The History of Free Trade Wharf
The Regalian years (1984-1995)
Free Trade Wharf (the Management Company Years, 1995-)
Free Trade Wharf (the Regalian years, 1984-1995)
Free Trade Wharf was designed and built by Regalian Homes in the late 1980s. The planning application was originally refused by Tower Hamlets but Regalian appealed to the Secretary of State, who approved the construction. It was originally conceived as two residential blocks of approximately 180 flats each, either side of the Listed Building.
Building commenced in 1984 and the first flats, in block A, were sold in 1987. Between then and 1990, the remaining blocks were built, but the property slump of 1990 meant that a large number of the flats remained unsold until 1993, when Regalian offered sizeable discounts to clear the remainder
Regalian continued to own and manage the development although day-to-day activities were dealt with by a firm of managing agents. In 1994, Regalian, wishing to remain a property developer and not a property manager, offered for sale a 200-year head-lease on the residential part of the development and parts of the estate including the gardens, riverside walkways, and the leisure centre, located within the Listed Building.
The Residents' Association reviewed the proposal from Regalian and formed a new company with the specific purpose of acquiring and managing the property on behalf of the owners of the individual flats. The transfer of the property was eventually achieved in September 1995, but by that time the term of the head-lease had been negotiated up to 999 years.
The second phase of Free Trade Wharf was never built. Instead, Altlantic Wharf, a development of 220 flats in five blocks, was built on the East side of the Listed Building. In 1999, Regalian began the process of converting the Listed Building into 37 flats. To this day, legal documents relating to flats at Free Trade Wharf still refer to Free Trade Wharf West.
Free Trade Wharf (the Management Company Years, 1995-)
Free Trade Wharf Management Company Limited was formed in 1994 with the intention of purchasing the long leasehold interest in the property. The purchase of a 999-year lease on the property was completed in September 1995. At the time, it was not envisaged that the company would be doing any day-to-day management of the property, preferring instead to leave that in the hands of the existing firm of managing agents.
In 1997 however, Free Trade Wharf Management Company Limited felt that the management of the development could be improved if the work was brought in-house.
Since October 1997, Free Trade Wharf has been managed on a day-to-day basis by Free Trade Wharf Management Company Limited.
In February 2004, Free Trade Wharf Management Company Limited purchased the freeholds of Free Trade Wharf, as well as the adjacent Listed Building, comprising 39 flats and two commercial units.
Free Trade Wharf Management Company Limited is limited by shares. It has an authorized share capital of 169 shares, representing one per flat, but thus far has only issued 103 shares. Since some owners have more thatn one flat, the number of shareholders is actually less that 103 and, as of May 2007, there are 99 shareholders. The Company currently has three Directors. The Company's year-end is March and the Annual General Meeting is usually in November or December, although the Christmas season often pushes the AGM into the following year. The Articles of Association of the Company specify that a shareholder is required to own a flat at Free Trade Wharf, and also if a flat is sold, that the associated shares is transferred at the same time.
Directors of the Company are required to be shareholders. This ensures that the management of the property is retained by the owners of the flats and can't be lost to ouside interests.
There is an active Residents' Association, whose potential membership includes all owners and tenants.
On-site issues are usually dealt with by Jim Cox, the Estate Manager. The collection of Service Charges and the paying of bills and salaries is dealt with by Claire Troughton, who also deals with enquiries associated with the sale/purchase of the properties. Legal work is normally dealt with by Wilson Barca. Matters involving the Share Register, and the transfer of shares when a flat is sold, are dealt with by the Company Secretary.
Contact details are here.