The BBC ran a report at the end of last week about the plight of homeowners in Dover Road, East Cowes.
The houses are earmarked for demolition as part of the proposed East Cowes Regeneration.
However, according to residents, Red Funnel’s purchase offers for the homes and businesses on Dover Road are “totally inadequate”.
Dover Road resident, John Shaw, told the BBC,
“We feel we’re been pressured to get out of the way for this development. It’s not fair to treat people this way – it doesn’t seem right that you are made to sell your house for what is a commercial enterprise.”
Rejected the offer
Whilst Red Funnel’s chief executive, Kevin George, said the offers were “generous and appropriate”, Mr Shaw, told OnTheWight today,
“I have replied to Red Funnel’s agent, Savills, to reject the offer but to date have not heard back from them.”
Residents could not afford comparable alternatives
An East Cowes’ resident who prefers to remain anonymous told OnTheWight,
“The reality is these people have bought these properties because they could afford them and suited their family requirements. To try and find something equally sized on the Island would cost far more than the market price of their current property.
“These families would not be able to afford comparable alternatives, or be able to get mortgages to finance it. To relocate and ‘fit’ out a new Chinese takeaway kitchen will cost tens of thousands of pounds. These people cannot afford that and should not be forced out when the Red Funnel plans would not be compromised if these houses stayed.”
They go on to say,
“The original SEEDA master plan kept the properties in situ. Red Funnel and the Isle of Wight Council (IWC) should be ashamed of themselves if they allow this situation to go ahead.
“Whilst the IWC have stated they will not let these people be out of pocket, Red Funnel will want to do it as cheaply as possible, causing considerable stress to these people – residents of East Cowes – who should be being heard over and above the commercial interests of Red Funnel.
“Bulldozing these house will have no overall economic impact on the Isle of Wight and I would challenge anyone to prove otherwise.”
No comment from the council
OnTheWight invited the Isle of Wight council to share their view, a spokesperson said,
“This is a matter between Red Funnel and the homeowners and it is not for the council to comment on.”
Read the BBC article.
Red Funnel: “Offers well above the market rate”
A spokesperson from Red Funnel got in touch today with the following statement.
“The regeneration of East Cowes represents a once-in-a-lifetime opportunity for the town. As well as our plans to relocate our terminal building and marshalling yard, the wider project includes ambitions to bring new business space, homes and leisure opportunities to the area. Red Funnel needs a bigger terminal to provide a better gateway to the Isle of Wight and to ease the traffic congestion in the town.
“Red Funnel is, through its agent Savills, in negotiations with homeowners and businesses in Dover Road and working closely with them to agree mutually beneficial solutions that will enable the multi-million pound East Cowes redevelopment project to progress.
“We are still in negotiations with a small number of residents and while it would be inappropriate to discuss individual cases we can confirm that we have taken professional advice and made offers that we believe are appropriate in the circumstances and well above the market rate, as is evidenced by the fact that settlements have been reached with several property owners.
“Offers are time limited due to the constantly changing property market, which has been explained to those who have received offers. The time limit is not an ultimatum to force a decision. We would be very open to discussing a time extension to existing offers, but as yet we have received no requests to do so.
“Our ultimate goal is to avoid using CPO powers and reach amicable agreements through negotiations.”
Article edits
Update 16th June 10.06am – statement from Red Funnel added.
Image: © Google Streetview
