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Update on tender process, EGM resolution, boatyard re-development & freehold purchase
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www.balticquay.london

Dear <<First Name>>,

Please find below updates on four key areas- the tender process, EGM resolutions, the proposed boatyard re-development and the freehold purchase transaction.
 
Tender Process
 
The Directors have employed Fiona Docherty of James Andrew Residential to conduct an independent tender for the role of managing agent at Baltic Quay. 
 
The tender process will be completely transparent and this started with the Forum for leaseholders held at Baltic Quay on September 2nd. 
 
The five companies being invited to tender are: Newton Jones Ltd, Lamberts Chartered Surveyors, KFH, Drivers & Norris and Parkgate Aspen. 
 
The Directors would now like to give leaseholders access to the documents issued to the five companies and these can be seen here:

Baltic Quay Tender Pack.pdf
07.09.2015 Letter to Newton Jones Ltd.pdf
Invitation to Tender.pdf
 
All leaseholders are invited to use Directors@BalticQuay.London to send in comments on any of the companies and all of these will be passed to Fiona Docherty. 
 
In order to ensure the tender is conducted properly, the Directors have accepted an offer from James Andrew Residential to act as interim managers should this be required as part of the selection of a managing agent. The Directors do not expect the cost of this interim solution to be any more than the current charges from Newton Jones. 
 
Immediately after the EGM next Wednesday 16th, Fiona Docherty will be available to take questions from leaseholders to clarify any issues. 
 
EGM Resolution 3
 
Regarding an open letter from Newton Jones on Resolution 3 at the EGM, Helen and Richard appear to have misread the Notice, this resolution has been proposed by a large number of leaseholders. The only resolution proposed by the Directors is Number One, where we seek ratification of the appointment of Tom Bridge to the Board. However, our understanding is that Resolution 3 proposes a review of the Porters' roles, pay and reporting structure. 
 
Boatyard re-development
 
As an update on the proposed development of South Dock Marina Boatyard, the Directors have received confirmation that Southwark Council have opened a second consultation period and leaseholders can participate online at: http://tinyurl.com/SDMConsultation1
 
Freehold purchase

We write to remind you that if you wish to take up the freeholder's offer to acquire a share of freehold for your flat at a fee of £150 plus legal costs, you will need to instruct Bishop & Sewell in writing no later than 23 September 2015, as the freeholder has set 28th September as the deadline for acceptance of the section 5 Notice.
 
In accordance with the wishes of a group of leaseholders who questioned the value of the freehold, Yvonne Kunihira-Davidson commissioned an independent valuation of the freehold. The surveyor's report puts a value on the freehold of approximately  £65,000, which is more than the offer we have received of £24,450 excluding legal costs.

We have been informed that as of 10th September, 58 leaseholders have instructed Bishop & Sewell to proceed. In order to proceed under the section 5 process, a minimum of 82 leaseholders are required to accept the Notice.

If the target of 82 leaseholders is not achieved, the purchase will proceed under different terms, although it will still be for a total purchase price of £24,450 excluding legal costs.

If you have any questions, please contact Yvonne Kunihira-Davidson (yvonnekd@gmail.com) or Chris Macartney (cmacartney@bishopandsewell.co.uk)  
 
To view a copy of the latest update and the freehold valuation report, please follow this link.
 
Link to the freehold valuation report


Best wishes, 


The Directors of Baltic Quay


Keith Duncan (Chairman)
Yvonne Kunihira-Davidson (Finance & Contracts)
David Hubber (Staff, Leaseholder & Council Relations)
John Staines (Company Secretary)
Thomas Bridge (Website and Social Media)

    

Baltic Quay is an historic, award-winning building. The Directors are guardians of its past, present and future and perform their duties without recompense. As such, we are constantly looking for people to join the Board and lend their professional expertise in any way possible. If you would like to express an interest in playing a more active role within Baltic Quay - or indeed have any suggestions you wish to make - please reply to this newsletter or email directors@balticquay.london

Copyright © 2015 Baltic Quay 1994 Ltd, All rights reserved.


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