£15 million for Pensand House & Marlborough Court, Hythe.
Bids in excess of £15 million pounds are being sought for the purchase of Pensand House (pictured) and Marlborough Court in South Rd Hythe.(They are to the left of Hythe swimming pool when standing on the promenade looking at the pool.).
The net income for both properties which has 56 flats between them is approximately £400,000pa. It will be sold as a vacant possession meaning all the tenants on assured shorthold tenancies will be moved out, according to the sales document.
The site benefits from planning permission for the construction of new balconies to the buildings as well as updating the blocks with works to the rendering, lobbies, bay windows and new landscaping. Further planning has been submitted – Y17/1543/SH for the removal of the existing roof and 4 penthouses and replacement of a 2 storey glass roof for 6 luxury penthouses. There have been six public objections to date.
The building is currently owned by Chelsea Portfolio Limited, who acquired the property in 1996 for an undisclosed sum, according to the land registry. Between 2014/15 – 2016/17 Chelsea Portfolio Ltd received £357,000 in housing benefit from mainly working families who tenant the 56 flats in the two buildings.
The building will be sold with vacant possession as is made clear in the sales document. Is this a case of gentrification, social cleansing?
Moving on, when one looks more closely at Chelsea Portfolio Limited one discovers it is owned by Frasertown Limited, who are based in Gibraltar; which is a known “dodgy tax haven“.
The Shareholders of Frasertown Ltd Gibraltar are Valmet Nominees Ltd located in Gibraltar and have been named in the Panama Papers. The other shareholder is Finsbury Nominees Ltd who too have been named in the Panama Papers. The Directors are Valdir Managers Ltd located in Gibraltar. Valdir’s directors are 3 companies all based in Gibraltar too.
And the shareholders of Valmet Nominees Ltd, well that is Finsbury Limited and Valmet Executive Nominees Limited. The Directors are:
David Dennis Cuby who is named in the Panama Papers.
James David Hassan who too is named in the Panama Papers
Maurice Albert Perera he too is in the Panama Papers
Amanda Joy Marsh
Adrian Gerard Olivero
William Damian Cid De La Paz
who all work for Finsbury Trust in Gibraltar. The Directors in Finsbury Limited are the same as above. The shareholders are Valcross Trust & Corporate Services Limited.
“Finsbury Trust is the largest independent trust and corporate services organisation in Gibraltar. We provide comprehensive and efficient company incorporation and administration services as well as providing a complete service for the establishment and administration of trusts. Both companies and trusts play an important role in international tax and estate planning.”
Bloody appalling for the 56 families through no fault of their own…..
So what happens to them?
I hope that they taken some advice on their rights – perhaps the landlord company will drop them some compensation…
And of it all has to do with Tax Havens… I really hope the O’Jeremy Corbyn wins the next election and sorts this “legal” tax-dodge out..
Once again another failing of handing social housing over to the private sector, “Between 2014/15 – 2016/17 Chelsea Portfolio Ltd received £357,000 in housing benefit from mainly working families who tenant the 56 flats in the two buildings.” This money could have been within the District Councils Housing Budget at one time.
And they are going to build affordable housing on Prince’s Parade?