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Looks like upbeat tone at AGM is transferring into action following positive update-stock is outperforming market in response. Mark Allen is leading from the front.
Making all the right moves exiting the retail portfolio .A very timely sale of Edmonton . Stan the Plumber would have approved
Cold wind blowing throughout the sector
The very real prospect of a Debenhams CVA looming as evidenced by a recent sale of their store in Dumfries £350kpa with 18 years left on the lease sold for a paltry £1m.South American yield Market factoring in a void
This would knock the market for six
Nine Elms Disease , Strikes again !!
High court Action at new Covent Garden
What's going on ?<br /><br />Last trading statement in June shares at 421 now 374. +12% down.<br /><br />Looks like a lack of confidence in management strategy perhaps<br /><br />FSTE 250 has been roughly flat so why such a drop.<br /><br />Any ideas
We must agree to differ Mortevicar. I am also a very long holder and chatted to most of the directors at AGM. It was evident that they all believe that Mark Allen is following the money shrewdly and that the new momentum he and Jamie Hopkins can instill will drive the company to maximise their considerable assets. Their track records speak for themselves and both seemed enthused by the mid term prospects.I respect your view but time will tell.
Sorry Bev but I don't agree. I have held this stock for a long time and was a big fan but the new management have lost the plot. The company made lots of money from brownfield regeneration and planning gains but although this is supposed to still be in their strategy they are just not doing anything in these areas. As for a conveyor belt of new projects, there is a lot of talk in their presentations but nothing specific of any materiality coming through.
Rest assured that the conveyor belt of projects in hand will ensure a solid flow of profits - this outfit is positioned to churn out steady growth which may fluctuate according to timing of project completions but optimism unlikely to be unfounded.
My optimism seems misplaced
Might have to look more closely at this one
Mr Lincoln why do you think the trading future is secure?
Now 395p. Not a bad three days work?
Maybe shareholders now doubting that the heralded new strategy has no performance attached.
Profits down, no development, no planning gains and no new acquisitions ?
Prior to interim sp at 425+
Increased dividend, secure trading furure
Now 404
Defies logic
Looking forward to the half year results Strategy should be in full flow by now and results should reflect this!
ST. MODWEN AGREES SALE OF 27% OF RETAIL PORTFOLIO. https://www.investegate.co.uk/st--modwen-props--smp-/rns/st--modwen-agrees-sale-of-27--of-retail-portfolio/201805090700084315N/
An upbeat atmosphere prevailed at AGM with a reinvigorated focus on profit drivers thanks to inherent expertise and impressive new Board members refreshing the team.
The Annual Report quantifies the extent of penalties involved in delays at Nine Elms and in the big picture it really doesn't merit much of one's time. Mark Allen is fine tuning the 'conveyer belt' of regeneration and construction projects. Residential and commercial are now the main focus for the in-house expertise and less retail. The company's strength has always been midlands based but the spread into Wales,the southwest and the north makes for exciting times ahead I feel.
The Delay is Now over !"months and St Modwen will be Liable foe extra Cost.
The new chief executive is clearly making waves as evidenced by yesterday's impressive results. The new appointments will add further momentum and an already solid outfit appears to be going into another gear-still trading well below asset value unlike most in sector.
Whats going on? Price 407 Bid 427 Ask 386 Confused or what ?
New Covent Garden Project , 6 months Delay ,
Problems continue in New Covent Garden. Project running Late
Big problems at Vauxhall
Monkey off back. Back to basics optioning up large tracts of land .sell the dream to local authority stick in a road and sell plots or bespoke buildings to occupiers
Only good news to the extent that they have exited with their shirt still on their back. No profit though. But a good result when central London resi values are in free fall. This had the potential to drag the company down. Onwards indeed.
So the nine elms saga can be put to bed.Much management time will have been expended on a small proportion of the portfolio but has delivered a result and confounded their critics. This can now be unleashed in the midlands ,in particular,where their contacts and expertise is proven. Onwards and upwards from here.
From FT In Nine Elms, analysts have long questioned the sheer number of planned luxury apartments. “It’s looking to be quite a major oversupply,” says Roarie Scarisbrick, agent at Property Vision. Another developer, St Modwen, wrote down the value of its land holdings in the area by 17 per cent last year. Battersea Power Station Development Corporation, which is developing the historic building itself, has applied to delay the construction of 103 affordable homes and review other affordable housing commitments. Citing rising costs and economic uncertainty, it said its expected internal rate of return had dropped to 8.2 per cent from a projected 20 per cent. It is not the only group seeking to modify its affordable housing obligations as Brexit casts a cloud over the economy. Edoardo Mapelli Mozzi, chief executive of the London developer Banda Property, says: “The private sector alone cannot deal with affordable housing. This way, it only gets built if the top end of the market is working.” This contrasts with Greystars response in Property Week “We’re aware of all the noise, we read everything everyone else reads, but we’re just a very long-term business and the long-term potential for this area is amazing,” Allnutt said. “If you fast-forward six, seven, eight years it should be an incredible new place in London on the river.”
No real worries but the problem with 9 Elms its ratcheting up holding costs with potentially a fast diminishing site value .Still competing with a number of other sites hard by including the remainder of the Royal Mail site Appreciate one swallow doesn't make a summer and the reverse but these sort of headlines not conducive to persuading some hard nosed housebuilder to dig in deep in their pockets https://www.mylondonhome.com/property-for-sale/apartment-for-sale/riverlight-five-nine-elms-london-sw11/2878 I can envisage all the the great work executed elsewhere in the regions - SMP natural stomping ground being undermined by 9 Elms as its easy to see that maybe another £25-50m shaved off value. Stan the Plumber would be turning in his grave