From an East Devon Correspondent:-

Sadly, it comes as no surprise to so many local people that the new homes element of Burrington Estates will cease trading and has gone BUST! For far too long advisors have predicted a financial fragility attached to this particular company (which is one of around 30 subsidiary companies flying under the Burrington Estates Group banner).

Even before EDDC planners were cajoled into recommending approval of the hugely ambitious growth masterplan for the refurbishment of Winslade Park, Clyst St Mary to provide an innovative Live, Work, Play environment, warning bells were ringing within the local community regarding the vulnerability of a company that is dependent on debt to finance its acquisition and build programme.

Indeed, from the onset, Burrington Estates freely admitted to EDDC planners that in order to make the refurbishment of the Winslade Park commercial offices complex financially viable, Burringtons would require the granting of planning permission for approximately 40 homes on an adjacent green, agricultural field (which was outside of the EDDC Local Development Plan to 2031, the local Neighbourhood Plan and the Built-Up-Area Boundary of the village), together with another 40 x 4.5- storey apartments on a brownfield car park. Crucially, approval of these two new Winslade Park residential areas would significantly increase the value of the overall assets of the Company, thus enabling them to borrow even more for further acquisition and building projects.

Apparently, Burrington Estates have now ceased trading with a pre-tax loss of £14m – but where has all the investment money gone? Sceptics working in financial fraud may suggest that many development companies have little or no intention of ever completing such building projects and merely use the planning approvals as a means to increase their borrowing capacity?

With local planning authorities desperate to keep pace with Government- imposed 5-year housing numbers, at the same time as some individuals attempting to accelerate their professional and political careers, it is ‘open season’ for property developers to ‘dangle the carrot’ of large-scale developments to tempt decision-makers to bathe in the potential future kudos!

Unfortunately, our local communities have already seen property developers’ promises being broken (e.g. thousands of housing in the new town of Cranbrook -but no town centre – plus significant housing numbers in Axminster – but no promised vital ring-road infrastructure) – but there is nothing to gain from stating the obvious that local communities warned EDDC planners that this would likely occur in future – but their warnings were not heeded, leaving too many communities the losers. Yes, local people were legally consulted for their views – but the decision-makers ignored their warnings, preferring to adopt an authoritarian stance of ‘we know better’ and local people are NIMBYS! Around 500 objections were submitted to the Winslade Park masterplan (many highlighted Burrington’s flawed business model and advised caution to protect the community).

Unfortunately, the current, national financial climate has put extreme pressure on everyone within our society; many financial failures are being attributed to the effects of the worldwide Covid pandemic and the Ukraine War and certainly those catastrophes have played a major part – but are they the root cause? If we all continuously borrow money and never pay off our debts – then at some stage – we should expect to ‘crash and burn’!

The future for Winslade Park is impossible to predict and extremely complicated! The Company states that it will sell off undeveloped sites- so what will be the impact of the ‘winding-up’ of Burrington Estates on the two sizeable residential proposals of approximately 80 units, that to date show no sign of developmental progression? Will Burrington Estates proceed to build these two approved sites to completion themselves – or prefer to sell the sites with residential planning permission to another developer to pay off their debts?

So many questions remain unanswered – will the conditions imposed by EDDC be thrust upon another new developer, if the two residential areas are sold off by Burrington Estates? Surely, it is unworkable to impose conditions on a different developer, who will not own the adjoining land where the conditions have previously been imposed? To mitigate against any losses to the community, the two residential planning permissions incorporated conditions for the primary school to access the refurbished swimming pool, for enhancement to the sports field facilities (to include new changing rooms/toilets/social facilities), for renovation/improvements to the cricket pavilion and tennis courts, for the provision of community access to a large public open space for leisure purposes and for the building of new additional, significant car parking areas to avoid Winslade users overflowing into nearby residential areas or blocking the village car parks and streets– but to date none of the aforementioned have been provided – so what will become of these promised community facilities?

To outsiders, the commercial/employment aspects of the refurbishment of both Winslade Manor and Winslade House appear to be successful (although the renovation of the two large employment areas within both Clyst and Brook Houses seems to have significantly slowed recently?) – Or are the plush, office interiors and the fine-dining experiences just window-dressing, aiming to encourage further investment, whilst masking the reality of the true worth of the commercial side of business?

Many of us are experiencing daily bombardment by telephone/online scammers lying in wait for us to make mistakes during bouts of lack of concentration, so the important lesson we must all learn is:-

– If it sounds too good to be true – then it probably is?

If you dive into crocodile-infested waters – then at best you will lose a limb or two – but at worst you will be devoured whole! Top predators are successful at what they do, there is no room for naivety – the stakes are far too high!

Hopefully, there will be acceptable answers to this Winslade Park conundrum that will benefit our local communities and not destroy them!

However, what would be totally unacceptable is if (with such colossal financial losses) any Burrington Estates’ directors/shareholders/investors have already ‘creamed off’ and stashed huge personal profits, which will see them this Christmas sipping pina colada cocktails on a tropical island, wearing Versace designs, whilst driving Ferraris or Lamborghinis, whilst East Devon residents are swaddled in blankets, endeavouring to save energy and avoid visiting local food banks!

. . . .. . Now that scenario would be a very bitter pill to swallow for the average East Devon resident!