CROWN SELLS ITS JEWELS; the Crown Estate Owns a Staggering [Pounds Sterling]6 Billion Worth of Property. Now It Is Selling off 1,300 Homes in Prime Areas. It's Good News for Some, Says David Spittles

The Evening Standard (London, England), February 10, 2010 | Go to article overview

CROWN SELLS ITS JEWELS; the Crown Estate Owns a Staggering [Pounds Sterling]6 Billion Worth of Property. Now It Is Selling off 1,300 Homes in Prime Areas. It's Good News for Some, Says David Spittles


Byline: David Spittles

THE Crown Estate, which owns [pounds sterling]6 billion worth of property, including all of Regent Street and large parts of St James's, is proposing to sell 1,300 homes on four historic residential "estates" in London.

It plans to sell the freehold of a mix of mansion flats, terraced period houses and new-build apartments to a private or specialist housing company, which will in turn open up renting and buying opportunities to Londoners who are not already tenants and leaseholders.

The four estates are in some highly sought-after locations: at Millbank in Westminster, Victoria Park in Hackney, Cumberland Market, which borders Regent's Park, and Lee Green, covering Blackheath in south-east London.

About 35 per cent of the residents are "regulated tenants", the rest are either long leaseholders or assured shorthold tenants paying a market rent.

Crown Estate properties around Millbank could prove to be the most marketable; they include swish riverside apartments at Crown Reach and The Panoramic, handsome Ponsonby Terrace and tenament flats in John Islip Street, directly behind Tate Britain.

The move is part of a property review by The Crown Estate as it begins to focus on its large commercial holdings, mainly shops and offices in the West End heartland. As all profits ([pounds sterling]226.5 million in 2008/09) are paid direct to the Treasury, The Crown Estate says it has a duty to enhance the income it generates from its property portfolio, and this could be better achieved through the sale of the four estates.

Because of its special status, The Crown Estate is not bound by leasehold enfranchisement laws. This means occupiers do not have a right to extend their lease or buy the freehold. However, over the years, some residents have been allowed to do so on a voluntary basis, while a number of homes have been allocated to key workers.

Prized heritage properties, such as listed Nash villas and terraces in Regent's Park, are specifically "excepted" under legislation, and their freeholds cannot be sold under any circumstances.

The Crown Estate is seen as a responsible, if businesslike, landlord, and says it will cherry-pick a buyer with a similar ethos to its own after consultation with residents, stressing that it is seeking to "insulate" residents from change. Consultation is about to start and is expected to end on 23 March.

For residents, there are pros and cons to weigh up.

"We're happy with Crown Estate as our landlord," says one long-standing, rent-paying tenant, who doesn't want to be named.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

CROWN SELLS ITS JEWELS; the Crown Estate Owns a Staggering [Pounds Sterling]6 Billion Worth of Property. Now It Is Selling off 1,300 Homes in Prime Areas. It's Good News for Some, Says David Spittles
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.