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he Metropolis is to get its first Mormon chapel as an funding group owned by the Church of Jesus Christ of Latter Day Saints seeks to fill empty house in a property it purchased in 2019.
Covent Backyard IP, an funding group owned by the Mormon church, revealed in its annual report that it’s going to flip a part of its Alder Citadel property close to London Wall right into a chapel after Lloyds Financial institution agreed to terminate its lease, leaving a part of the constructing empty. It stated the brand new chapel will open in February or March of 2024, having obtained change-of-use permission.
The fund, registered as a charitable firm, stated the change meant it didn’t make any financial donations throughout 2022, regardless of receiving £5 million from rental earnings and repair costs and delivering a money surplus of £3.1 million. Whereas it made a surplus, it reported an annual lack of £8.7 million, because of a significant write-down within the worth of the Alder Citadel property.
The church-owned fund purchased Alder Citadel in 2019 for round £100 million, earlier than the pandemic and the rise of work-from-home despatched Metropolis industrial property values tumbling. After the write-down, Covent Backyard IP stated it’s now value £86.7 million.
There are 4 present Mormon chapels in London, in Islington, Walthamstow, Muswell Hill and Abbey Wooden.
Earlier this 12 months, Covent Backyard IP purchased an Amazon warehouse in Wembley, which it intends to proceed renting out to the ecommerce big, for £74 million.
The fund says its aim is “to advertise and additional the non secular and different charitable work of The Church of Jesus Christ of Latter-day Saints in the UK”.
“CG does this by investing in and holding industrial property for the advantage of the Church,” the organisation says.
