Newspaper article The Evening Standard (London, England)

It's All Coming Up Roses in the Cadogan Garden; Profits Growth: Earl Cadogan, with His Wife Dorothy, Has Taken a [Pounds Sterling] Million Dividend

Newspaper article The Evening Standard (London, England)

It's All Coming Up Roses in the Cadogan Garden; Profits Growth: Earl Cadogan, with His Wife Dorothy, Has Taken a [Pounds Sterling] Million Dividend

Article excerpt

Byline: PETER BILL

THE Chelsea Flower Show is not a bad reason to give for ploughingthrough the history and workings of the Cadogan Estate.

After all, the properties are spread richly along the streets surrounding theRoyal Hospital, where the ultimate event in the gardening year is being held.

A better reason to survey the [pounds sterling]3 billion realm of Earl Cadogan today is that anew chief executive was appointed last week.

But the best reason to view the properties right now is that the 2007 reportand accounts have just been published.

These show that 71-year-old Charles Gerald John Cadogan and his family took a[pounds sterling]30 million dividend from the business in January.

Sir Hans Sloane founded the estate when he bought the 90-acre country manor ofChelsea in 1712. The physician and collector who gave his name to a square anda crescent started to build as early as 1717.

The freehold lands passed via his Cadogan wife in 1753 into the hands of thefamily, who have kept a firm grip ever since. Well, as firm as possible.

In 1993 legislation began to deplete the holdings as the leaseholders startedto take advantage of increasingly strict "right to buy" laws to purchase theirfreeholds.

The family fought a bitter and costly rearguard action on leaseholdenfranchisement for decades, selling freeholds with great reluctance.

Until last year the estate was still battling in the House of Lords about howmuch the leaseholders must pay.

That case is now settled, speeding up sales. In 2007 the estate sold 134 housesand flats for a total of [pounds sterling]77.9 million, for a pay-off to the Earl averaging[pounds sterling]581,000.

Cadogan admits to still owning "several hundred flats". …

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