Kramer: you make some good points and I concede I was talking crap about 50 flats.
What I would say is.
A) The W.T bought this Chuch from the Church of England not primarily as a place of worship but as an investment. ( That to me is hypocracy)
(B) If I were to speculate today the building would sell for between 15 - 20 million.
(C) With preemption and speculation, that would be in the region of 40 million in only 10 years. ( Every 10 years for the last 100 years property value in this part of central London has risen over 110%,. In most of the UK property prises have only doubled every 10 years)
(D) If I were to sell this property I would target a foreign invester like a shriek. The fact is many rich Arabs spend billions on property in this area, and often the only reason for purchase is they want it. Much of the property in London is owned by foreigners this way.
(E) Of course the incentive to target foreign buyers would be hindered by the fact that in the last budget, the government got rid of a legal loophole and now foreign investors must pay capital gains tax on the sale of property. In short that would be 40% of the appreciation.
(F) Many listed buildings in this area were allowed to become pubs, and those pubs have since been sold to developers and converted in to residential flats. ( So I would imagine the same would apply with a church)
This property was purchased by the W.T, in my opinion because it was a good deal and religions get even better deals with tax on there investments. (Or should I say non tax)
A good deal and a purchase from the wild beast, false religion...
The Watchtoer is a business led organisation thats success was built on buying property not in the 3rd world but in the capitals of the world where property is an investment, Therefore your comment about "having to rehouse the 5 congregations" I would answer "when in poor countries many still have to share a W.T". So that is not in my mind a consideration to the W.T.
The Rebel.