Upkeep Costs May Cause Ghost Home Investors To Lose Their Shirts On Taylor Wimpey’s The Denizen Development

London’s skyline is in danger of being dominated by a forest of derelict residential towers (such as Taylor Wimpey’s under construction The Denizen) in 100 years’ time if apartment owners are unable to fund essential refurbishment work, a former leading planner warned this week. Peter Rees, previously chief planning officer for the City of London, said there was a danger funds set aside within apartment service charges for major renovation work on the new breed of private residential blocks would be insufficient to cover what was required. “If future refurbishment cycles cannot be funded by the apartment owners, their investments will become unsellable long before the expiry of their 125-year lease,” Rees said. “In 80, 90, 100 years’ time, I fear we’ll have the Thames lined with derelict towers.”

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The Denizen: Where Dumb Meets Stupid

The proposed site of The Denizen is a few metres inside the City of London borough boundary, and Taylor Wimpey make far more of this than the location warrants; essentially these will be City fringe properties and like other developments in EC1 they are being marketed as ghost home investments to speculators in South East Asia. Potential victims of Taylor Wimpey’s disingenuous sales pitch in South East Asia will already be familiar with Denizen as a clothes brand owned by Levis but with jeans sold at ‘cheap and cheerful’ prices compared to the company’s ‘original’ products. Although Taylor Wimpey tap into hype about cheap jeans, their proposed development is over-priced and dingy; and life inside it is likely to be ‘solitary, poor, nasty, brutish and short’.

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