Owner of IYLO skyscraper in Croydon refuses questions over building
THE offshore owner of an unfinished skyscraper has refused to answer questions about the building's future.
This week the Advertiser traced the ownership of the IYLO building in West Croydon to the Minerva Trust, an asset management company in Jersey.
But when we asked why the tower has sat unfinished for nearly two years, the trust said it was "not policy to enter into any communication with the media".
Jersey-based Rosefair bought the IYLO for £10 million in October 2011, four months after St James's Croydon, a subsidiary of developers Phoenix Logistics, went into administration.
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Records from the Jersey Financial Services Commission reveal that Rosefair is owned by Minerva Nominees and Minerva Services Limited, known collectively as the Minerva Trust.
The company has offices in Jersey, London, Geneva, Mauritius and Dubai and administers over $15 billion (£9.9 billion) of assets for its clients.
The Advertiser contacted the trust's headquarters in St Helier, Jersey, and was given an e-mail address for a man called Don Dos Santos.
He refused to reveal when, or if, work would restart on the tower, which comprises 182 mainly one and two-bedroom apartments. Last month the Advertiser visited the site and found it unsecured and covered in graffiti.
We asked the council what it is doing to resolve the situation. All a spokesperson would say was: "We are in contact with the new owners and we're working on bringing the scheme forward."
Jason Perry, cabinet member for planning, regeneration and transport, said he was unable to give further details.
When asked how it contacts Rosefair, the council said it "liased" with Thomas Mudd, at the company's appointed agent Jones Lang LaSalle.
When we contacted Mr Mudd, he said: "It's a total misunderstanding. We are not and never have been Rosefair's appointed agent. I have phoned Rory Macleod (the council's head of planning) and told him in no uncertain terms that we are not retained by Rosefair."
Jones Lang LaSalle had "done some work" for Rosefair concerning the IYLO building, Mr Mudd said, though he did not say what.
"I don't know their agenda," he added. "I guess they will let us know at some point."
Mr Mudd said that he had passed on the Advertiser's requests to speak to Rosefair and that the developer would be in contact "at some point".
The council rejected his claim and insisted that Jones Lang LaSalle is Rosefair's appointed agent but Mr Mudd was unavailable for further comment.
Labour leader Tony Newman said: "It can't be right that an offshore fund that clearly has no interest in Croydon's long-term future can be allowed to let this situation continue. Something has to change. If not the council then the Mayor of London should intervene. It's no good having ambitious plans for the town centre when one of the gateways into Croydon is blighted by an unfinished skyscraper."
The company was one of 17 parties interested in buying the IYLO building. They paid a £100,000 exclusivity fee to secure the deal.
The Minerva Trust is not connected to the developer of the same name which owns 6.1 acres of land in the town centre, including Park Place and the former Allders department store.
10 Comments
by Nevclark61
Tuesday, March 19 2013, 12:31PM
“I've said this before, when Gareth first went into the premises to video and gained unrestricted access to the top floor which has nothing to stop anyone falling off the edge. If the council doesn't act soon there will be the possibility of a serious incident. I've said it before, the structure of the property is now massively compromised because it has been open to the weather for two years and unless substantially rebuilt they will never sell any of the flats. The council can still serve a Disrepair or Demolition order on the owners and if they don't act can do the work themselves and recharge.”
by Nevclark61
Tuesday, March 19 2013, 12:23PM
“I've said this before when Gareth first went into the premises and gained unrestricted access to the top floor which has no safety stop. If the council doesn't act soon there will be the possibility of a major incident. I repeat, the structure of the property is now massively compromised because it has been open to the weather for 2 years and unless substantially rebuilt is unsellable. The council can still serve a Disrepair or Demolition order on the owners and if they don't act can do the work themselves and recharge the owners. Holding onto it is simply a way for the company to reduce earnings and associate corporate tax bills, do our council have the guts to act on this ridiculous blight for Croydon.”
by Nevclark61
Tuesday, March 19 2013, 12:21PM
“I've said this before when Gareth first went into the premises and gained unrestricted access to the top floor which has no safety stop. If the council doesn't act soon there will be the possibility of a major incident. I repeat, the structure of the property is now massively compromised because it ha been nope to the weather for 2 years and unless substantially rebuilt is unsellable. The council can still serve a Disrepair or Demolition order on the owners and if they don't act can do the work themselves and charge the owners for the cost. Holding onto it is simply a way fro the company of reducing earnings and associate corporate tax bills, do our council have the guts to act on this ridiculous blight for Croydon?”
by Nevclark61
Tuesday, March 19 2013, 12:20PM
“I've said this before when Gareth first went into the premises and gained unrestricted access to the 20th floor which has no safety stop. If the council doesn't act soon there will be the possibility of a major incident. I repeat, the structure of the property is now massively compromised because it ha been nope to the weather for 2 years and unless substantially rebuilt is unsellable. The council can still serve a Disrepair or Demolition order on the owners and if they don't act can do the work themselves and charge the owners for the cost. Holding onto it is simply a way fro the company of reducing earnings and associate corporate tax bills, do our council have the guts to act on this ridiculous blight for Croydon?”
by upstart
Friday, March 15 2013, 12:05PM
“Its clear if they have not lifted a finger on the project and it remains and eyesore for two years then any building permissiongranted should be revoked, fines in place and the carbuncle pulled down/ developed by the council.”
by BlodwynPig
Thursday, March 14 2013, 6:49PM
“The people of Croydon should demand action, by putting a notice demanding they give the owners 3 months to sort this out or the people of Croydon will own a percentage the property,
But as always no one will do anything about it”
by fontoak
Thursday, March 14 2013, 12:14AM
“Is't it about time the Council put a stop to this farce.
Put a demolition order on it as an eyesore and a danger to the public.
Condemn the whole project. This will make a decision come double quick from these capitalist.
We the Council tax payers of Croydon demand action.
If it's not forthcoming, then action to occupy this eyesore will be forthcoming!
There are many homeless who could use a dry, and warmer than a doorway place to stay.
This would be ideal for them to use whilst the owners make up their minds.
Set up a soup kitchen and clean clothes, Bedding and mattress for the night.
Councillors do your jobs and do it now. Demand an answer from the developer owners.”
by fontoak
Thursday, March 14 2013, 12:13AM
“Is't it about time the Council put a stop to this farce.
Put a demolition order on it as an eyesore and a danger to the public.
Condemn the whole project. This will make a decision come double quick from these capitalist.
We the Council tax payers of Croydon demand action.
If it's not forthcoming, then action to occupy this eyesore will be forthcoming!
There are many homeless who could use a dry, and warmer than a doorway place to stay.
This would be ideal for them to use whilst the owners make up their minds.
Set up a soup kitchen and clean clothes, Bedding and mattress for the night.
Councillors do your jobs and do it now. Demand an answer from the developer owners.”
by fontoak
Thursday, March 14 2013, 12:12AM
“Is't it about time the Council put a stop to this farce.
Put a demolition order on it as an eyesore and a danger to the public.
Condemn the whole project. This will make a decision come double quick from these capitalist.
We the Council tax payers of Croydon demand action.
If it's not forthcoming, then action to occupy this eyesore will be forthcoming!
There are many homeless who could use a dry, and warmer than a doorway place to stay.
This would be ideal for them to use whilst the owners make up their minds.
Set up a soup kitchen and clean clothes, Bedding and mattress for the night.
Councillors do your jobs and do it now. Demand an answer from the developer owners.”
by nickthompson
Wednesday, March 13 2013, 7:39PM
“Simple---------DEMOLISH IT.”