Bank of Ireland Life - Cobbetts House fund

Discussion in 'Financial campaigns and consultations' started by Cobhse01, 28 Mar 2013.

  1. Cobhse01

    Cobhse01 Registered User

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    All,

    I just wish to get in touch with any other private investors of this fund - Cobbetts House in Manchester. Bearing in mind the shattering news as of today, I'd imagine its high time to pool expertise and take stock of the possible options going forward.
     
  2. Guy Warrior

    Guy Warrior Registered User

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    Hi... i am also a private investor in Cobbetts House and like a fool was taken in by the EXPERT ADVICE offered by Bank of Ireland Life.
     
  3. BIAMCobbets

    BIAMCobbets Registered User

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    I am also an investor in this fund - it is a disgrace - we need to seek recourse for this shambles
     
  4. Palerider

    Palerider Frequent Poster

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    Can you elaborate on what happened ?
     
  5. BIAMCobbets

    BIAMCobbets Registered User

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    Contact

    Does anyone have any ideas as to how we can make contact with the other investors?
     
  6. PaddyW

    PaddyW Frequent Poster

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    1,270
  7. anotherone

    anotherone Registered User

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    Should you decide to pursue this, you have a six year window within which to lodge a complaint a complaint with the Financial Services Ombudsman. You are most probably very close to the end of this window so you would need to move fast.
     
  8. mercman

    mercman Guest

    I'm not sure if this information is correct. One has six years to lodge complaint from where the project started and six years after completion / end. Correct me if I'm wrong please.
     
  9. Guy Warrior

    Guy Warrior Registered User

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    As a new member i am unsure how to contact other members directly in relation to this matter, perhaps someone can oblige.. thanks.
     
  10. Jim2007

    Jim2007 Frequent Poster

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    What exactly is the problem here?

    All I can find out is that the main tenant has gone out of business and will no longer be in a position to rent the building owned by the fund. This is a normal risk in rental properties, so I'm at a loss as to see what all the commotion is....
     
  11. mercman

    mercman Guest

    Without being aware of the finer details of the project, I must assume that the investors might not have been kept aware of the plight of the main tenants. As in many cases persons who were not familiar with property, invested and borrowed for schemes that were presented in glossy brochures. I wonder was there any rental guarantees applicable to the tenant, or where the property Managers given any prior advice of the problems with the tenants.
     
  12. Jim2007

    Jim2007 Frequent Poster

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    I doubt the fund would even know of the situation until it happened. I can't see anyone going around a few months before hand admitting they were in financial difficult, let alone a firm of solicitors.
     
  13. mercman

    mercman Guest

    Well and again without having knowledge of the full details, but surely it would be easier to let the property to a new tenant on a lessor rental rather than simply leaving it empty. Its all to do with capital values and with a tenant in place makes the property more valuable than empty.
     
  14. Jim2007

    Jim2007 Frequent Poster

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    Oh no doubt about that, put so far nobody has come forward to explain what the issue is...
     
  15. mercman

    mercman Guest

    Jim, maybe nobody has a clue. Many institutions worked off a load of fabricated lies given to by so-called experts. Where are they now ?? Remember in a rising and fluid market it's not that hard. It only becomes difficult when the market collapses and the crapmongers are gone.

    Saying all this, I'd be interested what the circumstances are in this project, as the location of the property is quite good, and in an area good for lettings to professionals.
     
  16. BIAMCobbets

    BIAMCobbets Registered User

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    Cobbetts

    Cobbetts House Manchester Fund was a geared investment offering from BOI Life to purchase a share in Cobbetts House. The fund bought a 50% share in the property - 40% with investor funds (us) and with 60% of share purchased through borrowing (provided by BOI corporate banking).

    The remaining 50% of the building was bought by BOI life Property Fund.

    Investors were tied in for a min of 7 years - unless previously sold. Effectively BOI are both Lenders and investors in the same scheme, albeit through different internal vehicles.
     
  17. mercman

    mercman Guest

    Noted. However has any effort to place the property on the market for re-letting, or in fact to check the current market value ? It is very easy for Banks to place an X through various loans and wipe investor funds out. Questions need to be asked and answered before a vulture fund picks another calamity of Irish investors occurs. Personally, I'd say most investors would prefer to wait for a number of years if the project was working rather than have their investment wiped out.
     
  18. Jim2007

    Jim2007 Frequent Poster

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    And this was not disclosed? is that the basis of the complaint or what?
     
  19. Dave Vanian

    Dave Vanian Frequent Poster

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    A couple of points: -

    • New members of Askaboutmoney cannot send Private Messages to each other until they reach a certain number of posts. It's a security device to stop spammers registering just to send spam PMs to members. So to contact each other privately, perhaps the best idea would be to set up a dedicated web-mail address like cobbettshouse@hotmail.com and post the e-mail address here.
    • There are a lot of experienced professionals reading this. Before going further with a complaint, I would echo what others have said above - post here exactly what the basis for the complaint is and you should get some useful information in return.
     
  20. mollysminder

    mollysminder Registered User

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    I also invested in this fund and am crushed with news that my substantial investment is now worth zero. Would love to know what our options are, if any.