John Christodoulou, one of the leasehold sector’s most habitual litigants, has lost a £1.6 million case over excessive insurance costs in the war of attrition at the prime Canary Riverside site in London’s Docklands.
The first tier tribunal has criticised his companies’ “complete lack of transparency with leaseholders regarding these commission payments, paid since 2010”. This “has been lamentable”, the tribunal ruled.
“The sums involved are large and constitute a very substantial percentage of the premium towards which leaseholders were asked to contribute, without any notification to them as to the nature and amount of the commissions involved.
The boss of the railway workers pension scheme won’t be investing in ground rents anymore because the sector is too “emotive”, according to the website IPE Real Assets. John Chilman, CEO of Railpen which is being taken to court by the government over the £14.9 million remediation of 15-storey Vista Tower in Stevenage, Herts, said:
“This is one of the few asset classes we’ve invested in where there is a consumer on the far end, which makes [managing the asset] much more difficult.
