Polygon Investment Partners’ Reade Griffiths is feeling a little bit cramped in his adjoining townhouses in the Royal Borough of Kensington and Chelsea. An extra 10,000 square feet or so—complete with a pool and spa—should do the trick.
Unfortunately for the claustrophobic Mr. Griffiths, he’s going to have to pay a 20% “house the poors” tax to get permission to actually build the £4 million, two-story lair, which through the magic of real-estate will turn into £10 million in added value. It is unclear what Reade’s £825K will actually be used for, since there are not any poor people in the Royal Borough of Kensington and Chelsea.
A hedge fund manager has been ordered to pay a fee of more than £800,000 to create a huge two-storey underground basement below his mansion….
At about 900 square metres, the basement would be the equivalent to eight average-sized new-build family homes.
But due to the sheer scale of the extension, Kensington and Chelsea Council asked for a one-off fee of £825,000 when it granted planning permission earlier this month. According to planning documents seen by the Daily Mail, the fee will go towards affordable housing elsewhere in the borough.
Such payments – known as ‘Section 106 agreements’ – are normally confined to large-scale commercial developments of housing estates. It is highly unusual for them to be applied to single private planning applications.
Hedge fund boss is hit with £800k council fee to build a mega-basement below Kensington mansion in unprecedented levy against ‘iceberg homes’ [Daily Mail]
Hedge fund manager told to dig deep for luxury London basement [FT]