Firm closing

[AOR]

2 hours ago, offshoremanxman said:

Nonsense supply and demand? Yeah there’s loads of people wanting to set up gyms I’m sure and Castletown is largely empty. The building next door is empty too and so is Barclays Bank across the road. Astronomically high rents to operate from a dead town. 

 

1 hour ago, offshoremanxman said:

Yes but I’ve tried to get hold of who told me the rent amount this morning but the figure they said to me about 18 months ago was ridiculous. A business needs to make a profit in order to pay exorbitant rents. A classic example is the old Noa / Osbornes shop on Fort St which up at £84K a year currently. You’d have to be mental to pay that for a rundown building during a recession. What could you possibly put into there that would make £84K a year affordable as a cost overhead?

Both your posts demonstrate supply and demand. A fundamental law of economics.

Although I concede that there are too many landlords on the Isle of Man who don't need any more money and are perfectly happy to have their properties empty. But the law of supply and demand is still floating about outside the greedy and/or lazy landlord bubble.

So . . . rent too high? Negotiate, and if that fails move elsewhere.

It's a tough life.

[manxfisherman]

1 hour ago, Steady Eddie said:

No but I believe Tilliard quietly has the rest of Castletown up for sale and has been laughed out of town by everyone who has expressed interest. 

Sold Lorne House to some mate of Prince Harry I was told. It was up for £4m, there has been some plant on site in there the last month or so.

[offshoremanxman]

12 minutes ago, AOR said:

So . . . rent too high? Negotiate, and if that fails move

You seem to have a poor grasp of the negotiation options. If you can’t negotiate with a landlord you can’t just move elsewhere. You broke the lease if you leave and the landlord is going to sue you for rent to the end of the agreed term. It’s a one sided negotiation as you don’t have a leg to stand on. 

[WTF]

1 hour ago, offshoremanxman said:

Yes but I’ve tried to get hold of who told me the rent amount this morning but the figure they said to me about 18 months ago was ridiculous. A business needs to make a profit in order to pay exorbitant rents. A classic example is the old Noa / Osbornes shop on Fort St which up at £84K a year currently. You’d have to be mental to pay that for a rundown building during a recession. What could you possibly put into there that would make £84K a year affordable as a cost overhead?

strip club ?  this island is full of wankers.

[offshoremanxman]

6 minutes ago, WTF said:

strip club ?  this island is full of wankers.

Meth Lab would be the only thing likely to support that rent. 

[Passing Time]

3 hours ago, The Phantom said:

 I think a lot of people with investments in commercial property are going to take quite the hit over the next few years. 

all you can do is keep your fingers crossed...

[Steady Eddie]

3 hours ago, manxfisherman said:

Sold Lorne House to some mate of Prince Harry I was told. It was up for £4m, there has been some plant on site in there the last month or so.

I heard he got half of what he was asking on that (yes I believe a chum of Harry’s) and nowhere near what he was wanting for anything else.

[Gizo]

Bodycraft closed for the foreseeable future.  Please stop all standing orders. 

[BriT]

36 minutes ago, Gizo said:

Bodycraft closed for the foreseeable future.  Please stop all standing orders. 

There’s a few complaining online that they paid their fees upfront. Unlucky! It’s a great shame but no real surprises. The fitness industry has had a terrible time over the last two years with covid etc and it’s fairly well known I think that the rent for something like that in town is high. There will be a lot more of this sort of thing happening as winter approaches. Plenty of hospitality places are struggling too. 

[mad_manx]

15 minutes ago, BriT said:

There’s a few complaining online that they paid their fees upfront. Unlucky! It’s a great shame but no real surprises. The fitness industry has had a terrible time over the last two years with covid etc and it’s fairly well known I think that the rent for something like that in town is high. There will be a lot more of this sort of thing happening as winter approaches. Plenty of hospitality places are struggling too. 

I suppose if they paid with a card they might be able to get some funds back .

Not sure about this though but if they paid cash or bank transfer it's all gone .

Edited October 19, 2022 by mad_manx

[Wavey Davey]

5 hours ago, AOR said:

So . . . rent too high? Negotiate, and if that fails move elsewhere.

It's a tough life.

That relies on a willingness to negotiate. If the landlord is who they say above you certainly wouldn’t be negotiating with him. You’d likely be told you will be sued into the next century if you don’t cough up and they’ll come for any personal guarantees you signed and take your house if you don’t. Maybe throw in some massive dilapidation claim in on top to really fuck you over. Being tied into a bad lease with the wrong landlord gives you nothing but a wall of pain. You can’t just stop paying and move somewhere else as you suggest. You legally owe them money up to the end of the lease and if they are minded they’ll come for you and get it. 

[kevster]

1 minute ago, Wavey Davey said:

That relies on a willingness to negotiate. If the landlord is who they say above you certainly wouldn’t be negotiating with him. You’d likely be told you will be sued into the next century if you don’t cough up and they’ll come for any personal guarantees you signed and take your house if you don’t. Maybe throw in some massive dilapidation claim in on top to really fuck you over. Being tied into a bad lease with the wrong landlord gives you nothing but a wall of pain. You can’t just stop paying and move somewhere else as you suggest. You legally owe them money up to the end of the lease and if they are minded they’ll come for you and get it. 

Not always to the end of the lease - most contracts have break clauses that allow for early exit with notice as stated in the contract.

[Wavey Davey]

3 minutes ago, kevster said:

Not always to the end of the lease - most contracts have break clauses that allow for early exit with notice as stated in the contract.

Fair point. To the next breaker clause if they’re in there but you’re often still fucked if the landlord is the wrong type of person. To suggest people can just go ‘hey ho’ and walk away and go somewhere else cheaper is just rubbish. Often there’s also personal guarantees in place and they’ll take whatever they can if they want to. 

Edited October 19, 2022 by Wavey Davey

[NoTailT]

Lots of people on Bodycraft faceache page complaining about pre-paid fees and so on.

Seems there is very much two sides to the story, someone from the business saying 'We will say more when we are legally able to.'

[Gizo]

18 minutes ago, NoTailT said:

Lots of people on Bodycraft faceache page complaining about pre-paid fees and so on.

Seems there is very much two sides to the story, someone from the business saying 'We will say more when we are legally able to.'

Well, they won’t be re-opening anytime soon.  Rather large amount of rent still due….quite a figure. MOP changed locks, load of decent gym equipment for sale soon no doubt.