Who will own What?
If the redevelopment goes ahead as currently being proposed what will the club actually own at the end of the day?
Will it still hold title to the all the land, part of the land or simply the buildings and infrastructure on a portion of the land?
posted by Unlock at 5:53 PM
7 Comments:
The plan is that TAC will lease about half of its land for a term of 50-52 years after which the land will revert to TAC. For this TAC is paid 'kenrikin' which will be used to pay for the new club.
If I understand these comments properly, is it being said that in the future TAC will not own the land the club is currently on?
The current TAC land would be highly saught after by large Japanese developers & they'd grab it in a second if they ever had the chance.
Surely it is not being suggested that this could become a possibility???
These are questions that should be asked at the next Town Hall meeting. Let's see how clear the answer is!
Alternatively why doesn't a member of the management or LRPC comment here? There's nothing stopping anyone making a comment on any of the issues raised. Surely they've seen this by now? If the comments and posts are wrong, please let us know. We're all eyes!
Lease out half the land for 50 years?
That would mean that the condo development would essentially be shakuchi ...whereby purchasers of the condos would own rights to the condos and not the land.
That bwould make them harder to sell and harder for potential buyers to get finance.
Doesn't sound logical and there is less and less of this type of development going on.
That's right, shakuchiken is the plan and after 50 years the condo will come down. To my surprise,I was told that in Minato-ku these 50 year leases are popular. I do not know if they are.
In the late 80's the Thatcher government passed the 'leasehold reform law' to allow leaseholders to buy the freehold. In 50 years who knows what will change in Japan.
Who knows indeed.
What I would like to believe is that something will change in the management processes of the club, assuming of course, that it survives the next decade.
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