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Advice to Manish Chheda

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Enquiry

From
Manish Chheda
Date advice given
28 May 2020
Enquiry type

The London Resort Company has informed me the development of (Paramount Park & Hotels) is a part of National Infrastructure Project supported by the UK Government as this would highly benefit tourism industry in UK. I am sure any amusement parks like the one of Disney, in Paris or Orlando & Sunway in Malaysia has boosted tourism. I did look up the link on your website for London Resort also showing negligible current update. The reason I write to you is because I am concerned about how the London Resort Co has started investment schemes on the bases of the above development. They are pre-selling the hotel rooms. That means I am able to buy one room in the hotel (to be constructed in 3 years) and get guaranteed rental returns of 8% post constructed for the next 3 years., thereafter returns will be un-guaranteed for the next 27 years. However the hotel room is owned by investor for 995 years. To buy the hotel room I need to invest 20% now, 20% when construction begins Jun 2021, 10% Dec 2021 and 50% Dec 2023. The cost of each hotel room is Pound 40,000. This seems quite attractive, hence several would want to invest from INDIA. However I feel something fishy and need some update on the status of permission hence I write to you. Hope its not a big scam. Why you reply benefits me ? I am a realtor and planning to market this project. I do not want to market anything which is a fraud. Hence kindly provide non-bias opinion. Be rest assured your reply will be strictly confidential and will not be used or presented to anyone, it will only help me to decide if this project is right for me to market or not.

Advice given

The London Resort project is currently in the Pre-Application stage of the development consent process, which means that the Applicant has not yet formally submitted their application to us (the Planning Inspectorate). We currently anticipate that the application will be submitted later this year. You may wish to view our Advice Note which provides an overview of the Planning Act 2008 process. This confirms that the statutory timescales between the Examination commencing and a decision being made on the application is 12 months. We advise that you can sign up to receive updates on this project as it progresses via our webpage: https://infrastructure.planninginspectorate.gov.uk/projects/south-east/the-london-resort/ - the email notification sign-up facility is to the right hand side of the page, halfway down. Unfortunately, we are unable to offer any advice to you in relation to potential purchase of property; this is a matter which is outside of our remit and to do so could pre-judge the outcome of the application. You should seek your own professional advice on this matter.