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March 24, 2012

March 24, 2012
81-102 Albion Gate

81-102 Albion Gate

March 24, 2012

September 2009
Albion Gate

Albion Gate

September 2009

Albion Gate

Address:
Albion Street, London W2 2LF
Type:
Residential
Completion:
1935
Viewed:
5111

Description of Albion Gate

In 1933, The Church Commissioners gave the go ahead to the ‘Property Holding Company Ltd’ to build 2 blocks of 94 flats called Albion Gate.

Mr Hudson of ‘Holding & Management Ltd’ became the trustee responsible for the running of Albion Gate and for appointing the Managing Agents and the Surveyor. This arrangement became part of the Lease contracts.

In July 1969, Property Holding and Investment Trust Ltd decided to sell the remainder of the leases to individual flat owners, retaining the 3 days Headlease. They made also an agreement with Holding and Management Ltd (Mr Hudson) to become the Trustee responsible for the running of Albion Gate and for appointing the Managing Agents and the Surveyor. This arrangement became part of the Lease Contracts.

In 1987, the Albion Gate Residents Association (AGRA) was formed, with the dual objectives of extending the Leases and for the acquisition of the Freehold as well as to maintain contact with the Managing Agents in respect of correcting deficiencies in the services, preventing excessive service charges and controlling capital expenditure and the Reserve Fund.

‘Holding & Management Ltd’ was later bought and Mr Hudson left the company. By 1999, all 94 flats became shareholders of Albion Gate Management Ltd.

‘Albion Gate Management Ltd’ company, or AGML, was established in 1996 to take over the Headlease from the previous company, Topaz, with each of the participating flats having one share.

Having overcome some initial hurdles with the Headlease and its ownership, Albion Gate Management Ltd proceeded with a team of advisors to draw up a plan of action to acquire the extension of the leases and purchase of the Freehold. Our advisors, Mr Simon Davies (Chartered Surveyor, Kemp & Hawley), Mr Richard Hickie (Chartered Accountants, Hodgson Hickie) and Mr Michael Brett (Solicitor, Black Graf & Co) remain to this day.

After the Church Commissioners acquired the land on which Albion Gate was built (part of which belonged to the vestry of St. Georges Church in Hanover Square) it sold the Headlease to Albion Gate Management Ltd in 1998. In 1999, AGML acquired the freehold also. However, the Church Commissioners insisted on RESTRICTIVE COVENANTS which AGML accepted at the time. These restrictive covenants mean that AGML cannot increase the number of flats at the two blocks at Albion Gate and also cannot change the gardens status without prior permission and negotiated premium(s) payable to the Church Commissioners.

The present Management of AGML in 2009 are exploring the possibilities of developing the two roofs with penthouses subject to Westminster Council planning permission.

LOCATION LOCATION LOCATION…Opposite Hyde Park, fantastic access to Oxford Street for Shopping, Edgware Road for Lebanese cuisine and shops; near Selfridges, Marks & Spencers and other very famous stores.

Source: albiongate.com

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