Firm closing

[BriT]

13 minutes ago, Steady Eddie said:

I believe that landlord has done that to another business in Castletown in the last few years. It’s like buying an established business for absolutely nothing. 

Castletown is a unique toxic brew. You have this guy who has a few high profile commercial premises around the square. Tilliard who has about 60 apartments and shops in the middle of town, and Arragon who have the remainder of Arbory and Malew Street together with the Japanese restaurant guy buying up all the holiday properties and shops around the quay. It’s like a colony of bald headed men fighting over a comb as the economic activity in the town is virtually bugger all. 

[NoTailT]

1 minute ago, BriT said:

Castletown is a unique toxic brew. You have this guy who has a few high profile commercial premises around the square. Tilliard who has about 60 apartments and shops in the middle of town, and Arragon who have the remainder of Arbory and Malew Street together with the Japanese restaurant guy buying up all the holiday properties and shops around the quay. It’s like a colony of bald headed men fighting over a comb as the economic activity in the town is virtually bugger all. 

On the flipside, Castletown looks quite desirable now (I'm bias) and is very up and coming.

[John Wright]

29 minutes ago, NoTailT said:

What if the landlord decides - for example with this case - to carry on a gym business using what's there?

Not saying that is the case. But intriguing point on forfeiture.

Under Manx law he has a preferential claim for one years rent secured upon contents. 

[manxfisherman]

It's landlords that ruin towns. 

Look at the state of Callows Yard. It currently has a massive cafe (mustangs) empty cos no one can afford the sky high rent and the unit next to it which was recently a laundry, closed now and empty again cos the rent was too high. 3 units that were commercial are now apartments, so no one can rent them as businesses any more. And everyone knows not to even try to ask about taking the ones that are left on, cos they know that if things go wrong the landlord will immediately go the court route and completely fuck you over, like he has numerous times. The risk is just too high.

I don't know that much about this Mike Osborne bloke, but I asked a few people over the last day and no one had a good word to say. Couple of them referred to someone losing their home over a rental dispute with him. It's going to be the same with this gym now as  Callows Yard, desolate. The gym has undoubtably has been bringing people into the town. Now it'll be empty for ages, and what businesses are left will suffer because those potential customers won't be around. But the already very wealthy don't really care. They don't live in the town they're killing, they don't actually need the businesses occupied cos they own the asset, and that value is never going to drop. Manannan House (Bodycraft) is a big 4 story building in the market square, it'll be worth £2m quid anyway, he won't miss the £40k/yr rent so it can stay unused. 

HNWIs, that's who the government wants. Well they're all pricks.

Edit - Arragon own the chemist bit and it looks like shit. Fine the pants off them.

Edited October 20, 2022 by manxfisherman

[BriT]

1 minute ago, NoTailT said:

On the flipside, Castletown looks quite desirable now (I'm bias) and is very up and coming.

I think that’s why all these people have loaded up on property. They come here. They think it looks like Cornwall and is undevalued and then make some very bad property business decisions. 

[Kipper99]

5 minutes ago, BriT said:

Castletown is a unique toxic brew. You have this guy who has a few high profile commercial premises around the square. Tilliard who has about 60 apartments and shops in the middle of town, and Arragon who have the remainder of Arbory and Malew Street together with the Japanese restaurant guy buying up all the holiday properties and shops around the quay. It’s like a colony of bald headed men fighting over a comb as the economic activity in the town is virtually bugger all. 

 

2 minutes ago, manxfisherman said:

It's landlords that ruin towns. 

Look at the state of Callows Yard. It currently has a massive cafe (mustangs) empty cos no one can afford the sky high rent and the unit next to it which was recently a laundry, closed now and empty again cos the rent was too high. 3 units that were commercial are now apartments, so no one can rent them as businesses any more. And everyone knows not to even try to ask about taking the ones that are left on, cos they know that if things go wrong the landlord will immediately go the court route and completely fuck you over, like he has numerous times. The risk is just too high.

I don't know that much about this Mike Osborne bloke, but I asked a few people over the last day and no one had a good word to say. Couple of them referred to someone losing their home over a rental dispute with him. It's going to be the same with this gym now as  Callows Yard, desolate. The gym has undoubtably has been bringing people into the town. Now it'll be empty for ages, and what businesses are left will suffer because those potential customers won't be around. But the already very wealthy don't really care. They don't live in the town they're killing, they don't actually need the businesses occupied cos they own the asset, and that value is never going to drop. Manannan House (Bodycraft) is a big 4 story building in the market square, it'll be worth £2m quid anyway, he won't miss the £40k/yr rent so it can stay unused. 

HNWIs, that's who the government wants. Well they're all pricks.

Does Tilleard own any of the Callow’s Yard development? Or, after Tesco didn’t take the anchor tenancy, did he hand over control to his bankers as he’d breached his banking covenants?

[NoTailT]

5 minutes ago, John Wright said:

Under Manx law he has a preferential claim for one years rent secured upon contents. 

Sorry that doesn't make much sense?

[Steady Eddie]

3 minutes ago, manxfisherman said:

Look at the state of Callows Yard. It currently has a massive cafe (mustangs) empty cos no one can afford the sky high rent and the unit next to it which was recently a laundry, closed now and empty again cos the rent was too high. 3 units that were commercial are now apartments, so no one can rent them as businesses any more. And everyone knows not to even try to ask about taking the ones that are left on, cos they know that if things go wrong the landlord will immediately go the court route and completely fuck you over, like he has numerous times. The risk is just too high.I

From what I hear he’s had the whole thing quietly for sale for a few years but has been laughed out of town by everyone for what he’s asking. I also understand the last tenant in the diner lasted 5 days before having a row and walking out. The launderette went bust, and the guy running the diner before was a drug dealer who did a runner. 

[John Wright]

Under Manx Law a landlord who is owed rent has a preference for one years rent ahead of all other creditors. In other words they get the first payment, before the tax man, a debenture holder, everyone,from sale of any contents.

That recognises that gaining possession and reletting make take time.

[manxfisherman]

4 minutes ago, Steady Eddie said:

From what I hear he’s had the whole thing quietly for sale for a few years but has been laughed out of town by everyone for what he’s asking. I also understand the last tenant in the diner lasted 5 days before having a row and walking out. The launderette went bust, and the guy running the diner before was a drug dealer who did a runner. 

£25m. And they changed the locks on the drug dealer, someone I know was on the staff.

[NoTailT]

1 minute ago, John Wright said:

Under Manx Law a landlord who is owed rent has a preference for one years rent ahead of all other creditors. In other words they get the first payment, before the tax man, a debenture holder, everyone,from sale of any contents.

That recognises that gaining possession and reletting make take time.

Gotcha.  My initial question was in reference to your dilapidations point.

Say this Edge bloke has a PG on the dilapidations at BodyCraft and MOP decide - following forfeiture - to reopen the site as a gym themselves using the fixtures there, they can't still stuff the bloke for the dilapidations?

[Steady Eddie]

Just now, manxfisherman said:

£25m. And they changed the locks on the drug dealer, someone I know was on the staff.

I’d heard slightly less but the asking price is apparently completely delusional so it’s going to sit there and rot like the rest of Castletown. Yes the drug dealer got locked out, then some guy came in and lasted a few days I believe before realizing he’d been totally screwed. 

[John Wright]

3 minutes ago, NoTailT said:

Gotcha.  My initial question was in reference to your dilapidations point.

Say this Edge bloke has a PG on the dilapidations at BodyCraft and MOP decide - following forfeiture - to reopen the site as a gym themselves using the fixtures there, they can't still stuff the bloke for the dilapidations?

Dilapidations, yes. Future rent, due to original expiry date of lease, no.

[manxfisherman]

13 minutes ago, Kipper99 said:

 

Does Tilleard own any of the Callow’s Yard development? Or, after Tesco didn’t take the anchor tenancy, did he hand over control to his bankers as he’d breached his banking covenants?

I don't know. The same person who was in the office before the tesco thing is the same person in the office now, and lives in one of his properties so i just assumed he still owned it. 

[Steady Eddie]

Just now, manxfisherman said:

I don't know. The same person who was in the office before the tesco thing is the same person in the office now, and lives in one of his properties so i just assumed he still owned it. 

He still owns it and is hawking it quietly round looking for people on drugs to pay him what he thinks it’s worth.