Government school rental

General (other)
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On the 6th October, the Gibraltar Chronicle carried a story about the GSLP-Liberal Alliance renting a school in Town Range from a private company, with a potential for conflicts of interests, which in its follow up story, on the 8th October, it revealed would cost the government (us) an eye-watering ‘around’ £1,100,000 in yearly rent.

Seemingly, there has been no public tender to allow any competition, and so potential savings to the public (our) purse, for any other building or site to be rented as a government school.

NOT VIABLE?

It is said that issues of rights to light, and design concerns on that front, at the chosen Town Range site, may have hindered the initial proposed development of luxury apartments, which was intended by the private owner, and for which planning consent was sought, or undermined its economic viability.

Irrespective of that, the rental of the building, will make the chosen development economically viable, and a lucrative project, via the acquisition by the owner of what can be described as a ‘platinum tenant’, the government, and so at cost to the public (our) purse.

That at a time when the Chief Minister, Fabian Picardo, cries ‘there is no money’, and public budget deficits are £157 million (last year) and projected at £51 million (current year).

CONFLICT OF INTEREST?

Roy Clinton raised the matter of the rental by the government of a school in Parliament in 2019, and in a recent GSD press release, which prompted the Gibraltar Chronicle’s first report. He also mentioned a potential conflict of interest between the current Government and a few beneficial owners of the relevant development company, who are partners in the law firm Hassans (exact details of which still remain secret).

The proposed rental, and the potential for a conflict of interest, beg many questions, without delving into the validity of the GSLP-Liberal Alliance’s decision to rent at all. By way of example some that come to mind follow.

Continued at link.

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This is another example of the ruling politicians, rich and powerful demonstrating that they think they own Gibraltar. This happens in all countries, and The Rock is no exception.

These local elites create a Gibraltar they envision. And one that financially benefits them. This is why politicians crave power and once in office cannot let it go, because part of that power is making decisions and passing fraudulent legislation which keeps them in control. And some of their evil selfishness must be hidden. It’s a vicious cycle, but the vipers seem to thrive on “the game”. Haves and Have-nots.

They KEEP doing it because Gibraltar lets them get away with it.

And we should know them by their fruit.

Working-class Gibraltarians are merely debt slaves. And they work to the bone paying for ruling-class decisions, corruption, nepotism, and the like. This also works out for these rulers, because anyone they see below them must stay oppressed, with only an illusion they have some sort of say. Time and time again, the current Government of Gibraltar proves this realization.

And even its lockdown decisions are a form of enslavement, which causes more oppression, and people can’t see a way out of it. BUT THERE IS A WAY – but it takes one of courage and faith – Petition to the Gibraltar Parliament Demanding the Return to God’s Law

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13th October 2021

A foundation linked to the Vietnamese businessman who owns Trusted Novus Bank will pay £21.2m to the Government of Gibraltar for the plot of land made up of the old Bayside Comprehensive School and St Anne’s Middle School.

As part of the deal TNG Global, which was recently established in Gibraltar by Truan Tuan, will also be responsible for the development of two new schools to the specification required by the Government.

TNG Global said it plans to develop the site into “a vibrant, multi-use project” including a mix of residential, leisure, commercial and hotel facilities.

The site currently houses Bishop Fitzgerald Upper Primary School and Governor’s Meadow Lower Primary School and the land will not be released until new facilities are constructed.

Subject to approval by the Development and Planning Commission, the new Bishop Fitzgerald and Governor’s Meadow schools will be built in the area of Europort Avenue, which had already been earmarked for them.

Vacant possession of the Bayside site will not be granted until the new schools have been built, with delivery estimated in time for the start of the new academic year in September 2023.

The site was sold after the government invited Expressions of Interest for it development, with the winning bid by TNG Global “considerably in excess” of other offers, reflecting the foundation’s long-term investment objectives in Gibraltar, No.6 Convent Place said.

TNG Global will build the schools to the specifications of the Gibraltar Government, drawn up by the Department of Education in close consultation with teachers in each of the schools.

TNG Global has already engaged Casais for the construction of the new schools at a cost of £29.2m.

The Gibraltar Government will pay the £8m difference between the agreed premium for the Bayside site and the cost of the new schools.

However it has reached an agreement with the foundation that any savings secured in building the schools will be disclosed “on a good faith, open book basis” and will be for the taxpayer “…to ensure the maximum benefit to Gibraltar as a whole from the building of these schools in the most efficient and cost effective manner, to the highest specification (as provided for by the Government) and in that way further demonstrate the TNG Global Foundation’s commitment to the Gibraltar community as whole,” No.6 said.

Continued at link.

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The TNG Global Foundation was recently established in Gibraltar by Mr Tuan Tran, the ultimate beneficial owner of Trusted Novus Bank.

Trusted Novus Bank became the new name of Jyske Bank (Gibraltar) formed April 2020, and to operate under the ownership of Rooke Investments Limited.

Other headlines -

Gibraltar Government seals Eastside deal with TNG Global valued at £330m – The TNG Global Foundation will pay £90m in cash to the Gibraltar Government for the development rights of the Eastside reclamation, in a "transformational" deal that also includes projects in the area valued at a further £240m.

Why is Trusted Novus Bank entering the Buy-to-Let market?

The property market in Gibraltar has developed positively for a number of years. This is due to a combination of factors including high demand for rental properties, rental yield being 4%-6% on average and the absence of locally applied Capital Gains Tax.

With a high demand for Buy-to-Let properties, TNB recently developed a new product concept to support and facilitate the residential rental market.

Can you explain why TNB decided to explore the Buy-to-Let market?

This has been an interesting market in Gibraltar during the last few years; a big part of the property market where we have seen several developments geared specifically to the Buy-to-Let target audience (E1, Eurocity, West One, Marina Club etc.). We’ve also experienced that many property investors are interested in partners that can help fund these purchases and we are very interested in helping them with this.

More at link.

Midtown Park donated by Trusted Novus Bank – As announced by Chief Minister Fabian Picardo on Tuesday 20th July, Midtown Park has been entirely funded by the Board and shareholders of Trusted Novus Bank. This is just one of the ways that the Bank aims to show that it is a truly local Bank by giving something back to the community in which it is itself, deeply rooted.

15 April 2020 – Trusted Novus Bank Donates £200,000 To GHA COVID-19 Fund