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smilerbaker wrote:link doesn't work
ROBERT wrote:Let me make clear I have no inside knowledge, but I have followed everything very closely over many years. The recent headlines on the BBC & in the local press are like many threads here very misleading. It is Sands Heritage, not Dreamland that is on its last legs.
I have had a business lease & it did not permit me to change the business without the freehold owner's consent, let alone pull it down & build housing. I should imagine the Dreamland lease would be to operate Dreamland full stop. The offshore loan company would have had confidence in the current administrators to turn the business around given their track record & were prepared to take the risk with a very high return - the report gives a figure of 2 million owed to them - they would certainly have no intention of running Dreamland themselves.
The report makes clear that selling it as a going concern would be a desired outcome, but not at present, as first it needs to be turned around & requires further investment to make it attractive to any future buyer - it is this the creditors agreed to. The administrators seem to be making headway having increased footfall, going for a 2nd train, getting the scenic railway & Octopus garden back on track, opening the Hall by the Sea & pursuing extra rides. Signs at present could not be more hopeful.
As for building houses as a solution- this is a non starter, at least for many years. The terms of the CPO made it clear that such profits would revert to the Goddens. Councils can't take out a CPO to do what the original owners intended to do, at least not for, I think it was 10 years, without compensating further the original owners.
First Sands Heratige Ltd is the company in administration. Dreamland is the trading name of Sands Heratige. The administartors have made it clear that Dreamland is not a viable going concern.
yes, I've also leased business premises over the years
ROBERT wrote:. I only hope there is a clause in it in which the lease is forfeited if they fail to deliver.
Bob wrote:My understanding is the Pub & the Club are subject to seperate 20 year leases and there is to my knowledge no charge on them. What value they have I dont know.There are also seperate leases for the Hall by the sea and the Undercroft. They also own 10 beach huts. Currently Sands have the Dreamland site for 14 years at peppercorn rent. There is a charge on the main lease and I would assume if the lease were sold the pepercorn rent would no longer apply. To date Dreamland has never made a trading profit. The administrators thing it may make a small profit in August but they are not certain. They have taken steps to reduce costs. If they cannot make a profit when they have no lease costs is not good without mega investment and a total change of strategy Dreamland has no hope. It would have to be far small and much lower cost with some of the site used for housing and retail
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