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Liverpool JMU made ?10m from sale of Hope Street buildings
LIVERPOOL John Moores University netted ?10m from the sale of buildings around Hope Street to a company later accused of ?hacking the front? off an historic former hospital.
The university refused to reveal how much Maghull Developments paid for the four buildings, including Josephine Butler House, a former hospital building dating back to 1867, and John Lennon?s old art school.
But documents obtained by the Daily Post revealed the company paid LJMU at least ?9.9m.
Land Registry documents showed Maghull Developments paid ?4.9m for Josephine Butler House, ?2.2m for the Hahnemann Building and ?2.8m for 68/70 Hope Street, John Lennon?s old art school.
The company also bought 2 Blackburne Place, but its price was not listed on Land Registry documents.
Under the terms of the sale, LJMU is leasing back the former art school until June, 2011.
A spokeswoman for LJMU said: ?For commercial reasons, the university leases a number of buildings as it refurbishes other buildings.
?We got a good deal for the buildings we sold to Maghull Developments, and we were satisfied it was the appropriate partner.
?We cannot impose anything on how it develops the buildings. It was a straight sale.
?The money went towards funding our arts and learning academy, which cost ?27m.
?This was about making sure the students and staff have the very best facilities.? continues...
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There aren't any scruples in business these days.
**** sell outs.
They'd probably be able to fund the arts stuff no probs if they didn't enroll too many students. They dropped some not long ago because they had too many could of been fined by the Gov. Probably enrolled too many part time self stackers at Tesco want to study Sports Science!(coudn't resist , most of the works at the Tesco in Allerton who are at JMU do sports science was joiking about that.)
Last edited by Max; 04-14-2009 at 04:06 PM.
Gididi Gididi Goo.
Many Unis are between a rock and a hard place. The government were keen to get as many as possible into higher education and pushed Unis to expand -then realised they couldn't fund the extra places so capped Unis on the numbers they could recruit. In some cases Unis invested in new courses and facilities, then had the plug pulled on them.
Originally Posted by Max
They've just done something similar to further education - though on an even larger scale.
John Mooores and the Planning Committee both say that Maghull Developements were a proper company to deal with, hate to think what constitutes a bad company to deal with.
It's public money they are playing with and (in theory) honour-bound to sell assets for the best possible price. I'm not naive enough to believe this always happens - but if the press picked up on assets being sold ethically, rather than for the best price, no doubt they'd be castigated for that as well.
Originally Posted by Cameraman
LJM want their grubby mitts on the Masonic Lodge in Hope Street.
They've got no chance
Josephine Butler House
By Kev in forum Liverpool City Center
Last Post: 04-13-2009, 08:35 AM
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