Some of Plymouth’s most well-known landmarks are owned by offshore companies
SOME of Plymouth best-known landmarks are owned by secretive offshore companies based in tax havens, it has been revealed.
Swathes of land all over the city belongs to faceless firms based in places like Luxembourg and the Cayman Islands, The Herald can reveal.
They include everything from historic former military bases to prominent development sites, supermarkets and hotels.
Plymouth’s finance chief today slammed “morally corrupt” property owners who use tax loopholes to line their pockets.
Cllr Mark Lowry vowed to study the findings “in detail” as he accused the Government of allowing tax avoidance via offshore havens.
He told The Herald: “Why they are being allowed to shirk this responsibility when the rest of us pay, I have no idea.”
The offshore owners of Plymouth buildings have been revealed after Land Registry data was released under Freedom of Information laws.
An investigation by Private Eye magazine tracked all leasehold and freehold interests acquired by offshore companies between 2005 and 2014.
According to the results, some hugely significant Plymouth plots are owned by companies based in so-called ‘tax havens’.
Many firms choose to be registered abroad for tax reasons or to keep the identity of their owners secret.
It allows British or other business figures to channel funds into bank accounts not regulated in the same way as those held in the UK.
Many offshore accounts do not require a company’s ultimate owner to have their identity made public.
Among Plymouth’s most important offshore-owned land according to the findings are the former Royal Naval Engineering College in Manadon, the old Navy headquarters at Mount Wise and the former Grand Hotel on the Hoe.
Major current building sites owned by firms registered in tax havens include part of the Millbay development and Beckley Court, the old YMCA building at North Cross which is being flattened to make way for a student flats skyscraper which will become Plymouth’s tallest building.
Part of money-spinning retail parks including Marsh Mills and Transit Way also have foreign owners.
Many are then leased to local and national companies.
Along with recognisable buildings, there are dozens of private houses on the list – registered everywhere from the Cayman Islands to Gibraltar.
Cllr Lowry said: “It is down to the Government to make sure that every individual and company pays tax and personally I think it is morally corrupt for people to make financial gains out of land in this country without contributing it in any way.
“Taxation is how we pay for our schools, our health service, our roads, transport links – all the infrastructure that enables these companies to employ staff, get building underway and make money.”
The city’s Cabinet member for finance and assets added: “Why they are being allowed to shirk this responsibility when the rest of us pay, I have no idea.
“The Government have allowed this situation to happen and they need to sort it.
“This is a very interesting piece of work by Private Eye and we will be looking at it in detail.”
PROPERTIES INCLUDED IN THE LIST
Former maritime headquarters at Mount Wise dating back to the 1800s. Bought by Guernsey-based Mount Wise (Devon) Limited for £21.5million and currently being turned into homes.
Land and buildings at Millbay Road. At one of the city’s prime redevelopment spots, the whole block where Murray Volkswagen sits is owned by Chamoss International Limited, registered on the British Virgin Islands.
Former Royal Naval Engineering College, Manadon. Closed in 1995, the land is now earmarked for 68 new homes. It is owned by Beaver Tail Limited, of Jersey, which paid just £650,000 for the site.
Former Foot Anstey/Television South West building at Derry’s Cross. Earmarked for long-delayed Oceanique tower project. Owned by Ritz Investments Limited of Guernsey.
Former Grand Hotel at Elliot Street on the Hoe. Recently converted into luxury flats. Owned by Guernsey-based Moonfleet Investments Limited, which paid £2.47million.
Plymouth Hoe Centre – The Former NAAFI building in Notte Street. Once owned by Plymouth University, Luxembourg-based Unicity VII Plymouth SARL paid £3.25million for it. It’s now a huge student flats block called Astor House.
Staples Building, Bretonside. Bought for £14.2million and owned by two Guernsey-registered firms, Thistle Investments Limited and Palace Investments Limited.
The Roundabout pub at Drake Circus. Owned by Stonegate Pub Company Limited, registered in the Cayman Islands.
The Money Centre, Drake Circus. Owned by Money Centre (Plymouth) Limited of Gibraltar, which paid £11,85million for the building.
Beckley Court. The former YMCA building being torn down right now so a 22-storey student flats skyscraper can be built. When finished it will be Plymouth’s tallest building, part of a plan that was approved by the council without even going before its planning committee. Unicity XIX Plymouth 2 SARL of Luxembourg is listed as the owner, having paid £3million.
Transit Way – The Matalan and Lidl buildings at the retail park. Owned by BNP Paribas Securities Services Trust Company (Jersey) Limited and similarly-named Channel Islands-based BNP Paribas Securities Services Trust Company Limited.
Ibis Hotel, Marsh Mills. Owned by Equiom Trust Company, based on the Isle of Man.
Premier Inn Hotel, Marsh Mills. £6.28million paid for the site by Guernsey-based Kleinwort Benson (Guernsey) Limited.
B&Q building, Marsh Mills. Owned by jersey-based BNP Paribas Securities Services Trust Company Limited and BNP Paribas Securities Services Trust Company (Jersey) Limited. The land cost just over £5million.
Sainsbury’s building, Torpoint. The Antony Road supermarket building is owned by Harwood Anthony Propco 14 Limited, based on the Isle of Man.
Frobisher House. Plymouth University halls of residence on Ebrington Street. Owned by Jersey-based BR Student Housing Nominee 1 Limited and BR Student Housing Nominee 2, which also own other student rooms in the city.
Boots building, Mutley Plain. Owned by HPUT Trustee No 1 Limited and HPUT Trustee No 2 Limited, whose countries of origin could not be confirmed.
Ladbrokes building, Mutley Plain. British Virgin Islands-based Girion Holdings Limited paid £229,500 for the site.
Plymouth College Preparatory School. Land and buildings which once belonged to form St Dunstans’s Abbey School in Stoke, by the Millfields, are owned by Matrix Plymouth SA. The company, registered in Luxembourg, paid £1.1million for it.
Endeavour Court development, Stoke. Several flats owned by Freehold Reversions Partnership Incorporated LP of Guernsey.
Vision development, Devonport. Several plots of land and buildings the Redrow development, which is still under way, are owned by Guernsey company Abacus Land 3 (General Partner) Limited.
