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Property Opportunity?: The Manor House/London area

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Property Opportunity?: The Manor House/London area

Will Berkeley's "Woodberry" transform the neigborhood?

======================================

 

(I originally posted this on a thread on Main.

The opportunity I see is not the one that the Builder is trying to sell you imho.)

 

THE RESIDENCE, Manor House

 

(this place is being marketed in HK this weekend - Any comments?)

 

86369_Residence_601_IMG_08_0000_max_620x

 

The Residence

 

The Residence is the last block in the current phase to be released at Woodberry Park. This iconic 27 storey tower consists of 167 one, two and three bedroom apartments and penthouses boasting spectacular panoramic views over both the East and West reservoirs and out towards London's iconic skyline.

 

Selected apartments including floors 20 and above will benefit from the platinum specification to include Bosch built in induction hob, microwave and double oven along with oak internal doors, fitted wardrobes to master and second bedrooms, multi room audio system including IPOD docking station, hard wired alarm system and video entry system.

 

With shops, cafes and restaurants due to open on the ground floor, and a residents only gym within the development* residents can experience the benefits of living above one of London's most prestigious new destinations.

 

58075_2079078_IMG_00_0000_max_620x414.JP

 

Woodberry Park

 

Woodberry Park is the first phase of the stunning Woodberry Down regeneration project fronting the West Reservoir, providing stunning views towards the City and Canary Wharf. A fantastic development of studio, 1, 2 & 3 bedroom apartments, Woodberry Park is less than 5 minutes walking distance of Manor House tube station and only15 minutes from Oxford Circus by tube.

 

This property is currently being sold off plan and is due for completition in 2012

 

/see: http://www.rightmove.co.uk/property-for-sa...y-27180460.html

/brochure: http://www.berkeleygroup.co.uk/berkeley/woodberry-park

 

= = = = =

LINKS:

Zoopla Mkt-View :: http://www.zoopla.co.uk/market/london/n4/f...rk-manor-house/

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Property Opportunity?: The Manor House/London area

The opportunity I see is not the one that the Builder is trying to sell you imho.

Notice anything interesting here?

001qsg.jpg

 

No highrises ! (between here and The City)

So what is going on with this (Woodberry) project?

 

"A mix of commercial, residential and leisure facilities make this mixed use development."

 

002yvk.jpg:eccccf4ee013bed4548154c47c4e99f41d603c87

The main tower here is 27 stories (by my count) - that's a big difference from the neighborhood.

(Have a look on Google - there is hardly anything over 3 stories. Have they changed the zoning laws?)

 

Now look at the high street:

(Click on "Street View"): http://www.rightmove.co.uk/property-for-sa...-27180460.html#

 

It isn't High Street Kensington, is it.

The existing density and demographic does not support much of a high street, that's what that view is telling you.

But change is being introduced by this project.

 

Do you see the opportunity yet?

It may not be in paying Pds.360,000 - 380,000 for a 2BR flat, as BDEV would have you do.

 

Older design was superceded

20688_Woodbury_Down.jpg

 

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It isn't High Street Kensington, is it.

The existing density and demographic does not support much of a high street, that's what that view is telling you.

But change is being introduced by this project.

 

Do you see the opportunity yet?

It may not be in paying Pds.360,000 - 380,000 for a 2BR flat, as BDEV would have you do.

...more coming...

Buy up some land between it and the City? Or buy some of those depressionville high street shops for re-development? Spot of gentrification? I don't know the area but it looks like your typical dump...at the moment.

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QUOTE (Jake @ Feb 16 2011, 09:49 AM) <{POST_SNAPBACK}>
Buy up some land between it and the City?
Or buy some of those depressionville high street shops for re-development? Spot of gentrification? I don't know the area but it looks like your typical dump...at the moment.

================

 

That's the idea, more-or-less.

I think this area will come under selling pressure in the months to come, along with the rest of London. The shops will not get any sort of (spending) boost from the new development until after completion and the new owners - and/or their tenants - start moving in.

That will be sometime in late 2012. (I hope to discover the date this weekend.)

Perhaps, homes and shops in the area may be much cheaper by then. The new folks will have money. If they are cash rich buyers from Hong Kong and Singapore*, then they will have money to spend at restaurants and local shops, so the area will experience some gentrifying. Those who paid Pds.360-380,000 are going to want a Pds.350-400 per week rent, to get an approximate 5% gross return. So it is obvious that the current high street does not match that sort of aspirational buyer / tenant. A good shop and restaurant WITHIN the development might "get the ball rolling."

If it turns out that they have removed or modified the zoning restrictions, and are going to allow more highrises, then property near to Manor House tube may be an interesting speculation, coming out of the next leg down.

I think it is quite sensible to try densification near some of the London tube stops. Maybe Manor House represents some sort of experiment in that regard. It is not too far from Central London. If you work in the West End, you have a nice quick ride down to Kings Cross (4 stops), or Piccadilly Circus (9 stops).

Underground map: http://www.visit-londoncity.com/london_tip...rground_map.jpg

== ==

*I suppose a "slightly upscale" Chinese restaurant on that high street might be just the ticket in 2013 or so.
tumblr_l74ke1B69A1qzsqe5o1_500.jpg
This isn't it. / more: http://www.londonshopfronts.com/tagged/chinese

It was clever of Barratt to be launching the high rise in Hong Kong.

The buyers here are comfortable with highrise living, and the photos make the new tower look like a proper luxury building, and it is loaded with expensive white goods to "prove" the point. But I doubt they will spend much time acquainting prospective buyers with the actual look of the neighborhood.

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Manor House also has Finsbury Park on the other side of it, so this is a great location, BUT with Europe's debt crisis still massively under-represented in the mainstream press and larger economy then I would have thought that house prices will go into freefall when the UK re-enters recession either this year or in 2012.

I was going to buy a flat in a large block in Slovenia before the CDO-inspired banking crisis of 2008-09, but pleased I didn't. Anyone buying a flat in a huge block when the economy tanks either takes a large hit short-term and stays with it for the long-term or if needing to sell is going to have to discount heavily when the prices go down and there are so many others who are in the same boat.

 

So it depends if you think the economy is on the mend or just re-inflated by QE1, QE2, UK banking bail-out etc. I believe there is far far worse to come so house prices and flat prices will dive.

I suspect you are right.

It is going to be very tough to rent the 2BR's in the tower for Pds. 350-400 per week, which is what the buyers will want to earn a 5% yield.

 

But as I say...

The opportunity is not in what the Builder is selling.

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That's it, more-or-less.

 

 

It is clever of Barratt to be launching the high rise in Hong Kong. The buyers here are comfortable with highrise living, and the photos make the new tower look like a proper luxury building, and it is loaded with expensive white goods to "prove" the point. But I doubt they will spend much time acquainting prospective buyers with the actual look of the neighborhood.

I think it is one thing to be moving to HK or Singapore or Tokyo into a nice high rise with spotless transport links and general feelgood spicy factors of life. It is another thing to waltz back to London into a (60's looking) new high rise with white goods and views of the city on the horizon but to be surrounded by general dumpiness and potential jealous have-nots living all around. UK and Asia are at different points on the see-saw. Still a good one to watch-if it ever gets built.

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... UK and Asia are at different points on the see-saw. Still a good one to watch-if it ever gets built.

Agreed.

But I have little doubt that it will get built. Construction has started already, and earlier phases are on the market.

I believe the Tower has been launched first in Hong Kong and Singapore, and I think it will sell well.

 

The thing to watch is the nearby properties, and the zoning laws.

 

If The Residence/Woodbury leads to a gentrification of the neighborhood, that will upgrade the neighborhood for the benefit of those who live in nearby houses. That's the first round of benefits. And if zoning leads to more genuine luxury highrises being built, the gentrification process can continue at a good speed.

 

The second factor may be put on-pause by a price slump.

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Market overview for N4 / Manor House - per Zoopla

97725704.gif

N4 Zed-Index : £360,354
Value change : +£14,910 (+4.32%) from 1 year
Turnover.......: 12.5%
Avg. house price paid: £350,367
No. of property sales: 931 over 3 years

/source: http://www.zoopla.co.uk/market/london/n4/f...rk-manor-house/

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(Here's how The Residence is being described to me in an email):

The Residence | Luxury City & Waterside Living in London

 

LUXURY CITY & WATERSIDE LIVING IN LONDON

 

Apartments available from only £197,500*

 

Luxury contemporary apartments rising 27 floors providing panoramic water views to the City and Canary Wharf skyline.

An exciting regeneration by the UK's leading developer, Berkeley, including shops, waterside restaurants, bars and residents' only gymnasium.

 

1,2 & 3 bedroom apartments and penthouses all with the benefit of outside space and superior internal specifications.

4 minute walk to Manor House Underground station on the Piccadilly Line, in Zone 2.

 

All Central London University colleges can be reached within 30 minutes *** of The Residence.

Direct Underground line to Russell Square for UCL and South Kensington for Imperial College.

16 minutes+ to the West End & Covent Garden for a world of entertainment, shopping, fine dining and culture.

18 minutes+ to the Olympic Village and the future Westfield Shopping Centre.

Commute to the financial centre of the world in under 20 minutes+.

Strong rental yields of up to 6% per annum++ .

999 year long lease.

Completion due Autumn 2012 **.

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PROPERTY EXAMPLES

 

(1)

e4391206fefd8d2b3d73b4837efb608278bac305

Patten House, Green Lanes, London

£219,950 - 3 bedroom flat for sale

Target offers for sale this three double bedroom apartment situated on the second floor of this block just off Green Lanes N4 with views over the West Reservoir. Chain free and priced to sell the property also has both front and rear ...

/see: http://www.zoopla.co.uk/for-sale/details/1...25ee10c1a790329

 

(2)

£215,000 - 2 bedroom flat for sale

Portland Rise, London N4

Ludlowthompson are sole agents for this Two double bedroom apartment in this ex-local building. The apartment is located close to manor house tube and Finsbury Park. The apartment is a good size wi...

/see: http://www.zoopla.co.uk/for-sale/details/1...25ee10c1a790329

 

(3)

6c6bed08dcfc25b78cc20eb5fb1ff91b9c73a0dc

£379,950 - 2 bedroom flat for sale

Green Lanes, London

Set within a superb modern development, this contemporary two bedroom flat offers ample living space with modern fixtures and fittings, and truly stunning view rarely found in London. Situated on the third floor with lift,

/see: http://www.zoopla.co.uk/for-sale/details/13911244

 

Above are flats. The houses are more expensive that I had expected

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If it turns out that they have removed or modified the zoning restrictions, and are going to allow more highrises, then property near to Manor House tube may be an interesting speculation, coming out of the next leg down.

 

I think it is quite sensible to try densification near some of the London tube stops. Maybe Manor House represents some sort of experiment in that regard. It is not too far from Central London. If you work in the West End, you have a nice quick ride down to Kings Cross (4 stops), or Piccadilly Circus (9 stops).

 

Underground map: http://www.visit-londoncity.com/london_tip...rground_map.jpg

BINGO !

I found the relevant newsarticle...

 

Berkeley strikes deal for 1,000 homes in Hackney

 

Aaron Morby ... 1st February

 

A £61m funding deal has been signed to build 1,000 more homes at one of the country’s largest regeneration schemes in Hackney, North London.

 

Hackney Council is investing £16m during the next four years, while developer Berkeley Homes ploughs in more than £30m, and the Housing and Communities Agency releases £15m to get the next phase of the huge scheme moving.

 

The development programme will deliver a range of new facilities including a health centre, and retail and commercial opportunities.

 

This follows hot on the heels of the 1,000 homes already being built, as well as a new community centre and Skinner’s Academy, completed in November.

 

Planning permission was also granted earlier this month for construction work by Berkeley Homes to take place at the Horston and Sherwood, and Newnton Close sites, with Phase 2 being considered in March, to build together a total of 226 homes for social renting, 182 for shared ownership, and the remainder for private sale.

 

Taken together, the funding and planning approval mean that nearly half of the 4,600 homes planned for the 20-year regeneration programme are now either under construction or due over the next five years.

 

page_woodberry.jpg

 

Cllr Karen Alcock, Deputy Mayor of Hackney, said: “Hackney Council made a pledge to residents that despite the economic climate we would find new and innovative methods with partners to provide housing at Woodberry Down.

 

She added: “Hackney is also among the top-performing London boroughs for affordable housing provision, and is on course to exceed a three-year total target of 1,961 affordable homes by 2011.”

 

Justin Tibaldi, Managing Director of Berkeley Homes (Capital), said: “Woodberry Down is one of the most significant regeneration schemes to be launched in the country in the past decade.

 

Berkeley Homes are totally committed to it and will continue to work closely with our partners to ensure that together we deliver the investment necessary to create a real, sustainable community where people will choose to live, and that provides long-term social and economic benefits for the wider area.”

 

Ruchell Peng, Genesis Regeneration Manager for Woodberry Down, said: “This is another positive step for Woodberry Down, and a good sign that it’s all taking shape.

 

“It is a real achievement that the partnership work at this important site is starting to bear fruit and is further proof of Genesis’ work to deliver the kind of houses and services that local communities deserve.”

 

Genesis will acquire and manage around 1,900 affordable rented and intermediate homes over a twenty year period. This equates to 41% of the total. The first new homes for social renting to become available at Woodberry Down are expected to be ready for occupation by Spring.

 

/see: http://www.constructionenquirer.com/2011/0...housing-scheme/

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If it turns out that they have removed or modified the zoning restrictions, and are going to allow more highrises, then property near to Manor House tube may be an interesting speculation, coming out of the next leg down.

 

I think it is quite sensible to try densification near some of the London tube stops. Maybe Manor House represents some sort of experiment in that regard. It is not too far from Central London. If you work in the West End, you have a nice quick ride down to Kings Cross (4 stops), or Piccadilly Circus (9 stops).

 

Underground map: http://www.visit-londoncity.com/london_tip...rground_map.jpg

BINGO !

I found the relevant newsarticle... More High rises coming - this area is densifying-

That will increase the value of land near the Manor House station (over time, I reckon)

 

Berkeley strikes deal for 1,000 homes in Hackney

 

Aaron Morby ... 1st February

 

A £61m funding deal has been signed to build 1,000 more homes at one of the country’s largest regeneration schemes in Hackney, North London.

 

Hackney Council is investing £16m during the next four years, while developer Berkeley Homes ploughs in more than £30m, and the Housing and Communities Agency releases £15m to get the next phase of the huge scheme moving.

 

The development programme will deliver a range of new facilities including a health centre, and retail and commercial opportunities.

 

This follows hot on the heels of the 1,000 homes already being built, as well as a new community centre and Skinner’s Academy, completed in November.

 

Planning permission was also granted earlier this month for construction work by Berkeley Homes to take place at the Horston and Sherwood, and Newnton Close sites, with Phase 2 being considered in March, to build together a total of 226 homes for social renting, 182 for shared ownership, and the remainder for private sale.

 

Taken together, the funding and planning approval mean that nearly half of the 4,600 homes planned for the 20-year regeneration programme are now either under construction or due over the next five years.

 

page_woodberry.jpg

 

Cllr Karen Alcock, Deputy Mayor of Hackney, said: “Hackney Council made a pledge to residents that despite the economic climate we would find new and innovative methods with partners to provide housing at Woodberry Down.

 

She added: “Hackney is also among the top-performing London boroughs for affordable housing provision, and is on course to exceed a three-year total target of 1,961 affordable homes by 2011.”

 

Justin Tibaldi, Managing Director of Berkeley Homes (Capital), said: “Woodberry Down is one of the most significant regeneration schemes to be launched in the country in the past decade.

 

Berkeley Homes are totally committed to it and will continue to work closely with our partners to ensure that together we deliver the investment necessary to create a real, sustainable community where people will choose to live, and that provides long-term social and economic benefits for the wider area.”

 

Ruchell Peng, Genesis Regeneration Manager for Woodberry Down, said: “This is another positive step for Woodberry Down, and a good sign that it’s all taking shape.

 

“It is a real achievement that the partnership work at this important site is starting to bear fruit and is further proof of Genesis’ work to deliver the kind of houses and services that local communities deserve.”

 

Genesis will acquire and manage around 1,900 affordable rented and intermediate homes over a twenty year period. This equates to 41% of the total. The first new homes for social renting to become available at Woodberry Down are expected to be ready for occupation by Spring.

 

/see: http://www.constructionenquirer.com/2011/0...housing-scheme/

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House building crashes to lowest level since 1923

 

Aaron Morby .. Thu 17th February

 

The number of new homes completed in England last year fell to its lowest level since 1923, Government figures have shown.

 

Just 102,570 homes were built last year, 13% lower than in 2009, and the lowest level during peacetime since 1923, according to the Communities and Local Government Department.

 

The number of homes completed by private developers plunged 18%, compared with a 3% rise for housing associations.

 

The country is now building less than half the 232,000 estimated homes needed each year in England to keep pace with rising demand.

 

The figures came as housing minister Grant Shapps set out the final design of the £1bn new homes bonus building incentive scheme, and unveiled the first allocations.

 

The Government estimates the new homes bonus will deliver up to 150,000 additional homes over ten years – the equivalent to twice the size of Blackpool – and support more than 11,000 construction jobs.

 

Local authorities involved in the first wave of the initiative will receive almost £200m in payments to reward them for approving developments.

 

Around 326 local authorities will share the first tranche of cash, with Tower Hamlets getting the most at £4.3m, followed by Islington at £3.7 m and Birmingham at £3.2m.

 

Other councils making the top 10 that will receive the most from the first payout include Manchester, Leeds, Bristol, Bradford and Milton Keynes.

 

The Government has pinned it hopes on cash-starved local authorities waving through planning proposals so they can receive matched council tax payments for every home built.

 

Affordable homes will receive 36% more bonus than market homes. This works out at a £9,000 payment on average to each B and D home or almost £11,000 for an affordable home.

 

Empty properties brought back into use will also receive the cash bonus for six years.

 

This would mean that a council allowing 1,000 units to be built could earn £10m to spend where they saw fit.

 

Grant Shapps said: “To kick start a house building revolution development needs to be backed by local communities rather than opposed by them.

 

/see: http://www.constructionenquirer.com/2011/0...vel-since-1923/

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What they are selling, they are selling in places like HK and Singapore

 

Yesterday, I actually visited a new project under construction. It was called Woodberry in Manor House.

 

It was rather beautiful, with a 23 story Tower overlooking a reservoir.

 

In fact, it looked at least as nice as the advertising brochures I had seen in Hong Kong.

 

The nice young woman in the marketing suite, was shocked to find a "walk-in" from HK. She did her best to describe the merits of the project. I told her I was yet ready to buy and wanted to have a look around.

 

The price was nearly GBP 500 per sq foot for a high floor flat. 461 per sf, I think it was.

 

That was a flat of less than 900 sf on the 23rd floor, with a view towards the city.

 

My idea was:

If there are enough new flats like this going in, it might "gentrify" the area. I had read about 1,500 new flats to be built. In fact, they are selling under 200 new flats there - a drop in the bucket. The rest are being built new (to a lower spec) and will be turned back to the council for affordable housing.

 

This will be great for the subsidised tenants who will wind up living there. But there will be little gentrification from the effort. Less than 200 new families (with more money to spend) will be a drop in the bucket.

 

After seeing the merits of the new development, I wandered around the area. Across the street, I stopped for lunch at a place called Erics Cafe, and ordered a pork chop. It arrived covered with brown gravy and so were the mushy green peas. It took me almost 5 minutes to scrape it off, before I ate it.

 

The Chinese takeaway next door was closed. Probably for lack of business. Someone from HK or Singapore should buy it. In September 2012, just before the property is completed. The 100+ new owners from the Far East will want a place to eat where they can avoid mushy peas covered with brown gravy.

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The Residence - they're talking about it on AX : thread

 

"The Waterside Apartments are being sold as Islington which is N1. Actually they are in Manor House/Finsbury Park N4 which is grotty and will gentrify like 'er never. The water is an uninteresting reservoir."

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Hello Dr Bubb, yep I am going to check out the development soon to see how it has come on as I live near there.

As discussed here with regard gentrification and I'm sure it was contained within my original post which has disappeared so I'll state it here again -

The immediate area of Manor House is a shit-hole.

It would take 10 years at least for it to be gentrified and as Stoke Newington is far far nicer and the real growth areas are there and along the A10 that is where anyone with money in London would and are buying.

By the way as you were looking at this as an investment then I do have far better investment ideas for the nearby area. If you are interested in that then please send me a PM. Not sure why I didn't think of that before actually. Anyway hope you are well

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I liked the design of the place, but I agree with you about the Manor House area - it was very grim there.

 

I will be in London in a few days, and if I have time, I may visit it again to see the extent of changes

 

I don't think we are ready to invest there yet.

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I don't really see how the immediate area around that new development can improve as it is primarily a big Council Estate. Up the road you have Stamford Hill, a insular Orthodox Jewish community which I can't see changing any time soon. Therefore, your typical young crowd which would normally move into an area, can't.

 

Nearby you have Stroud Green/Finsbury Park and Stoke Newington. Stoke Newington has already gentrified, Stroud green/Finsbury Park is improving, but I’d say the cheap opportunities have passed.

 

My aunt and uncle who live on the edge of Stoke Newington / Clapton, say friends of theres are now selling their properties and buying mortgage free further north in parts of Tottenham or further east in Clapton. So I guess these are the areas which are up and coming, as the money moves in. You can kind of see it around Upper Clapton, the area used to be almost a no go area and is still very rough round the edges, but now has trendy bars/restaurants opening up and an influx of young people. My friend has just opened a pizza restaurant there himself as he sees it as up and coming.

 

I think the key to an area improving is the amount of period housing, as an area declines for various reasons, the traditional housing loses value, but people eventually realise how nice the housing in these areas is and cheap in comparison to what they can buy elsewhere and move in, whereas the property around the manor hill development is all mid-rise estates which I personally wouldn't wish to live in. Plus there is no real high street, decent pubs etc…..

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...Plus there is no real high street, decent pubs etc…..

Some of that may come, as those with money move into the area,

but this means "taking a bet", since you cannot yet see what and where these new establishments will be

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New property being offered in Hong Kong

 

New River Gardens

Waterside London Living from £239,950 *

An opportunity to invest in a luxury apartment or penthouse

 

abbak.jpg

 

Stunning luxurious studios, 1, 2, and 3 bedroom apartments and penthouses; all properties benefit from a private balcony or outdoor space

 

Unique waterside setting located by the New River, with over 42 acres of open water and stunning views towards the City

 

Excellent transport links to central London from Manor House Station on the Piccadilly line (5 minutes walk) with direct access to Kings Cross St Pancras in 8 minutes+ and just 16 minutes+ from Covent Garden and London's West End

 

Cutting-edge architectural design combined with high specification and well planned living spaces

 

Facilities include 24 hour concierge, resident's only gym, pool, spa, on site Sainsbury's local supermarket along with private landscaped gardens

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Some of that may come, as those with money move into the area,

but this means "taking a bet", since you cannot yet see what and where these new establishments will be

 

To be fair, I walked past here the other week and it's coming along well. I thought it was just a couple of high rises, but they are actually masterplanning the whole area, incluidng improvements to the existing Council housing.

 

Plus, they've knocked down the existing retail units, which were pretty grim, so the area is coming along nicely.

 

I'd say a lot of that is factored into the price already though.

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Plus, they've knocked down the existing retail units, which were pretty grim, so the area is coming along nicely.

I'd say a lot of that is factored into the price already though.

 

Indeed. It is not cheap.

The real play might be to buy something nearby

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I was near Kings Cross today. In fact I walked behind Kings Cross to the London Bioscience Incubator passing by a massive building site (behind the British Library) where the new Francis Crick Institutie (www.crick.ac.uk) is being built (a massive biotech building - 1250 scientists; £100m operating budget - opening in 2014). I was surprised that neighbouring streets are seriously run down and full of social housing. What particularly bemused me was a big sign outside a trade union building nearby which was very very anti Mrs Thatcher. In fact this set the tone for a lot of the neighbouring streets all the way to Mornington Crescent Tube station (I had never really cottoned on to it really existing as opposed to being just a figment of 'I'm Sorry I have a Clue').

 

Given the massive investment in and around Kings Cross / St Pancras, (350k sq ft of new offices / new Google Campus / the Francis Crick unit) I am thinking the whole of that area is about to go through massive gentrification.

 

In fact I wondered about popping into the Trade Union building I saw (think it was something like Dockers and Transport union or something) and offering to buy the building....just to see their reaction. I would have said I was thinking of building a Thatcher Institute there :-)

 

Seriously though I think Kings Cross / St Pancras by 2015 could be very interesting. However I do not have a lot of local knowledge.

 

I appreciate the area has a degree of 'heritage' - eg I recently saw a small apartment block on sale that was described as a 'private club' - the web site pictures included a pole; red decor and mirror ceilings in rooms which had rather gaudy beds. I passed this building today and it was very much a hive of renovation activity and clearly is being 'repositioned'. I suspect there are a number of such opportunities in the area.

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In fact I wondered about popping into the Trade Union building I saw (think it was something like Dockers and Transport union or something) and offering to buy the building....just to see their reaction. I would have said I was thinking of building a Thatcher Institute there :-)

LOL.

Good one.

A wonderful irony, that might also be an excellent investment.

Trade Unionism seems to be just another power structure, generating its own elites, from what I have seen in the UK.

 

"Private club"?

Exactly... "with private parts"... for the enjoyment of members.

 

How long will it take to gentrify an area like that? We saw it in Soho, I suppose.

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