Soho Housing is delighted to announce that it has successfully secured a long term ownership of one of its heritage buildings in the heart of Soho by purchasing a 999 year head lease of the property.
Royalty Mansions, a block of 12 two bedroom homes in Meard Street, was one of our first purchases in 1977 when the Housing Association was setting up, but as it was on a 50 year lease there has been a significant risk of losing this property as expiry of the lease came closer and the cost of extending it became increasingly costly.
Soho Housing has liaised with Westminster City Council, its shareholders, the Soho Society and other enterprises who have supported it in investigating all possible angles for retaining the building within the Association. Positive negotiations with the new freehold owners, Westminster Meard Street Ltd, combined with advice from Savills, resulted in the successful purchase of a new 999 year head lease for all 12 flats at Royalty Mansions. This secures the building for Soho Housing for future generations and includes the preservation of the 3 homes currently let at social tenancies, thereby protecting the current tenants living there.
Vivienne King, CEO of Soho Housing, said, “We were determined to find a way of retaining this landmark building within the heart of Soho for the benefit of Soho residents long into the future.”
Jeremy Eveleigh, MD of Soho Ltd, said “The purchase is funded by the continuation of the 9 market rent lettings for the next 40 years, following which we have the flexibility of moving to discounted or social rents. This decision ensures financial viability whilst meeting our Mission”.