Purchase of Salvation Army Building

We are attempting to purchase an  ex-Salvation Army citadel (see https://www.realla.co.uk/details/17887024 ) in Hammersmith and to convert it into a Mind Sports Centre. The purchase price is £1.76M. The Board agreed in principal, subject to Member Agreement, to invest £400,000 in the building; the Members of the Foundation provided this approval at an Extraordinary General Meeting on 13 September.

Here are various  documents associated with this purchase:

  • Letter from the Board to members (dated September 2020). This was discussed at the Foundation's EGM on 13 September.
  • Note from David Parry from the Bridge community. This was also discussed at the Foundation's EGM on 13 September.
  • Floor plans of the existing building.

(17 October update) The purchase - if the offer is accepted - will be made by a new Company, MindSports Property Ltd; (MPL): the Foundation has nominated one of its Directors (this is Toby Manning). The Foundation will invest £300k in MPL: to avoid a potential tax bill of £20k the Foundation will donate a further £100k to the London Go Centre which will then invest this money in MPL. 

(6 November Update) Our offer of £1.76M has beeen accepted and, provided a surey does not identify any significant issues, the purchase should be completed in December.

Because the donation to the LGC involves the permanent disposal of a significnt proportion of the Foundation's assets, the Directors consulted with its Members to seek their informal consent to it (there was insufficient time for a formal Extraordinary General Meeting.

  • Consultation Document. 

The response from the Members did not result in any opposition to the proposals, and as a result theBoard donated £100k to the LGC.

(24 December Update): The purchase has now been completed and the LondonMind Sports Centre established. There is still a considerable amount of work to do, both to finalise the paperwork on fiancing the purchase (issue of share certificates etc.) and to refurbish the building; both of these are underway. We do not yet have a date when (Coronavirus permitted) we can put the building into operation.