Berkeley Homes selling freehold at VISTA – could Chelsea Bridge Wharf be next?
Berkeley Homes contacted VISTA residents some time ago to inform them that they intended to sell the freehold. It is not clear what the value is but there are rumours of £10 million being asked for freehold to both VISTA blocks. There has been speculation from some quarters that BH might do the same at Chelsea Bridge Wharf, once the cladding remediation works are finished, as freeholds are not the BH core business and provide modest, if reliable, yields of 3-4% per annum. The situation at Chelsea Bridge Wharf is more complex than at VISTA as there are multiple freeholders. A new freeholder may be a good opportunity for VISTA residents to reconsider if they want to continue with Rendall and Rittner or not – the new freeholder might be less friendly to Rendall and Rittner than BH are.
It may be an option for VISTA residents to buy the freehold themselves and so be free to choose their own managing agent and say goodbye to Rendall and Rittner at the next contract break clause but that would mean a significant financial contribution from each leaseholder.