Adsense Header

'Tower for the toffs' UK's tallest skyscraper and playground of rich.

A Russian billionaire whose business partner is a close ally of Vladimir Putin, the former chairman of a defunct Nigerian bank and a Kyrgyz vodka tycoon appear to be among more than 130 foreign buyers in Britain's tallest residential skyscraper.

Almost two-thirds of homes in the Tower, a 50-storey apartment complex in London, are in foreign ownership, with a quarter held through secretive offshore companies based in tax havens, a Guardian investigation has revealed.


The first residents of the landmark development arrived in October 2013, but many of the homes are barely occupied, with some residents saying they only use them for a fraction of the year.

The revelations about the Tower are likely to be seized on by campaigners and politicians as the starkest example yet of the housing crisis gripping the capital, in which too many new homes are sold abroad as investments and left largely empty while fewer and fewer young people can afford to buy or even rent in the city.

The five-storey £51m penthouse with views across to the Thames to the Palace of Westminster is ultimately owned by the family of former Russian senator Andrei Guriev, a well-placed source has told the Guardian. His family already owns Witanhurst in Highgate, north London, the biggest mansion in London after Buckingham Palace.

At 23,000sq ft, the Tower penthouse is 24 times larger than the average new three-bedroom home in the UK. It was bought in May 2014 but has yet to be lived in. As part of a lengthy refurbishment, Guriev is understood to be installing a Russian Orthodox chapel that has had to be carried piece by piece up the elevators.

Lower down is a £2.7m flat owned by Ebitimi Banigo, a former Nigerian government minister. In 2012, Banigo was crowned king of Okpoama, in the oil-rich Niger delta, at a ceremony attended by the then president, Goodluck Jonathan. In 2005, he was investigated by Nigeria's Economic and Financial Crimes Commission following the collapse of the All States Trust Bank he chaired. He was later named in the Nigerian senate for owing the bank 15bn naira (£50m). He was not charged with any offence.


Other owners named in Land Registry records include a Kurdish oil magnate, an Egyptian snack-food mogul, an Indonesian banker, a Uruguayan football manager and a former Formula 1 racing driver. About 131 of the 210 apartments for which title deeds were available are in foreign ownership, analysis suggests. Owners from Singapore told the Guardian they spend as little as two months a year in the flats, which are empty the rest of the time. Meanwhile, town hall records show that nobody is registered to vote at 184 of the homes.

The Tower does not have any affordable housing, which has been placed mainly at the rear of the larger St George Wharf housing development at Vauxhall facing a dual carriageway rather than the river.

The extent of the international selloff emerged after the London mayor, Sadiq Khan, pledged to crack down on foreign ownership of new homes, saying he would consider a rule that they must be sold to UK residents only for the first six months of marketing.

"There is no point in building homes if they are bought by investors in the Middle East and Asia," he said earlier this month. "I don't want homes being left empty."

The prime minister, David Cameron, has also complained about the sale of high-value properties in London to people overseas through anonymous shell companies and announced that such companies will in future be obliged to declare their true beneficial owners.

At least 31 of the apartments have been sold to buyers in the far east markets of Hong Kong, Singapore, Malaysia and China; 15 were sold to Saudi Arabia and the United Arab Emirates; and others were sold to buyers in Russia, India, Iraq, Qatar and Switzerland. About 15 more appear to have been sold to foreign buyers from China, Saudi Arabia, Russia and Nigeria.

A spokesman for the developer St George said: "Although some homes in the Tower have overseas owners, it is wrong to suggest that foreign owners dominate the London market. Savills estimated that in 2013-14, non-resident overseas investors accounted for just 7% of the London residential market."
Share on Google Plus

About ExclusiveRaw Naija

    Blogger Comment
    Facebook Comment

0 Comments:

Post a Comment