The beautiful, purpose built and fully restored '30's police headquarters in Lucan Place has its future in balance....in eighteen month's time the lease is up for renewal.
At this point the Metropolitan Police Authority will have a big decision....whether to take on another ninety nine year lease, at a greatly enhanced £2 million a year rent-or hand the building back to the freeholders, Cadogan.
Clearly, Cadogan, as commercial landlords, will wish to maximise rental/capital value by seeking to convert from commercial to residential, but the Council, having obtained exemptions,may be in the invidious position of not being able to grant consent to convert from office to residential.
For the Borough, it's important this significant police presence is maintained, so pressure will be upon the Mayor to put up the cash to help the Met retain its strategic presence.
This story highlights an obvious result of the current, unsustainably inflated K&C property prices. For their measly council tax, super wealthy Cadogan Estate clients expect local police to protect their almost always empty, 5th homes.
ReplyDeleteResult. A restricted public purse funds the protection of private, offshore wealth. Yet again, the poor subsidise the rich.
One of the greatest attractions of K & C and WCC for overseas investors, is security. The Cadogan Estate benefits financially from this. So the Estate should offer the police a well below market price lease for its local police station. Long term this will enhance the value of its property portfolio by infinitely more than the immediate loss of income.
The alternative is a further hollowing out of K & C as a place for anyone to live. Not good for property prices.