|Terrence Painter (centre)|
More on the SFP proposed development at the Pleasurama site, Ramsgate.
SFP (Ventures) UK Ltd
Official website for the proposed Royal Sands development
Mr Painter was recently interviewed on BBC Radio Kent, while still Chairman of Margate Town Team, and seemed enthusiastic about the arrival of Bright House to Margate High Street. A firm who offer an APR of 29.9% for consumer goods. Bargain! Bright House is criticised by some as preying on the poor.
Listen to Terrence Painter on BBC Radio Kent
He also said he was working on a development for privately owned shopping precinct Regal Walk which lies to the rear of Margate High Street. He stated it was too early to reveal further details.
PRESSURE is mounting on developers of Ramsgate's former Pleasurama site and Thanet council after being accused of delivering a "decade of nothing".
Council Overview and Scrutiny Committee chairman Ian Driver this week called for the authority's agreement with SFP Ventures to be ripped up ten years after it was signed.
SFP Ventures wants the council to hand it the freehold for £3.3 million so it can secure further funding for the £36 million Royal Sands development – which will feature 107 apartments, seven shops and a 60-bed hotel.Mr Driver said: "The only thing that has happened there in ten years is some foundations have been poured. I think it's a public scandal that this should be allowed to continue. I have no confidence at all that SFP Ventures can complete that work.
"My worry is that the developers are trying their best to get their hands on the freehold because they can sell that on.
"I find it utterly amazing that a project on land which is owned by the council worth £36 million, should be awarded to an organisation that has never developed anything as far as I can tell."
Planning permission was granted in January, 2005, although work did not start until the autumn of 2009.Mr Driver said residents had contacted him to express their "anger and frustration" at the state of the site.
"It's like a tip down there and people are getting fed up with it," he added.
SFP Ventures' agent Terrence Painter said they were only waiting for a draft agreement from the council to assure financiers interested hoteliers before they formally commit to the project.
He said: "We're very, very close to that. If we get a draft agreement signed there is no reason why we can't hit the target date of 2014, getting it in two years to completion.
"People have to be patient and they should be shouting at councillors to push the agreement."
Mr Painter dismissed Mr Driver's comments about the firm, which he says has a strong track record of similar developments in Portugal.
Thanet council said a deal to replace the current agreement with SFP was "virtually done".
Deputy leader of the council Alan Poole said: "Before we sign the agreement we have to be assured that sufficient funding is in place to complete the development, and we need to be satisfied that a hotel operator is in place and due diligence also needs to be carried out to establish legitimacy.
"When we are satisfied that all outstanding items have been addressed we will sign the agreement."
If you do find information on anything that SFP have built, do get in touch.