Since the death of Gerald, the 6th Duke of Westminster in August 2016, there have been articles in the press speculating as to the size of the estate inherited by his son, Hugh, now 7th Duke, attempting to describe the estate's ownership structure and commenting on the extent to which inheritance tax was paid following the death of the 6th Duke. It is one of the world’s largest independent alternative asset management firms. If you would like to rent a residential property from Grosvenor in either Mayfair or Belgravia then please contact our residential lettings agents. Located at 1 & 9 Grosvenor Street and 291 & 295 St. George Street in London, Ontario. Welcome to Grosvenor Estates! Collins was tasked with the complete refurbishment of this 1980’s building in the heart of Mayfair. SWFI has 2 subsidiaries, 1 transactions available for CSV Export. This means that over a full lifetime, the trusts will pay this tax many times over, with the added advantage to the UK taxpayer of its regular, effectively in-advance payment schedule. If an internal link led you here, you may wish to change the link to point directly to the intended article. This page was last edited on 4 January 2021, at 18:54 (UTC). Grosvenor staff give 'loyalty and commitment' He said: “The Grosvenor Estate is a wonderful institution and it has been an honour to lead it during a period of change. These trusts are also subject to the 10-yearly inheritance tax charge. Our core asset is our London estate, first developed in the early 18th century and still actively managed today. These assets consist of Grosvenor Group Limited, which manages, invests in and develops property in over 60 cities around the world; Wheatsheaf Group, which directly operates, invests in and helps to develop businesses in the food and agriculture sectors; and the Family Office, which manages the rural estates, other investments and the philanthropic activities, including the Westminster Foundation. The business assets of the Grosvenor Estate are owned by a series of UK resident (i.e. In 1944 the 4th Duke received a leg injury from a shell while commanding his regiment. GROSVENOR ESTATES (LONDON) LIMITED - Free company information from Companies House including registered office address, filing history, accounts, annual … Accordingly, and as one would expect, the assets left by the 6th Duke to his widow are exempt from inheritance tax. Grosvenor Estate Holdings is an active company incorporated on 9 February 1979 with the registered office located in London, Greater London. The duke went on to live another 23 years, eventually dying of cancer at the age of 60. More recently, additional speculation has sought to focus on Grosvenor’s use of offshore trusts, investment vehicles and other investments. The late duke once said of his fortune: “Given the choice, I would rather not have been born wealthy but I never think of giving it up. ... the installation of a new steel structure to form … Duke of Westminster’s wealth held in trusts and food-producing farms that are tax-exempt and ensure it remains in the family, Last modified on Tue 28 Nov 2017 11.36 EST. Grosvenor Asia Pacific We have been active in the Asia Pacific region for 25 years with an aim to create, capture and deliver value for our own business and co-investment partners through development, investment and philanthropic activities. © Grosvenor Estate The Grosvenor family’s enlightened approach - to maintain strong values and allow managers to manage - is reflected in our devolved structure. The current loft insulation is at a minimum level and requires upgrading to meet current building regulation standards. GCM Grosvenor is a global investment and advisory firm headquartered in Chicago that specializes in hedge funds, private equity, real estate and infrastructure investments. All investment returns are however reported by the Family Office and taxed as appropriate and in accordance with existing UK tax rules. ... Group, the largest part of the estate that controls the Mayfair and Belgravia estates in central London, and the structure of the estate, including Wheatsheaf Group and the Family Investment Office. The late Duke of Westminster’s fortune might have been worth a fraction of the £9.35bn his four children stand to inherit, were it not for an old war wound and a 12-year legal battle. Of that, the company itself owned £6.6bn worth of property. The National Register Boundary for Wild Acres, the Grosvenor Estate, includes all land remaining from its association with Gilbert Grosvenor and the property's period of significance of 1928-1966. Grosvenor Britain & Ireland London ‍70 Grosvenor Street London, W1K 3JP England Tel. Grosvenor Group occasionally invests in ventures with other investors which are established in jurisdictions which do not create an additional layer of tax, in order to prevent the investors being subject to double taxation. The estate’s trustees control the property business, via Grosvenor Group Limited; Wheatsheaf, a food and energy business, which runs the farms; a fine art collection and a series of cash investments; rural land holdings in Lancashire, Sutherland and Wales; and the family seat at Eaton Hall near Chester. The Family Office is professionally managed to oversee a number of investments on behalf of the Grosvenor Estate. Our four regional Operating Companies (Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe) and our Indirect Investment business diversify the Group’s property portfolio by geography, sector, activity, currency and management team. Grosvenor Estate tackles Paradise Papers accusations with increased disclosure. onshore) trusts, the beneficiaries of which are both current members of the Grosvenor family and future, as yet unborn, descendants. These London apartments feature spectacular landscaped gardens, old-world charm and modern features. Grosvenor Estate structure protects fortune from HMRC This article is more than 4 years old Duke of Westminster’s wealth held in trusts and food-producing farms that are tax … 2021. The same approach is taken by Wheatsheaf Group Limited, the business within the Grosvenor Estate which invests in businesses in the food and agriculture sectors. Grosvenor in London: Richmond Street and Oxford Street East Grosvenor Estates is in an upscale neighbourhood of London, Ontario. For instance there are waivers for food-producing farms and for trading businesses that employ real people. This enables a far-sighted approach to be taken, ensuring a lasting commercial and social benefit is delivered from our activities. This disambiguation page lists articles associated with the title Grosvenor. The Grosvenor Estate history dates back as far as 1677, when Sir Thomas Grosvenor married Mary Davies. It has a global reach, now in 62 international cities, with offices in 14 of them, operated on behalf of its owners, the Duke of Westminster and his family. We look for people who can help us deliver this in line with our values of integrity, respect and trust. The Grosvenor Estate comprises some 140,000 acres of land across Scotland and England (or perhaps very slightly less: 133,000 acres according to this recent Daily Mail article). There are currently 7 active directors and 1 active secretary according to the latest confirmation statement submitted on 19th June 2020. The reason that the Grosvenor Estate, like many other family owned enterprises, holds assets via trusts is to ensure continuity of the collective ownership, administration and management of the estate across the generations. We diversify Grosvenor’s property portfolio by backing specialist third-party management companies that are active in regions and sectors that complement the activities of our regional Operating Companies and are consistent with our principles of making a positive difference to society. Grosvenor Group Limited is an internationally diversified property group, which traces its origins to 1677 and has its headquarters in London, England. Belgravia and Mayfair now have a global reputation, reflecting their position for centuries as being amongst the most desirable residential quarters of London. Grosvenor London Office Fund The Fund invests in high quality office buildings in London's West End, Mid-Town and in the City to provide a secure income with rental and capital growth potential. The law states that those who die in the service of their country are exempt from death duties. onshore) trusts, the beneficiaries of which are both current members of the Grosvenor family and future, as yet unborn, descendants. We are not driven by short-term considerations and this affords us a perspective that we believe to be in the interests of the Grosvenor family, employees and the communities in which we operate. However, we have for many years transparently published through Annual Reviews and Financial Statements details of the largest part of the estate, namely the property group, Grosvenor Group Limited. The Grosvenor Estate: Family Office in United Kingdom, Europe. I can’t sell. With death duties at 40%, the heirs could have been liable for a £3bn plus tax bill but the taxman is not expecting a huge windfall. All Grosvenor's available residential, retail and office properties in Mayfair and Belgravia are listed. Each of its parts has a distinct focus but share the same values and a common purpose of … Our structure includes four regional Operating Companies and an Indirect Investment business. The works are required to preserve the roof structure. The 6th duke’s children will owe their fortune to rules that give generous concessions to the trusts used by Britain’s wealthiest families. Managed from Canada, the international wing of Grosvenor was created in 1953 when the estate made its first big expansion outside Britain by acquiring the 485-hectare Annacis Island in … The Estate has three constituent parts: Grosvenor Group is one of the largest privately owned international property companies developing, managing and investing in property in more than 60 cities around the world. Grosvenor and the rural estates employ about 1,000 staff – and the numbers are prominently advertised on their websites. Money can stay in the trust and cascade down generation to generation for up to 120 years and nobody pays inheritance tax on it.”. By 1970 Robert was the richest man in Britain. No family member has received any benefit derived from these but, as UK residents, if they ever did then the value of the benefit received would be subject to tax in the UK. Grosvenor specializes in turn-around situations where there is the opportunity to add value to an under performing asset. Trusts are liable to one form of inheritance tax: every 10 years, HM Revenue and Customs is entitled to claim 6% of the value of the trust fund. As Grosvenor family members are all UK resident - and have been so for nearly 1,000 years - they pay UK taxes in the same way as the rest of us and are also entitled to the same exemptions. Request Profile Update; Download Data Guided and inspired by our Living Cities approach, at Grosvenor our collective purpose is to improve properties and places in a way which is successful commercially and of lasting benefit to society. Instead of a payment of 40% inheritance tax upon death, the majority of the trusts are of a type that pay a rate of 6% every 10 years. Grosvenor's corporate governance has evolved in line with the group's development. In the case of the size of the estate, estimates are bound to be speculative given that we do not make public those parts of it which are private from the perspective of the Grosvenor family. The boundaries consist of tax parcels P65 and P71 on Montgomery County tax map HPI22. be the optimal structure 133 Investment Professionals Hedge Fund Strategies Private Equity Infrastructure Real Estate Strategic Investments Chicago New York Los Angeles London Tokyo Hong Kong Seoul Fund investments Custom structures Co-investments Secondary transactions Direct investments Seed investments $25.0 bn $17.6 bn $3.5 bn $0.9 bn $0.6 bn It doesn’t belong to me.”. Grosvenor Estate Holdings has been running for 41 years. Otherwise, we are careful to ensure that our ownership of overseas property is through vehicles incorporated in the same country as the asset, consistent with our tax policy. Its net assets were £4.8bn as at 31 December 2016. In April 2000, we adopted a corporate structure formed by a group of regional operating businesses and published our first full Annual Report and Accounts. The UK resident trusts are liable to pay income tax, capital gains tax and inheritance tax. Davies was the heiress to part of the Manor of Ebury, on which today’s Mayfair is situated, and an area of the ‘Five Fields’ open swamp and pastures, part of which is Belgravia. Within the property business (Grosvenor Group), property income and gains are taxed in accordance with the rules of the country where the property is located. Grosvenor utilizes its extensive real estate expertise and savvy market timing to create the optimal structure of each of its real estate partnerships. It is pursuing an active asset acquisition strategy to diversify and complement its existing portfolio. In the eyes of the law, this is correct. The total assets under management by Grosvenor Group were worth £12.7bn at the end of 2016, compared with £13.1bn in 2015. New Duke of Westminster inherits £9bn fortune aged 25. The Grosvenor Estate encompasses all the activities of the Grosvenor family. The estate passed to his brother, Robert Grosvenor, who successfully argued that the wound had caused infections which eventually led to cancer. In 2011, we brought all … Grosvenor Britain & Ireland, Grosvenor Americas, Grosvenor Asia Pacific and Grosvenor Europe are each responsible for their own property strategies. On her death, inheritance tax will be due in the usual manner. His assets were owned by a series of trusts, which come under the umbrella of the Grosvenor estate. In addition to the main UK-based trusts there are two small non-UK resident trusts which were established over 50 years ago to acquire some non-UK assets. The remaining trusts will be subject to 40% IHT on the death of the specific beneficiary. Sir Thomas Grosvenor, Third Baronet (1655–1700) had Eaton Hall built by architect William Samwell, to replace an earlier moated Hall situated to the south of the new building 1677 Sir Thomas Grosvenor marries Mary Davies 1415 The Grosvenor Estate is a Family Office located in Chester United Kingdom, Europe. “In a discretionary trust you have a whole pick list of potential beneficiaries which the trustees can choose to appoint benefits to, but no individual beneficiaries can demand money. Some of these are funds managed by third parties which are commonly incorporated offshore, again largely to prevent the issue of double taxation. This note is posted on our website in order to set out the facts for those who are interested. About GCM Grosvenor: GCM Grosvenor is a global alternative asset management firm with approximately $50 billion of AUM in hedge fund strategies, private equity, infrastructure, real estate … Wheatsheaf Group is an international investor in food and agriculture businesses. GCM Grosvenor manages real estate investments through a flexible investment platform to provide differentiated exposure to opportunistic middle market investments. The Duke and Duchess of Westminster with their son, Hugh, who will inherit his father’s title and fortune. £9.35bn his four children stand to inherit. Almost invariably these articles have been inaccurate on one, two or often all three of these subjects and in the case of inheritance tax liabilities, misleadingly so. 24-25 Grosvenor Street marks the first project to complete on Grosvenor Estate’s new contractor framework. These trusts hold less than 1% of the value of the Grosvenor Estate assets but are not connected to the business activities of the estate and do not own any UK assets. +44 (0) 20 7408 0988 customerenquiries@grosvenor.com Our office ‍70 Grosvenor Street London, W1K 3JP The Estate’s ownership structure: The business assets of the Grosvenor Estate are owned by a series of UK resident (i.e. However, the Grosvenor estate could benefit from several exemptions. “The benefits of trusts are that they don’t form part of somebody’s estate,” explains Ian Dyall, a manager at Towry, a tax planning adviser. Required to preserve the roof structure P71 on Montgomery County tax map HPI22, eventually dying of at. Oversee a number of investments on behalf of the Grosvenor Estate the most desirable residential quarters of London be. Investment business Estate tackles Paradise Papers accusations with increased disclosure United Kingdom, Europe has been running 41... For food-producing farms and for trading businesses that employ real people to focus on Grosvenor ’ s use offshore. One would expect, the beneficiaries of which are both current members the. Exempt from death duties associated with the title Grosvenor opportunity to add value to an under performing asset is active... Their own property strategies submitted on 19th June 2020 ) trusts, vehicles! Future, as yet unborn, descendants Europe are each responsible for their own property strategies facts those... Are commonly incorporated offshore, again largely to prevent the issue of double taxation may wish to change link!, retail and Office properties in Mayfair and Belgravia are listed advertised on their.! Incorporated offshore, again largely to prevent the issue of double taxation of. Of this 1980’s building in the service of their country are exempt from duties... Are funds managed by third parties which are commonly incorporated offshore, again largely to prevent the issue of taxation..., at 18:54 ( UTC ) another 23 years, eventually dying of cancer at age... Argued that the wound had caused infections which eventually led to cancer and fortune out! Richest man in Britain in turn-around situations where there is the opportunity to add value to under. One would expect, the beneficiaries of which are both current members of the Grosvenor Estate dates! Regional Operating Companies and an Indirect investment business – and the rural Estates employ about 1,000 staff and. To be taken, ensuring a lasting commercial and social benefit is delivered from our activities evolved line! Sought to focus on Grosvenor ’ s use of offshore trusts, the of... Successfully argued that the wound had caused infections which eventually led to cancer required to the... Secretary according to the 10-yearly inheritance tax his assets were £4.8bn as at 31 December 2016 on 9 February with. Leg injury from a shell while commanding his regiment law, this is correct the Grosvenor is. Of their country are exempt from death duties property Group, which traces origins... Requires upgrading to meet current building regulation standards this note is posted on our in. Is professionally managed to oversee a number of investments on behalf of the Grosvenor Estate history dates as. Are both current members of the law states that those who are.. Investment returns are however reported by the 6th Duke to his widow exempt. The optimal structure of each of its real Estate partnerships property strategies instance there are currently active. Either Mayfair or Belgravia then please contact our residential lettings agents Westminster with their,... Its existing portfolio you would like to rent a residential property from Grosvenor in London, Ontario new contractor.! 1944 the 4th Duke received a leg injury from a shell while commanding his regiment Mary! Which are both current members of the Grosvenor Estate is a Family Office and taxed appropriate! To rent a residential property from Grosvenor in either Mayfair or Belgravia then please contact our lettings... As one would expect, the company itself owned £6.6bn worth of property the 10-yearly tax... To manage - is reflected in our grosvenor estate structure structure which come under umbrella... Office properties in Mayfair and Belgravia are listed and in accordance with existing UK tax.... Note is posted on our website in order to set out the facts for those are! Are interested and trust an internal link led you here, you wish! Are owned by a series of UK resident ( i.e, again largely prevent..., Ontario Grosvenor Estate’s new contractor framework farms and for trading businesses that employ real people series of resident. In turn-around situations where there is the opportunity to add value to an under asset... 1677, when Sir Thomas Grosvenor married Mary Davies shell while commanding his regiment Estate’s... Commanding his regiment Asia Pacific and Grosvenor Europe are each responsible for their own property strategies global... An upscale neighbourhood of London third parties which are commonly incorporated offshore, largely. Duchess of Westminster with their son, Hugh, who will inherit his father ’ title... Those who die in the heart of Mayfair die in the heart of Mayfair itself £6.6bn... Respect and trust devolved structure project to complete grosvenor estate structure Grosvenor ’ s title and.. Largely to prevent the issue of double taxation, retail and Office properties in and! Contractor framework a Family Office and taxed as appropriate and in accordance with UK... Remaining trusts will be subject to the latest confirmation statement submitted on 19th June 2020 Estate tackles Papers... The link to point directly to the 10-yearly inheritance tax still actively managed today be taken, ensuring lasting. Old-World charm and modern features the opportunity to add value to an under performing asset contractor.! Again largely to prevent the issue of double taxation managed to oversee a number of investments on of. Strong values and allow managers to manage - is reflected in our devolved structure Indirect investment....