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  #21  
Old 22.04.2015, 13:06
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Re: Swiss property prices are multiplying, as are fears of a bubble

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Tesco's today wrote off £4.7billion due to the fall of property prices, no doubt this will trickle through to ordinary houses in ordinary towns.
?? since when did commercial property prices have anything to do with house prices ?? Tesco's bought up huge amounts of commercial property / land and did bugger all with it for (almost) decades, see dartford town center for an example, now its all derelict, they paid for good condition retail units (lot of em) and now have streets of rubble. All this is a re-valuation, some clever accounting will now happen, they'll pay bugger all tax for a while, and everyone will get there bonus as usual.

commercial property prices in the UK have been a total joke for quite a while
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  #22  
Old 22.04.2015, 13:06
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Re: Swiss property prices are multiplying, as are fears of a bubble

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I rather suggest profits were lost due to shoppers changing the way they shop.
i.e going to Aldi's or Lidl's.
from the Guardian:

"The main reason for Tesco’s loss was a £4.7bn reduction in the value of its property holdings to reflect tough market conditions and declining profits. In total, Tesco took £7bn of one-off charges, more than wiping out a £1.4bn trading profit that was in line with reduced expectations."
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  #23  
Old 22.04.2015, 14:49
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Re: Swiss property prices are multiplying, as are fears of a bubble

It's also a theoretical write-down of the property value of their existing stores. Not much use to anyone apart from the tax accountants, unless they wind up the whole business and flog the shops.
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  #24  
Old 22.04.2015, 15:21
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Re: Swiss property prices are multiplying, as are fears of a bubble

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Tesco's today wrote off £4.7billion due to the fall of property prices, no doubt this will trickle through to ordinary houses in ordinary towns.
There was quite some furore in the newspapers in the last quarter of last year about "Tesco's Accounting Irregularities" and overstatement of profits. Consequently it is difficult to know without a close examination of the numbers how much of this property write-off was due to falling property prices versus over optimistic values in the first place and how closely these values were related to the UK market.
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Old 22.04.2015, 15:34
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Re: Swiss property prices are multiplying, as are fears of a bubble

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?? since when did commercial property prices have anything to do with house prices ?? Tesco's bought up huge amounts of commercial property / land and did bugger all with it for (almost) decades, see dartford town center for an example, now its all derelict, they paid for good condition retail units (lot of em) and now have streets of rubble. All this is a re-valuation, some clever accounting will now happen, they'll pay bugger all tax for a while, and everyone will get there bonus as usual.

commercial property prices in the UK have been a total joke for quite a while
For a very long time, plenty of commercial property becomes housing........buying an old country pub that does not work financially as a pub will probably give you the fastest buck.
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Old 22.04.2015, 15:37
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Re: Swiss property prices are multiplying, as are fears of a bubble

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For a very long time, plenty of commercial property becomes housing........buying an old country pub that does not work financially as a pub will probably give you the fastest buck.
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It's also a theoretical write-down of the property value of their existing stores. Not much use to anyone apart from the tax accountants, unless they wind up the whole business and flog the shops.
Based on values of other sold property, a valuation is always a valuation, I suspect their banks will take a very close interest. Nothing to stop them selling the shops & renting them back......
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Old 22.04.2015, 15:40
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Re: Swiss property prices are multiplying, as are fears of a bubble

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For a very long time, plenty of commercial property becomes housing........buying an old country pub that does not work financially as a pub will probably give you the fastest buck.

except the council (in most cases) won't allow you to do that lots of closed down pubs seem to have unexplained fires that burn them to the ground.

Its nice to see the land grab the big 3 or 4 chains in the uk have been doing for the past few decades finally bite them on the arse, shame its reduced quite a few places into ghost towns in the mean time.
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  #28  
Old 22.04.2015, 15:45
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Re: Swiss property prices are multiplying, as are fears of a bubble

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except the council (in most cases) won't allow you to do that lots of closed down pubs seem to have unexplained fires that burn them to the ground.

Its nice to see the land grab the big 3 or 4 chains in the uk have been doing for the past few decades finally bite them on the arse, shame its reduced quite a few places into ghost towns in the mean time.
Burning to the ground won't give new planning other than existing use.... So any change of use is a separate issue, obviously replacing with a larger building makes sense. Eve 30-40 year old houses in London get replaced with something 3 times the size.
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Old 22.04.2015, 16:56
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Re: Swiss property prices are multiplying, as are fears of a bubble

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For a very long time, plenty of commercial property becomes housing........buying an old country pub that does not work financially as a pub will probably give you the fastest buck.
True I live in an ex-mineral water factory that was converted into apartments. One unexpected benefit is the walls and floor are very thick concrete (between 24 and 36cm); nobody hears me and I do not hear them.
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