THE DAFT AS A BRUSH PANTO AWARD
Goes to
SALFORD CITY COUNCIL
Picking up this Award will be Salford City Council which is also picking up the tab for an eight-year pre-lease on an office block being built on the site of the old Exchange Station opposite Manchester Cathedral by partners Carillion, Ask Real Estate and Tristan Capital Partners.
The Greengate office block, called Embankment 101, is the first of two huge buildings nicknamed `The Ugly Sisters', because, er, they are bloody ugly! And the Council, we understand, originally earmarked around £15million to speculate on the project.
In 2011 it was to guarantee 50% of the rent on the first block for the first ten years. The decision to gamble with millions of pounds of local taxpayers' money was taken by Salford Council's Cabinet in secret, rushed through as "urgent and not subject to call-in" while the subsequent decision notice was never posted on the Council's website, as is a legal requirement.
In January this year, however, the terms of the lease were changed and the Council has now signed an eight-year pre-lease on the whole of the first office block gambling with an even larger amount of tax payers' money than originally envisaged (see previous Salford Star article - click here).
With Salford Council now guaranteeing to pay 100% of the rent on the first Ugly Sister, it's a no-brainer that speculators would come forward to invest. And so they did
Tristan Capital Partners a `pan-European real estate investment manager' put out a press release stating that a fund it advises - the European Property Investors Special Opportunities 3 (EPISO3) fund - had become the main investor in the £56million project that features "an innovative lease arrangement from Salford City Council".
`Innovative' meaning `you underwrite our gamble'. `Special Opportunities' meaning `we can't lose'.
"Salford City Council has played a crucial role in bringing this major investment to the city" preened Salford City Mayor Ian Stewart "The development is further evidence that Salford is becoming an extremely attractive city for investors from around the world."
Or should that be `easy touch for investors from around the world'?
In recognition of this fawning over the Ugly Sisters, there could be only one winner of the Salford Star Mary Burns Daft As A Brush Panto Award...
Ladies and gentlemen, it's not behind you, it's in front of your eyes. So stomp your glass slippers, eat the Mayor's magic beans and bow to the giant juggernaut of rampant capitalism for the winner...
Salford City Co-o-o-o-u-n-c-i-l
If someone from Salford Council would like to make an acceptance speech please use the comments box below...
The eighth annual Salford Star Mary Burns Awards ceremony will run throughout the festive season
The 2014 Salford Star Mary Burns Awards...
The Our Friends In The North Memorial Prize Sigma Capital Group click here
The China In Your Eyes Award Salford City Mayor Ian Stewart - click here
The Ben Hur Award For Services To Hollywood - click here
The Bridge Over Troubled Water Award - Salford City Mayor Ian Stewart - click here
The Downhill Slalom Gold Medal For Collapsing Fracking Share Prices - IGs Energy plc - click here
The Feed The Rich With £6Million Award (Part 1) Peel Holdings click here
The Feed The Rich With £6Million Award (Part 2) Scarborough Development Group click here
The George Bush `Read My Lips' Award' - Salford City Mayor Ian Stewart click here
The In The Thick Of It Award Matt Finnegan click here
The Palm d'Or Award Hazel Blears click here
The Salford Red Devils `Paperwork Error' Award Salford City Mayor, Ian Stewart click here
The One Rule For The Mayor And One For Everyone Else Award Salford City Mayor Ian Stewart click here
The Disgraceful Disgusting Urban Splash Award Urban Splash click here
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