Latest news... (Paigle's deadline to buy Dreamland)

[EAS]

In case anyone has missed the link on the News page

http://www.joylandbooks.com/scenicrailway/news.htm

Final deadline for sale of Dreamland

A Valentine's day deadline has been set for developers interested in buying Margate's Dreamland to come up with the money, or the owners say they will walk away from the table.
Margate Town Centre Regeneration Company owns the prominent seafront site but has been in talks for months to sell the former fun park to Paigle Properties for £29 million. Toby Hunter, chairman of MTCRC, said it had been in serious negotiations with Paigle, which approached the group to acquire the site since July, and an October deadline to complete had already passed. He said the two companies had negotiated a new deal in January but February 14 was the final deadline for Paigle to come up with the cash.

Mr Hunter said: "We have entered into a new contract with Paigle in January but February 14 is the 'drop dead' date, after which that's it."

He said Paigle had already paid over a £1.3 million deposit which would not be refunded if the deal broke down, adding it had "already been banked".

Mr Hunter said while the delay had been frustrating for MTCRC, the company had been working on its own plans for the Dreamland site which include homes, shops and leisure. He added: "I am a bit down about it. We've had to put our own plans on ice and haven't put in a planning application because we don't want to queer Jane's pitch. On February 15 I will be saying either we move forward with our scheme or that Dreamland has new owners and wish them the very best in what could be a great development."

Thanet council has now agreed its development plan for the area, which would be used to judge any planning applications against.

Paigle's Jane de Bliek said her company was going to buy Dreamland and "we're going to give the rides back to the people of Margate".

Paigle Properties owns the Seabathing Hospital in Westbrook and the Lido in Cliftonville.

If MTCRC, a joint venture between Waterbridge, Jimmy Godden and David Schriber, do sell Dreamland the company will still have an interest in the town. Mr Hunter said the firm is buying a stake in Regal Walk, the town's shopping mall. He added: "We think it is an interesting project and there's a lot that could be done. "I love the town."

[AJ]

Final deadline for sale of Dreamland

...........He added: "We think it is an interesting project and there's a lot that could be done. "I love the town."

Why when I read that final quote does a nasty stench seem to fill the room.

[EAS]

'I love the vast pots of cash I can make from screwing the town...'

(Allegedly...)

[Vince, Charlie and Sam]

I really hope the deal with Paigle goes through. There will be redevelopment of some of the site but the Scenic Railway will remain, along with an amusement park of a reasonable size, and I don't think we could do any better, short of buying the site ourselves.

As I've said before, Paigle have done a fantastic job with the Royal Sea Bathing Hospital while doing what any developer seeks to do- turn a profit-and I'm sure they will do the same with Dreamland.

This bit amused me-

He said Paigle had already paid over a £1.3 million deposit which would not be refunded if the deal broke down, adding it had "already been banked".

-if I bought a dodgy car from a second-hand dealer, the fact that he had banked the money wouldn't be an impediment to me getting it back.


Go for it Jane!

[EAS]

I at times wonder if I live on the same planet as the owners of Dreamland.

[Vince, Charlie and Sam]

I think the present credit crunch and falling property prices will work in our favour.

All of a sudden, building unsaleable flats has become a much less attractive proposition and as is well documented, amusement and leisure is one of the few business sectors which flourishes during a recession such as the one looming on the horizon.

[Jim Douglas Jr.]

I agree. Why build housing in an area where jobs are scarce?
Hopefully, the value of the land is actually dropping.

I guess we'll be in for a real shock one way or the other in the next couple weeks.

[uvegotmale2000]

i will remain cautious with paigle properties,yes they may be saying "we will be giving the rides back to the people of margate" but i will believe when i see it.we dont know if paigle have a hidden agenda........yet

the only person i would fully trust with the dreamland site is still philip miller.

[Zoidstar]

Sadly the crdit crunch and dip in house prices has not really hit the building markets.

A little off topic but, the latest ride for Adventure Island has run in to truble,

The planed Aeronaut will run between two towers - one standing at 65 metres high, the other 35 metres - and stretch across the western half of the park has been ngiven the green light but development problems have caused the launch date to slip untill after the summer season as work to erect the ride can not take place during opening hours for safety reasons.

also

Two sky tracker search lights that have been in use at the park have been given retospective planning permishon after a number of moanining minis complained the blocked out the night sky, the complants were recieved from Canewdon!

[porf]

Altered the title to make it a bit more descriptive as it seems to me to be the first important park related deadline of the year.

Might as well add a counter while I'm here

[Jim Douglas Jr.]

uvegotmale2000, the campaign has fought companies with agendas before.

[Becks045]

I wouldn't trust Paigle as far as you can throw them. To have the major developments in the area (Sea Bathing, the Lido, Dreamland et all) all owned by the same company strikes DANGER.

I wish TDC would wake up and realise there is more to Margate than Dreamland and the Turner Centre, its needs to be part of a bigger plan. Just having a theme park and an art gallery will not make people visit the area.

The town is a dump and I am embarassed by it.

[uvegotmale2000]

uvegotmale2000, the campaign has fought companies with agendas before.

hi jim

what i meant in my post is i wondered if with their quote of giving "the rides back to margate" was would they keep the whole site as a amusement park or have they got an agenda of building home flats etc

[Jim Douglas Jr.]

Well, hopefully someone will understand that long term, Dreamland is an excellent investment, but once again, it's upon knowing that Dreamland needs extensive renovation.

The giant concrete slab with portable rides isn't going to cut it.

Waterbridge wasn't going to do that. This new company at least seems interested in preservation and restoration.

[porf]

I wondered if with their quote of giving "the rides back to margate" was would they keep the whole site as a amusement park or have they got an agenda of building home flats etc

I think that might be reading a bit much into their quote!

I'd say it's pretty safe to assume that Paigle's use of the site should they purchase it would also include a considerable residential housing element.

UPDATED : OK I got intrigued as to what they might have planned, and yes you can't believe something just because it's on the net - but the following was announced in Sept 2007

Margate Beach contest winner

28 September 2007

Collado Collins has won a competition to design this £600 million mixed-use scheme (pictured) at Margate Beach in Kent.

Backed by local developer Paigle Properties, it includes sea-front leisure space arranged around a listed rollercoaster ride, a retail boulevard lined with palm trees, a 250-bed hotel and 1,800 new homes.

Practice partner Jonathan Collins said: “It represents a shift in attitudes to the British summer holiday.” Supporters say the project would provide a needed boost for the town.

The above was taken from the architectural news site at http://www.bdonline.co.uk/story.asp?storyCode=3096192 where there's also the following preview sketch of part of the development.