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Greece to sell off London Consulate

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  • #40787
    moggy1923
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        Greece is to sell its London Consulate building, as part of conditions attached to its €240bn bail-out rescue.

        http://www.telegraph.co.uk/finance/financialcrisis/9552923/Greece-sells-off-London-consulate-and-royal-cemetery.html

        The building reportedly 10,000 square foot, a building nearby of only 4,000 square foot sold for £12million – I am not going to translate such a large amount into Euro, as that kind of amount the exchange rate could change hourly / daily.

        To be clear for those not from London, not all properties in London attract this sort of figure. It is the, Location, Location.

        So if it sells next year, any guesses what officially will be the sold figure published?

        10, 20, 30, 40, 50, 100, 200 ,, £ million, Euro million

        ps other comments also OK

        Compare hotel prices and find the best deal - HotelsCombined.com
        BullionVault

        #41162
        Herby
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            What a property is valued at is irrelevant. It is worth what some one will pay and when it is a forced sale, as this is, it will be lucky to get half its current value.

            Have you never wondered who chooses the assets to be sold? The Troika decided on this sale because one of their countries want it and don’t want to pay the market valuation

            It will become just another example of Greek assets sold for peanuts and will be purchased by either Germans or French.

            #41445
            Gem
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                Saves paying the heating bills! ;D

                #41654
                latsida
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                    #41807
                    Herby
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                        Latsida,

                        Your first link explains why a Greek will not buy it.

                        Quote:
                        "At the request of the Athens government, the British financial authorities recently handed over a detailed list of about 400 Greek individuals who have bought and sold London properties since 2009.

                        The list, closely guarded, has not been publicly disclosed. But Greek officials are examining it to determine whether the people named — who they say include prominent businessmen, bankers, shipping tycoons and professional athletes — have deceived the tax authorities by understating their wealth."

                        #41925
                        latsida
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                            thanks Herby

                            oh dear , nobody is safe these days, even the Swiss are divulging the details of bank account holders.
                            no hiding place anymore.
                            just have to sort out the British Non Doms and the other tax havens next  :D :D

                            #42020
                            scooby
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                                However much this building does sell for, it is pointless as the amount is a drop in the ocean relating to the debt.

                                #42103
                                Davethelocksmith
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                                    But if they sold off all there consulate buildings throughout the world, This would make difference with staff cuts e.t.c

                                    Dave.

                                    #42172
                                    garrigue
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                                        I suspect the Greek consulate will be in central London, where property values are well known. It will most probably be sold by a well known agent and almost certainly a market price acheived. There is not much to worry about here.

                                        #42237
                                        moggy1923
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                                            garrigue, I hope you are correct. the building is 1 or 2 minutes walk from Holland Park.

                                            It has very nice grounds- gardens at the rear & from what I could see, seems to be a sizeable building

                                            The ex Resident building of New Zealand High Commission from 1970 sold for 80millions pds

                                            http://www.dailymail.co.uk/news/article-2291627/Britains-expensive-terraced-home-sells-record-breaking-80MILLION-20m-asking-price.html?ICO=most_read_module

                                            #42292
                                            moggy1923
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                                                heard the bidding ended Tuesday, so expect to see a figure announced in the next week.

                                                #42338
                                                stalos
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                                                    Just hope thery dont put the sale money into Cyprus ???

                                                    #42380
                                                    Tedblue
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                                                        According to a report in yesterdays    Proto Thema,  the property in London sold for

                                                        27.462.800 euro

                                                        http://www.protothema.gr/economy/article/?aid=268908

                                                        #42417
                                                        moggy1923
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                                                            4E64677A7A616D080 wrote: According to a report in yesterdays    Proto Thema,  the property in London sold for

                                                            27.462.800 euro

                                                            http://www.protothema.gr/economy/article/?aid=268908

                                                            Tedblue

                                                            Thanks for that, I had been searching for an update the day before your post without sucess.

                                                            Now waiting for it all to be completed (WHEN ? ) and then know whereabout for the new location of Greek Consulate in London. Have seen no update on their UK website yet.

                                                            Personally found visiting their visa – passport sections in person, unpleasant.

                                                            First, after hassle of phone calls or registering on-line – a whole other story; on arrival at the address, Holland Park, one has to go to the side entrance and first had to get through a Turn-Style by buzzing reception, hoping they would pick up quickly particularly if raining, for each person. Buggies were left outside at Owners risk – no way to take through the turn-style.

                                                            On the way around the back to the Consulate section, one would glance part of their large garden

                                                            The Receptionist not pleasant. count oneself lucky that they would deem to speak to you.
                                                            The waiting rooms much to be desired, yes plastic chairs. Toilet basic, though clean.

                                                            As people waiting so long in either of those waiting rooms, it was common for different groups to start up conversations – how they got that far in the process & what happened on previous visits & how long they had been waiting.
                                                            Enough of a moan;
                                                            it is a large building the bits around the back on ground floor used for the Consulate business, I part described is small in comparison to the rest of the building and grounds.

                                                            No idea how much of it used for Diplomatic functions.
                                                            Wondered who had accommodation there in an extremely central and desirably location or was half of it left empty?

                                                            No idea what the time frame for successful bidder with successful hand-over for such large property, guessing maybe up to a year or so!

                                                            Privately selling buying more modest /regular homes in England is around 2 to 3 months, can be done quicker, but rare to be less than a month.

                                                            Should anyone get to know of the future new address/location for the Greek Consulate in London, please let us know here ?
                                                            Thank you

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