Article: HOLY SMOKE: LONDON SITE OF JEHOVAH’S WITNESS HQ TO BE MOVIE STUDIOS

by AndersonsInfo 13 Replies latest jw friends

  • dozy
    dozy
    I wonder how much they sold it for and what will happen to the money?

    LDN Investments bought it for £50 million a couple of years ago - I assume they leased it to Purpose ( who in turn are leasing it out to Sky , Netflix etc ). This was well above the asking price ( which I think was guide price 35M - 40M ) and I know that the Society were really pleased with the proceeds for what frankly is basically a really dreary large office block.

    Ironically - probably it would go for £70 million plus now - property prices outside central London are rocketing as post covid people are decamping to the green belt & Mill-Hill is changing from a dull but worthy suburb to becoming a really trendy place with a kind of "Notting Hill" vibe.

    The sale presumably is in the 2020 accounts which lists total property sales as 70 million GBP ( which would square with the proceeds of IBSA House & other sales. ) The money presumably is being used to bankroll the Chelmsford development - the Watchtower Society is basically a tax exempt real estate development & trading company masquerading as a religious sect these days.

    Links:

    http://www.ldninvestments.com/properties/mill-hill-3/

    https://register-of-charities.charitycommission.gov.uk/charity-search/-/charity-details/216647/charity-overview

  • Phizzy
    Phizzy

    So they simply sold the Office block and a bit of the surrounding Land for 50 Mill ? I presume the rest of the Site was sold to a developer for more ?

  • dozy
    dozy
    So they simply sold the Office block and a bit of the surrounding Land for 50 Mill ? I presume the rest of the Site was sold to a developer for more ?

    Yes - the Society divided up the main Bethel sale into 3 lots - IBSA House ( small factory & large offices ) , Watchtower House ( main factory , smaller offices & residential ) & Millhill Kingdom Hall.

    Watchtower House ( the former "Bittacy Hill" factory conversion ) was sold to another property company ( link below ) - price unknown.

    The onsite MillHill congregation Kingdom Hall there is now under offer ( see below ). It was marketed as a "conference centre" ( the main asset there is the land - there is a big field there , but the Society were unable to get planning permission as it is "Green Belt" land with restricted development ).

    Most of the numerous flats and houses the Society owned in the vicinity and used mainly for accommodation for Bethel "heavies" have been sold now. All told - I would guess the Society have raised around £200 GBP million with zero capital gains tax liability for the whole property portfolio which considering it was built with ( effectively ) slave labour is a huge gain. Doubtless they will do the same with the new Bethel in Chelmsford in 15-20 years time and rinse & repeat....

    Links...

    https://ibsaproperty.com/properties/watchtower-house/

    https://ibsaproperty.com/properties/conf-centre-and-open-field/

    https://www.london.gov.uk/sites/default/files/ibsa_house_report.pdf

  • Rocketman123
    Rocketman123

    Jehovah knows the value of real estate transactions and investment. $$$

    God, Man & Mammon: YOUR HEART FOLLOWS YOUR MONEY | Dollar Savvy Blog | SA  Capital Advisors

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