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Tenants denied 20% rent reduction by billionaire landlord’s agency

More than 100 residents in east London have been refused a rent reduction by their letting agent. 

Residents living at Tower Quay in Shacklewell had requested a 20% rent reduction to help cope during the Covid-19 pandemic, but letting agent Tower Quay properties reportedly told the residents to pay up “using the money they would have spent on lunches and holidays”.

Tower Quay, owned by Monaco-based tycoon John Christodoulou, is the agent for 170 flats in Somerford Grove, Shacklewell. 


A two-bedroom flat in the warehouse conversion block costs £1,495 per month to rent. 

Tower Quay properties told residents they would be expected to pay on time during the pandemic and that they were “not willing to budge”. 

The agent said: “Subsequently, when all of this is taken into account, in most cases we believe the impact on disposable income will be minimal, and there is therefore no justification for any reduction in rent, especially considering that whilst tenants are isolating the wear and tear in properties is increasing, which will be at the cost of the landlord.”

Christodoulou’s company owns a vast portfolio with more than 10 million sq ft of real estate, including a number of four and five star hotels such as the Four Seasons in Canary Wharf, London.  

One tenant told MailOnline: “Tower Quays are not providing any rental relief. We have had flatmates get laid off and are here on visas so unable to collect any benefits from the UK government yet we are told there is no rent ease.

“This is unacceptable at these times especially since there are plans laid out by the government to have a hold on their mortgages which would allow landlords to provide a freeze on rent or reduce rent.

“At a time when the world needs kindness and to come together, Tower Quay has been a company of greed and the picture of how not to behave in a global pandemic.”

A survey of 537 landlords carried out by eviction firm Landlord Action found that since the lockdown took place last month some 74% of landlords have been contacted by tenants saying they will struggle to pay their rent.

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  • icon

    So what ARE tenants going to spend the money saved on lunches and holidays?
    see why the wealth of the landlord affects the legal obligation to pay the AGREED levels of rent?

    • 23 April 2020 17:33 PM

    Why indeed??
    Can we LL go food shopping and expect all these very rich supermarket businesses to let us filthy rich greedy LL(there obviously being no other type abd nobody will state at what point society considers LL to be greedy), have free shopping!?.............................Nope thought not so why should the financial status of service providers have any bearing on whether the user of those services pays for them or not!!!??

    I'm afraid these ridiculous expectations by these looney lefty organisations are that LL should use their private assets to subsidise the lifestyles of feckless tenants.
    This is a societal issue which considers that LL should subsidise tenant lifestyles cos they can afford to do so..
    They can't but society seems to believe they should!!
    Why this attitude pervades like a CV19 virus infecting the general body politic I have no idea.
    If tenants cannot afford their rental property for WHATEVER reason they should offer to surrender their tenancy.
    It will then ve for the LL to make a BUSINESS decision as to what they wish to do

    But it will be the LL that will be in charge of what occurs and NOT the tenant dictating to the LL.

    In practice many LL may find little alternative than to retain existing tenants on adjusted rent.
    But that will be for the LL to determine.
    It is their business and businesses must be in the position to manage things as they feel apppropriate.

  • Ingrid Mott

    One solution: Governments need to pay tenants rent. To avoid steess, lies, conflift, eviction. The Government should bite the bullet and pay all landlords - we are the only ones not helped If we prove tenant cant pay we should get at least a 50% payment from the Council's reserve cash.


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