Robins Nest Up For Sale

[Obsession 571]

http://www.pbrl-group.com/Property_Detail....roperty_ID=3152

 

I used to eat there a lot and know a guy who stayed there for a month. I think he had 5 flights of stairs to his room though. I read he is selling because of a rent hike.

[js007 795]

http://www.pbrl-group.com/Property_Detail....roperty_ID=3152

 

I used to eat there a lot and know a guy who stayed there for a month. I think he had 5 flights of stairs to his room though. I read he is selling because of a rent hike.

 

Sounds to me like some of the landlords have lost their minds. Hiking rent in the middle of a worldwide depression? They'll end up with an empty building.

 

I remember once in Virginia, there was a local BBQ restaurant in a strip mall around the corner. Anyway, the food was great and they did a good business. Then, one day, they posted a sign saying that they were going out of business because of an unreasonable rent increase. I ate there on the last day, and the next day they were closed. The place sat for the next two years with a "for rent" sign in the window. I always got a chuckle out of that. The landlord had a sure thing and his greed did him in. With any luck, he went bankrupt.

[CheshireTom 1,377]

Sounds to me like some of the landlords have lost their minds. Hiking rent in the middle of a worldwide depression? They'll end up with an empty building.

 

I remember once in Virginia, there was a local BBQ restaurant in a strip mall around the corner. Anyway, the food was great and they did a good business. Then, one day, they posted a sign saying that they were going out of business because of an unreasonable rent increase. I ate there on the last day, and the next day they were closed. The place sat for the next two years with a "for rent" sign in the window. I always got a chuckle out of that. The landlord had a sure thing and his greed did him in. With any luck, he went bankrupt.

 

Seems more like a daft business owner .............. he can't make the business pay and want's somebody to pay him to take it off his hands.

[MeGoDanceNow 4,281]

Seems more like a daft business owner .............. he can't make the business pay and want's somebody to pay him to take it off his hands.

 

 

Just checked the website, looks like it's a nice triple-wide shophouse, well appointed. If the building and business are for sale together, it looks like a reasonably good deal. If there's a lease payable, walk away.

[torrenova 644]

24 rooms at say an average of Bt750 and 2/3rds occupancy would generate income of Bt4.4m. Bt125k a month is Bt1.5m leaving gross income of Bt3m before the bar and restaurant.

 

I don't get comments about a rent hike if he is selling the freehold as he has no rent ! Last time I spoke to Robin, which was some time ago I agree, I'm sure he said he had a long lease on a lowish rent so I'm not sure where the freehold comes into it.

 

A long lease would go well past now though he may be at the last stage of 3+3+3 and have been told what the rent is going to be to get a new long lease. Even that doesn't figure though as I understood he had a better lease than the 3+3+3 stuff.

 

Seems a strange time to sell the place.

[MeGoDanceNow 4,281]

So he DOESN'T own the building? I've heard of people paying such outlandish prices for bars on Walking Street but for just a basic pub grub joint with rooms, and rent due to be hiked at any moment? Not worth a tenth what he's asking. Sorry.

[blacknight 5]

Do not quote me on this but I don't think that he owns the freehold. These buildings were built by Lengkee and he doesn't normally have to sell anything.

 

There is also a new robins nest on Soi Bukuoa so maybe he is just down scaling.

[Obsession 571]

I had read that the rent jumped on the side bit that he had closed in and put aircon in, so he opened it and ripped out the aircon. I dont know if the landlord had said its now aircon so dearer, and that was why Robin ripped it out or whether he gave it up altogether. Its maybe leased under seperate agreements as its three units.

[Mr.Dream Transport 0]

Just checked the website, looks like it's a nice triple-wide shophouse, well appointed. If the building and business are for sale together, it looks like a reasonably good deal. If there's a lease payable, walk away.

They also have a number of motorbikes, 10 or so from what I recall. And they also have a minibus doing visa runs out of there. So I imagine you are getting all the vehicles along with the restaurant/guesthouse.

 

It is a larger sized setup, and had one of the better breakfast buffets in town. I always remember them being quite busy nearly all the time. I wonder whats changed over the past 6 months?

[MIGHTYONE 309]

I noticed that the Premiership football place next door was closed down last month also. Times are tough in Diana me thinks

[js007 795]

They also have a number of motorbikes, 10 or so from what I recall. And they also have a minibus doing visa runs out of there. So I imagine you are getting all the vehicles along with the restaurant/guesthouse.

 

It is a larger sized setup, and had one of the better breakfast buffets in town. I always remember them being quite busy nearly all the time. I wonder whats changed over the past 6 months?

 

It may be just a lack of business right now. I stayed in the area for a few months and ate breakfast there most of the time. Sometimes lunch or dinner. It always seemed fairly busy. I'm not sure how full the guesthouse was, though. Anyway, I thought it was an OK place. The owner always seemed to be around, working, and the staff was nice.

[MM 6,562]

I heard it was for sale a year or so ago. From what I heard, there was a cash flow problem.

[torrenova 644]

Racking my brains I seem to recall him having arrangements with some of the companies for rooms on a corporate footing which I thought was a great bit of business. Perhaps that came to an end ?

[torrenova 644]

Do not quote me on this but I don't think that he owns the freehold. These buildings were built by Lengkee and he doesn't normally have to sell anything.

 

There is also a new robins nest on Soi Bukuoa so maybe he is just down scaling.

 

That was my understanding. I've not done business with the family but I understood, rightly or wrongly, that they were reasonably fair and in it for the long term. Not selling on properties was part of that long term planning as I understood it and thus, negotiating a long term lease was possible.

[Mr.Dream Transport 0]

The new project condo building the Lengkees have going up on Pratumnak Soi4 in Pattaya Park, I know they are pre-selling units for 3.5 million baht. But yeah with any of the other properties, I only know of one of their properties that was up for sale. They still own all the Soi Dianna and Metro properties, just rent them out, that I know of.

 

They have the residual income coming in all the time, why bother selling anything.

[Greg_B 306]

I heard it was for sale a year or so ago. From what I heard, there was a cash flow problem.

 

I have heard the same, as 18 months ago he had a buyer for 12 Million Baht, then he decided to ask 21 million Baht and it's for sale once again. Not many interested at his inflated sale price

[MM 6,562]

The new project condo building the Lengkees have going up on Pratumnak Soi4 in Pattaya Park, I know they are pre-selling units for 3.5 million baht. But yeah with any of the other properties, I only know of one of their properties that was up for sale. They still own all the Soi Dianna and Metro properties, just rent them out, that I know of.

They have the residual income coming in all the time, why bother selling anything.

 

You're familiar with the salon/car rental shop just to the right of lolita's as you're facing it. I think the lady who owns it (or is trying to sell/rent it) is named Da. I talked to her a couple of years ago because my GF thought it would be a good deal for me to rent it (for her) for 80k/month. I told Da that was ridiculous and she came down to 60k. I checked around and the other units were going for between 25-40k/month...so I said "thanks, but no thanks".

 

Anyway, during the discussion, she told me that she could also sell the freehold to the place, implying that she (and her bf) owned it, not the Lengkee's. Then again, she might have been bs'ing me. I didn't really care. I think she was looking for 15M baht.

[ozboy 31]

You're familiar with the salon/car rental shop just to the right of lolita's as you're facing it. I think the lady who owns it (or is trying to sell/rent it) is named Da. I talked to her a couple of years ago because my GF thought it would be a good deal for me to rent it (for her) for 80k/month. I told Da that was ridiculous and she came down to 60k. I checked around and the other units were going for between 25-40k/month...so I said "thanks, but no thanks".

 

Anyway, during the discussion, she told me that she could also sell the freehold to the place, implying that she (and her bf) owned it, not the Lengkee's. Then again, she might have been bs'ing me. I didn't really care. I think she was looking for 15M baht.

 

 

My information is that there are several different owners of the properties in soi metro, that is of course unless they all have a master lease from the lengkee family and are allowed to sub lease the properties which I very much doubt.

[Mr.Dream Transport 0]

I know they might have various landlords for the different properties. I know that the same landlord owns from the corner, up to Bob's BBQ on that side. While it is the Lengkee family still, there are quite a few of the Lengkees around, so the areas might be split up between the families.

 

What you said does kind of sound like it makes sense though MM, as they were adding an additional floor to the building your referring to. I am certain that was being done to increase the value of the property, not sure if for rental or sale purposes though. Doesn't make much sense to build an extra floor on if you don't own the building though does it. And the place is in between Bob's BBQ and Lolita's. If it was for sale, I wouldn't be surprised if they were a cousin or inlaw of the Lengkees. There are 3 or so Thai run bars on that street still, so not sure if they own those properties as well.

 

And yeah, even 60k for a single bay over there is overpriced.

Edited July 17, 2009 by Mr.Dream Transport

[stevoman 2]

I know they might have various landlords for the different properties. I know that the same landlord owns from the corner, up to Bob's BBQ on that side. While it is the Lengkee family still, there are quite a few of the Lengkees around, so the areas might be split up between the families.

 

What you said does kind of sound like it makes sense though MM, as they were adding an additional floor to the building your referring to. I am certain that was being done to increase the value of the property, not sure if for rental or sale purposes though. Doesn't make much sense to build an extra floor on if you don't own the building though does it. And the place is in between Bob's BBQ and Lolita's. If it was for sale, I wouldn't be surprised if they were a cousin or inlaw of the Lengkees. There are 3 or so Thai run bars on that street still, so not sure if they own those properties as well.

 

And yeah, even 60k for a single bay over there is overpriced.

 

Would be interested in how you have become so "Knowledgeable" regarding the "Lengkee" family business empire? Surely it cannot be that you have learnt all this during your short stint at you know where!

BTW Have you decided on the date for your long awaited grand opening of you "Beach Front Hotel"? :D

[Esco 19]

Just checked the website, looks like it's a nice triple-wide shophouse, well appointed. If the building and business are for sale together, it looks like a reasonably good deal. If there's a lease payable, walk away.

 

The place is full every day even in low season with guest who stay there and people who come to eat in the restaurant. They do an all you can eat brekkie for 200 baht. There are worse places to buy in Pattaya believe me. Still I think the rent is a bit steep though

[ozboy 31]

I know they might have various landlords for the different properties. I know that the same landlord owns from the corner, up to Bob's BBQ on that side. While it is the Lengkee family still, there are quite a few of the Lengkees around, so the areas might be split up between the families.

 

What you said does kind of sound like it makes sense though MM, as they were adding an additional floor to the building your referring to. I am certain that was being done to increase the value of the property, not sure if for rental or sale purposes though. Doesn't make much sense to build an extra floor on if you don't own the building though does it. And the place is in between Bob's BBQ and Lolita's. If it was for sale, I wouldn't be surprised if they were a cousin or inlaw of the Lengkees. There are 3 or so Thai run bars on that street still, so not sure if they own those properties as well.

 

And yeah, even 60k for a single bay over there is overpriced.

 

 

So you are not going to renovate your hotel after all because you dont own it? I happen to know of at least two buildings in soi metro that are extending and neither are owned by the people doing the extensions

[Mr.Dream Transport 0]

I could see doing renovations if you were just moving into a unit, or just acquired a new unit, but the place in question, has had the same people in there for quite a while. I don't see any new look for the rest of the building inside, still looks like the same salon and all.

[Obsession 571]

I could see doing renovations if you were just moving into a unit, or just acquired a new unit, but the place in question, has had the same people in there for quite a while. I don't see any new look for the rest of the building inside, still looks like the same salon and all.

 

The Rockhouse is adding rooms, and its rented. I think one of thems an accident and emergency room Only joking Mulph.

[stevoman 2]

Classic! :rotflmao :rotflmao