First Mormon Chapel in London’s City
The City of London is set to receive its first-ever Mormon chapel as Covent Garden IP, an investment group owned by the Church of Jesus Christ of Latter Day Saints, moves to transform a property it acquired in 2019.
This transformation is in response to part of the Alder Castle property becoming vacant when Lloyds Bank terminated its lease.
Covent Garden IP recently revealed in its annual report that the new chapel, having received change-of-use permission, will open its doors in February or March of 2024.
Financial Impact and Charitable Status
Covent Garden IP, registered as a charitable company, disclosed that due to this change, it did not make monetary donations throughout 2022, despite generating £5 million from rental income and service charges, resulting in a cash surplus of £3.1 million.
However, it reported an annual loss of £8.7 million, primarily attributed to a significant write-down in the value of the Alder Castle property.
Alder Castle Property
The investment group acquired the Alder Castle property for approximately £100 million in 2019, before the pandemic and the shift towards remote work led to a decline in commercial property values in the City.
Following the substantial write-down, Covent Garden IP now values the property at £86.7 million.
Existing Mormon Chapels in London
Currently, there are four Mormon chapels in London, located in Islington, Walthamstow, Muswell Hill, and Abbey Wood.
Fund’s Recent Property Acquisition
In addition to its plans for the new chapel, Covent Garden IP recently purchased an Amazon warehouse in Wembley for £74 million, with intentions to continue renting the space to the ecommerce giant.
Mission and Goals
The stated objective of Covent Garden IP is “to promote and further the religious and other charitable work of The Church of Jesus Christ of Latter-day Saints in the United Kingdom.”
The fund fulfills this mission by investing in and holding commercial properties for the benefit of the Church, aligning with its core objectives and values.
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