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  • Student Accommodation

    Disastrous Student Development

    Has anybody else had the unfortunate experience of having any dealing with Middle England Developments or Penlake? Both companies are run by an individual called Nigel Russell and his wife Tracy, Nigel has a colorful past to say the least.

    I personally bought into a unit in Liverpool, that whilst on the guaranteed rent was fine, however since not only has the rent stopped being paid both companies are completely unresponsive and simply ignore emails and phone calls.

    I am in the fortunate position whereby if this development goes completely wrong it does not affect me dramatically, however I am certain there are other past and future investors where this will not be the case. I have since learnt that they were paying 15% comms to distribute through which just goes to show how overvalued these pods are currently being sold for– I now see so many of the deals being distributed, including a number of people on your pages, and I do feel this is a ticking timebomb waiting.

    If there are other people affected it would be great to reach out as collectively we will have a greater ability to further any claims etc., equally if anybody has any experience on how I move forward from here it would also be very helpful.

    A Foolish Investor……
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    Hi Property Fool,

    I am sorry to hear of your plight.

    You might want to have a look at Risk Warning.

    This was set up by Regulatory Legal, the lawyers who have just won an out of court settlement from Harlequin.

    They may know of others affected by this scheme.

    Good luck and let us know how you get on.
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    I thought I owned a lot of LTD Companies, this Nigel Russel has 15 Active Directorships.

    If you use the above to find companies he is involved with, their should be many new telephone numbers to try - tell a white lie that he is expecting your call but you have lost his direct number. The most recent companies seem to be Penlake Student Homes Limited, Central Perk Chester Limited, Wcaf (Liverpool) Limited.

    I am not exactly sure what the issue is? ... Your bought a unit and the guaranteed rent has stopped? .... If they are no longer managing the property, you need to take control or get another management company involved.
    I may have got the wrong end of the stick.
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    Is Penlake doing the large church development on Rodney Street? 120 bedrooms?
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    Professional student and residential lettings in Liverpool.
    http://www.topproperty-services.com
    Twitter: @ToppropertyUK
    Thanks for the help, I will have a look at the site. Hopefully my situation will help others reading your site. Personally I feel this will be the start of many problems. When I first bought this unit 3 years ago it was relatively niche, however now not a week passes where I am not offered another development via email, and the guarantees just keep getting wilder! I saw a 5 year @ 10% recently, God knows what these things are truly worth. The other point to bear in mind for anybody considering this style of investment the exit strategy is virtually non existent owing to the collective nature of the blocks. I see a scenario in 3 or 4 years where the only people to have made any money out of this style of investment will be the distributors, and not surprising when the comms are up at 15% and higher.

    Foolishly Property!
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    Simon

    I think this company is doing the new block on Scotland Road corner of Wright Street, if I'm not mistaken. I was sent a prospectus recently via email (unsolicited). From memory it was pods at £39,950 each, 10% rent guarantee 2 yrs.
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    Yes they are doing Rodney Street also, it certainly seems like they are trying to do a very job of eating their own original market.
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    The exit issues have been discussed here at length before.

    Personally I think the sellers of pods underwrites two years income - after this it's anybodys guess.

    Similar to the grant bovey/imagine homes schemes.... 10% return (that's 5% a year, for 2 years..)
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    Professional student and residential lettings in Liverpool.
    http://www.topproperty-services.com
    Twitter: @ToppropertyUK
    I also have this problem. Can you e-mail me kavitabachada at hotmail dot com
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    Hi, I also have this problem.

    I have sent email to your address. No response yet
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    To Paul,

    Sorry but I cant get back to you. I sent to the address you gave but it came back as Demon Mail.

    I also can't see my message on the board so I don't know how you have viewed it.

    I have tried other ways of contacting you via the Property Tribe site but I keep getting a message to say that I am on probation.

    Regards
    J
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