SAVE DOLPHIN SQUARE AND ITS BEAUTIFUL LISTED GRADE II GARDENS

SAVE DOLPHIN SQUARE AND ITS BEAUTIFUL LISTED GRADE II GARDENS

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Save Dolphin Square started this petition to Marco Morelli (Executive Chairman) and

Last year, we were glad to report that the threat to Dolphin Square represented by the massive redevelopment plans of the then owners, Westbrook, had come to an end when Westminster city council refused planning permission.

We had fought for more than two years against these plans with the support of our more than 3,000 supporters on this petition and the local community.

After the refusal, we turned our efforts to opposing the appeal by Westbrook at a public enquiry that was due before the pandemic to take place in London last September. But at the last minute, Westbrook withdrew their appeal and announced the sale of the property to Axa Investment Management.

We all let out a big sigh of relief but we decided not to declare victory and close down this petition and wait and see what happened in the coming months. This proved to be a wise decision for a number of reasons that are causing us to re-commence our campaign.

At the time of the sale, it was reported in the trade press that Axa had paid a reported £850 million for the building which would have given Westbrook, who are based in the USA and operate in the UK through Jersey-registered off-shore companies, a profit of around £500 million.

In reality, Axa acquired the building for a nominal consideration by acquiring the Jersey based owner, The Dolphin Square Estate Limited, and its associated management company, Dolphin Square Limited. But they did take over the debt of Westbrook of more than £550 million which they had raised against the security of the property after their purchase of the leasehold and freehold interests for a total consideration of around £350 million.

It has now come to light that Axa did not acquire the assets alone but with a partner, believed to be another property developer like Westbrook. Axa has a 51% interest and their unidentified partner has 49%. The Dolphin Square Estate Limited was dissolved last December and the property has been transferred to a Luxembourg company, Dolphin Square Estate SARL, whose ultimate beneficial owners remain anonymous.

Axa stated that they would be investing in the building to create a long-term investment but six months has passed and there has been no sign of this. There have been many problems for tenants with roof leaks, flooding, plumbing problems and central heating failures. Also, the beautiful listed gardens are being neglected. Tenants also report that the many flats are becoming vacant as tenants leave and are not replaced and the shops in the Art Deco mall report ever decreasing trade.

It may be that Axa has bitten off more than they can chew as it is estimated that the building needs at least £100 million of expenditure to put it back into pristine condition but Axa does have the funds to do this and Dolphin Square, an iconic and historic building, deserves this investment which was promised with the purchase.

So now we are directing our campaign against the managers of Axa to ensure that they fulfil their commitment to reinvigorate Dolphin Square and allow it to become the oasis of fine central London living that it once represented.

Please continue to circulate this petition to your friends and associates on social media like Facebook, Instagram and WhatsApp and we are very grateful to all of you who have made generous financial contributions to promote this petition on change.org

A donation of just £5 will spread this petition to 100 more people. Donations of more than £25 will double the result with 1,000 views at least. Please help as much as you can.

Thank you!

team@savedolphinsquare.com

 

 

 

0 have signed. Let’s get to 5,000!
At 5,000 signatures, this petition is more likely to get picked up by local news!