For a number of years the CQRA has been taking action against our landlord to recover overcharged services payments. In total we have recovered over half a million pounds for our members.
In parallel to this recovery we have been working on a plan to acquire the Charter Quay site and permanently bring such problems to an end.
At an EGM in February 2012 members were told about confidential plans. The proposal was to use an Acquisition Order as a means of compulsorily purchasing the site headlease. This was unanimously approved.
This little used section of the law requires 66% of the owners to sign up. Here at Charter Quay over 92% of owners have asked to participate.
In April we informally wrote to our landlord, who is ultimately controlled by the Tchenguiz family trust, to provide them with an opportunity of selling the site to us without the need to go to court - again.
The headlease is held by the landlord in the accounts of Charter Quay Ltd and is valued at over £3.2 million. The purchase value under an Acquisition Order is based upon a valuation formula within the Act which values the Charter Quay headlease at £812,500.
Our landlord having declined the invitation to sell means that our solicitor has now formally served notice of an intent to apply for an Acquisition Order giving them 21 days to agree to the sale.
If our landlord chooses not to agree to sell we begin the process of taking them to court - again.