swindon attract more business. It was able to borrow a further £15 million to achieve this so I am sure they will support existing business in any way it can.

Yes Bob this administration is rather good at spending money it hasn't got!

Is this £15m to be added to the existing alleged £100m they have already Generated in debts?

Is this really necessary or would regeneration money be better used to support the start up of small business and get those empty shops occupied? After all the Canal Trust displaced a thriving business that was paying a commercial rent by one of a peppercorn value. If you can do it for them Rod you can do it for the little guy starting up, but then I guess you have to have a basic understanding of Economic Development to do that!

Bassettina · « **Reply #17 on:** January 10, 2012, 06:18:12 AM »

Where is the town centre management company, 'InSwindon' in all this? Or Forward Swindon? Both receive sums of money to help keep the town centre boyant - could that money be better spent on cheaper car parking and cutting rents?

Couldn't you get your first two hours free (or bus ticket reimbursed) for spending at least £20 in designated town centre shops?

newcollege1981 · « **Reply #18 on:** January 10, 2012, 10:59:21 AM »

As per usual with the Swindon Advertiser, they are playing catch-up with their stories. Take a look at this article I will post below. Apparently this is old news and the likelyhood of the shopping centre going into receivership is old news. Looks like they have been having problems for a while. The trouble is property prices have gone done in value, and since the centre changed hands back in 2004 / 2005 a lot of other towns have experienced new shopping centres and regeneration whilst we have been left behind.

Swindon is now even less of a retail shopping destination compared to 7 years ago. I would also imagine that when Westfield valued the shopping centre in 2004 for £140m, that also included planning permission for what was back then an extension to the Brunel onto Granville street car park (beofre the Modus scheme). Perhaps someone can take on the centre and bring these proposals forward again.

http://www.costar.co.uk/en/assets/news/2011/November/Brunel-Shopping-Centres-fate-to-be-determined-by-April/

komadori · « **Reply #19 on:** January 11, 2012, 11:23:14 PM »

Quote from: Bassettina on January 10, 2012, 06:18:12 AM

Where is the town centre management company, 'InSwindon' in all this? Or Forward Swindon? Both receive sums of money to help keep the town centre boyant - could that money be better spent on cheaper car parking and cutting rents?

The available figures (including those from the company responsible for managing the Brunel Centre's loan) show that The Brunel is actually doing rather well. It's occupancy rate is quite high given the current economy. But not well enough given that it is saddled with a loan worth more than the current valuation of the centre, with the loan due to expire within the next few months. It's problem isn't how well the Centre is doing now, but the financial judgement of its owners during the boom years.