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Author Topic: St George flat owners win record £1million payout  (Read 24596 times)

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St George flat owners win record £1million payout
« on: September 27, 2011, 12:07:17 pm »
Leaseholders at the St George Wharf riverside development of 1,100 apartments in Vauxhall London, have won a record near £1million settlement in a Leasehold Valuation Tribunal ruling on excessive management charges by Peverel.

The apartments opposite Westminster have been home to former Prime Minister John Major and Chelsea Clinton.
Penthouses can sell for £7million with annual service charges starting at £5,000 for a basic two bedroom flat with poor views.

The St George Wharf residents' Association has been fighting Peverel's excessive management charges and their practice of employing in-house, subsidiary companies to provide CCTV and insurance services for over four years.

The Leaseholders' claims included £716,000 for excessive management charges, £472,000 for over payment of door entry and CCTV services and £263,000 for excessive insurance costs - £65,000 was paid to the developer St George as commission.

The action was taken against the landlord and developer St George, a division of the Berkeley Group headed by Tony Pidgley.
Whilst St George will be writing the settlement cheques, it is expected that Berkeley will demand a contribution from Peverel for its part in the case.

Rob Perrins, CEO of Berkeley Group said, "Problems at St George Wharf have caused us considerable reputational damage. This should not have happened and the
residents should not have had to fight this for four years. We should have admitted this earlier and publicly, and we owe the residents an apology."

However, Peverel still manages 22 developments for the Berkeley Group being one of 12 managing agents used by the company.

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