It'll be a blue Christmas without you

It's no big surprise that St George's Cental - otherwise known as 'the Blue Tower' - is in financial trouble. After all, the office, retail and leisure complex is three-quarters empty two years after its £33m revamp. See link below;

http://www.thisisleicestershire.co.uk/news/Leicester-s-blue-tower-taken-bank-scheme-hits-financial-trouble/article-1611781-detail/article.html

What is perhaps more interesting was the reaction of the person who has claimed to be owner of the St George's Way building for the past eight years.

Amir Zarbafi had repeatedly told us and others he was the owner of either the site itself or Magnet Property Investments, the company which until the building's repossession by its bank a few days ago, was its owner.

During a series of interviews with the Leicester Mercury the businessman was keen to portray himself as a maverick and outspoken developer who was not scared to take on the authorities. He was very critical of Leicester City Council's £3bn regeneration programme, but hinted he was looking at other projects in the city.

When I received a tip off a few days ago that the scheme was having financial problems, I rang Mr Zarbafi, who quickly distanced himself from the project, saying he had been employed as a consultant and was not a shareholder or director of Magnet. He said his contract had now ended with Magnet.

When I pressed him to answer further questions - given his previous role as the face of the development - Mr Zarbafi ended the call.

The whole project seems to have been jinxed from the start. It began with a very public spat between Mr Zarbafi and Leicester Regeneration Company - which resulted in a huge sign being erected on the side of the building criticising the regeneration company. A number of hoped-for tenants never materialised and then Pettifer Construction, who had carried out the redevelopment work, went into administration.

Let's the hope Kevin Mersh, the man who has been appointed by the Anglo Irish Bank to attract tenants into the building, has more luck.

Whether or not the city council should have just slapped a compulsory purchase order on the site and razed it to the ground is now academic. They missed their chance several years ago.

For your information, Magnet Property Investments' sole shareholder and director is a Charles Sofaer.