National Assembly landlord is a shadowy offshore company charging rent of £2m per annum
The National Assembly’s landlord is a shadowy company based in the tax haven of the British Virgin Islands – and AMs have no idea who is benefitting from the annual rent of more than £2m it pays to the owners.
Private Eye magazine has launched a section of its website – www.private-eye.co.uk/registry – with an interactive map that gives details of landholdings owned by overseas interests.
It shows that Ty Hywel, the office block linked to the Senedd building that houses AMs’ offices, is owned by a firm called Broader Company Limited that bought it in March 2014 for £40.5m.
More: National Assembly for Wales office acquired by Kuwaiti investors
The British Virgin Islands (BVI), one of the UK’s last remaining colonies, is used by individuals and corporate entities wishing to reduce their tax bill as well as avoid the degree of public disclosure required in Britain.
It is not possible to establish from publicly available records the identity of directors or shareholders of a BVI-registered company.
A spokesman for the Assembly Commission said: “The National Assembly for Wales is not in a position to comment on or influence the ownership by Broader Company Limited.
“An opportunity to acquire the freehold of Ty Hywel was available during 2009 and again in 2013 when the lease was offered for sale.
“On both occasions public funds were not available to enable the Assembly Commission to make the purchase.”
In 2013, when Ty Hywel was on the market, the Assembly was said to be paying a rent of £2.3m a year – representing £18.26p per sq ft.
The Assembly entered into a 25-year lease, without any break clause, in 2007.
At the time Knight Frank investment partner Shaun Roy said: “Ty Hywel presents a unique investment opportunity with the Assembly having an absolute need to occupy the building which is linked to the Senedd debating chamber.
“We expect this to draw interest from all sectors of the market and from around the globe.”
