September 28th, 2016

Mason’s Court back on the market

Mason’s Court back on the market Mason’s Court back on the market
Updated: 12:34 pm, Sep 01, 2016

MASON’S Court is back on the market.

The historic Rother Street building, which is believed to date back to the 15th century, is one of Stratford’s oldest residential addresses and was put up for auction in May.

Then owners Stratford Town Trust claimed it had to sell the Grade II-listed building to safeguard its future as it could not afford the £1million costs of required repairs and restoration.

The move sparked anger from groups including the Stratford Society and many townspeople, who criticised the trust and called on them to think again.

Despite having a guide price of £275,000, the property fetched £520,000 when it went under the hammer in London.

But less than six months after buying the historic building, Black Country businessman Gurjit Mahal has put it back up for sale.

Advertised as four separate cottages ranging in price from £175,000 to £285,000, the entire property has been valued at £925,000 – meaning a potential profit of more than £400,000 on his original purchase price.

No reference has been made to the need for any potential repairs – cited by the town trust as the main reason for selling up.

Defending the sale at the time, trust chairman Alan Haigh, said: “The town trust is a grant-giving charity and not a heritage charity.

“It owns more than 100 properties and lands, which are endowed investments, in Stratford with the main purpose of managing these assets to optimise the income available for our grant giving.

“More than £1.7million is awarded every year to support our charities, schools, groups and individuals. As such, the town trust could simply not spend £1million restoring a building.

“That is not why the charity exists. By finding a new owner, Mason’s Court will get the investment required. It is a building protected by its Grade II-listed status.”

Mr Haigh added the money raised through the sale legally had to be – and would be – reinvested in investments.