Buy to let owner clashes with TfL

21 January 2010

Written by Jeni Browne

A buy to let landlord is debating with the mayor of London over the cost of his development.

Chief executive of Great Portland Estates Toby Courtauld claimed that Transport for London (TfL) had offered to pay too little for his property in a compulsory purchase order.

Known as one of the capital's biggest landlords, Mr Courtauld's company sold 18 and 19 Hanover Square to TfL last month under the Crossrail Act 2008.

The property is to be part of a redevelopment planned for Bond Street Crossrail station.

However, TfL offered to pay £35.9 million, which Mr Courtauld claims is far too low and is appealing against.

A spokesperson for Crossrail said: "We paid Great Portland 100 per cent of our valuation for the property. Since then, we have started negotiations on the difference between our valuations."

Some £1.1 billion of real estate is owned by Mr Courtauld's company, its website notes.

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