Monday 10 November 2014

Land lease a brief history of The Wharves latest developer.

Lend Lease was founded in 1958 in Australia. Originally it just lent money to the Australian government in order to build infrastructure, hospitals, etc. Since then it has grown steadily, acquiring companies along the way and increasing its presence to worldwide.

Present Chairman: David Crawford
Present CEO: Stuart McCann
World HQ: Sydney, West Shore
Revenues: Total; 12,200 Millions Pounds
Net Revenue: £553 Millions

It acquired Bovis back in 1998 and they are now the lead construction and engineering company for Lend Lease in Britain and Europe.

British Lend Lease: HQ at 19 Hanover Square, W1

Lend Lease came to prominence about 10 years ago following their (dubious) acquisition of the Heygate Estate at the elephant and Castle. This was phase one of the redevelopment of the area. Tenants and Leaseholders on the estate were compulsorily purchased and/or evicted by Southwark Council. Reportedly it cost Southwark Council more money to empty the estate than Lend Lease had paid them for the estate! About £450 to buy the estate, about £650 millions to cleanse the estate.

Promises were made at the time by both Lend Lease and Southwark that they would allow the former residents back once the new estate was ready. The deal was reneged upon before the ink was even dry. Leaseholders found themselves simply priced out of the new Heygate and the council made it clear that the tenants would not be coming back. Some of the tenants were housed in such places as Slough and Milton Keynes where they reside to this day.

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