A spokesman for the couple said, “Cherie Blair’s current offices are being re-developed so they have been forced to seek new office space…the most cost-effective way over the long term was to buy this building. There will be no other tenants.”
The Blairs are re-developing the property via their new company, Harcourt Ventures Ltd, which they created specifically to engage in “letting and operating properties”, according to Companies House.
Starting their property empire with a £30,000 home in the wholly unglamorous location of Middlesbrough, the Blair family has built a multi-million pound property portfolio including several properties in exclusive central London postcodes.
The family invested heavily in property following Tony’s departure from number 10 and have a series of flats in the North West of England which Cherie, 62, and eldest son Euan, 33, rent out via their existing company, Oldbury Residential Ltd.
DMZ estimates the yearly income from their rental business is in excess of £200,000 per year – not bad going from Mr. Blair who was paid £143,860 per year as Prime minister when he took power in 1997.
Mr. Blair has also helped his three eldest children get on the property ladder. The couple’s daughter Kathryn owns a one-bedroom mews house in Marylebone bought for £1.2 million in 2014. Euan, a former employee of investment bank Morgan Stanley, owns a six-bedroom townhouse in Marylebone Village valued at £5 million. The Blair’s second son Nicholas, who works as a football agent, is the owner of a three-bedroom Georgian townhouse in central London worth £2 million.
Who said millennials couldn’t get on the housing ladder in London!
DealMakerz think the Blairs runaway success in property investing is remarkable.
The family have built a diversified portfolio most developers would envy, including tier 1 prime London assets that have achieved impressive appreciation as well as a solid rental properties, which due to their North West location must provide a healthy yield. We Brits have a tendency to bash those who have achieved success in an attempt to create feelings of embarrassment of wealth and unjustified ‘luck’ – take the recent BBC salary reaction. DMZ doesn’t buy this cynical view.
Irrespective of your political alignment, it’s hard to ignore the stratospheric rise of Tony Blair. From MP, to leader, to the longest reigning Labour Prime minister in history – critics would do well to remember that the ex-leader is still the last individual to take the Labour Party to number 10. He is also one of the most successful ex-Prime ministers the UK has ever had with an estimated net worth of £70million.
Maybe there was something to the old New Labour adage that ‘things can only get better’…