This was the other Aug 13 2009 story. Good reporting from Ed Saunt rather than just re-printing PR! I think the answer to the question in the title is no
Is 'Concorde Village' a real opportunity?It is a story that links a former feltham gravel pit with investors in Brunei, Singapore and Canada and an audacious bid to buy Newcastle United. Ed Saunt investigates what is going on at lower Feltham Lakes.
To a Far Eastern investor 'Concorde Village' might sound like the perfect business opportunity. Backers could pick up a plot just two miles from Heathrow for just £8,000 with the promise of a 250 per cent return within three years.
Singapore-based landowners Profitable Group said the Lower Feltham Lakes site was ripe for a housing project comprising 1,000 homes and a recent entry on its website boasts that development proposals have already been submitted.
However, following an investigation by the Chronicle into concerns from investors and neighbours of the site, Hounslow Council has confirmed no such application has been received, while Profitable's UK communications consultants, Chelgate, admitted this week that
the claims were untrue.Mike Hardware, executive vice-president of Chelgate, said:
"We know that's not true. I don't know why that's there because the council has not received an application and we are not intending to submit one in the near future."Chelgate is leading a consultation into proposed development of the former Feltham gravel pits off Chertsey Road but Mr Hardware admitted it would be at least four years before a planning application is even lodged with Hounslow Council.
Profitable Group - which last month put in a bid to buy Newcastle United
** - bought the land from housebuilder Taylor Wimpey for £3.15m in 2006 but the group's predictions of 250 per cent growth for investors would value the land at more than £100m.
The council has been inundated with queries from investors who fear they might not see any return on their money.
A man from Brunei wrote: "They (Profitable Group) have been marketing very heavily here and have been trying to persuade my family to buy some plots on their scheme. Have you any news regarding them? I fear they may be one of the many scams that are mushrooming around the world. With their marketing and information it is hard to believe that such ventures can be so profitable."
Another potential investor from Singapore, on the verge of buying 47 plots for £253,125, said he was told planning permission was likely to be granted in 2010 or 2011.
Feltham residents have also contacted the council to seek reassurance that deals had not been made with developers behind closed doors.
A spokeswoman for Hounslow Council said: "The site does not have planning permission. We have been in contact with the planning consultants to reiterate that any proposal for redevelopment of this site for residential or mixed used purposes, under current policy, would not be supported by the Council. We have asked that this is relayed to any marketing company that the landowners may be using."
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** As
widely reported in the UK news media Profitable Group were not able to provide proof of funds to back their bid for Newcastle. They did get a lot of web **** to block potentially negative web items such as this forum thread.