Request ID: FOI-0431-2223 Date published: 23 June 2022
You asked
Revised request FOI-0161-2223:
1) the total sum of debt written off by TfL Commercial Development Property Management annually over the past 5 years.
2) what were the biggest ten individual debt write offs by TfL Commercial Development Property Management in the last 3 years and who were the beneficiaries? ie. how much was the debt written off, what was the property (or properties), and who was the tenant that benefited from the debt write off
3) how much debt is currently owed to TfL Commercial Development Property Management (ie. rent which is unpaid, outstanding or late, but has not been written off)
4) how many commercial properties does TfL Commercial Development Property Management let and what is the total rent (ballpark) due on the overall property portfolio?
We answered
Our Ref: FOI-0431-2223
Thank you for your revised request received on 25 May 2022 asking for information about our Commercial Development Department.
Your request has been considered in accordance with the requirements of the Freedom of Information Act and our information access policy. I can confirm we do hold the information you require. You asked:
The total sum of debt written off by TfL Commercial Development Property Management annually over the past 5 years
Financial Year
2022
2021
2020
2019
2018
2017
Bad Debt Written Off
-2,535,164.50
-802,457.93
-379,872.12
-802,496.55
-42,468.51
-288,935.06
Please note that the above does not include rent concessions provided to tenants during the Covid pandemic
What were the biggest ten individual debt write offs by TfL Commercial Development Property Management in the last 3 years and who were the beneficiaries? i.e. how much was the debt written off, what was the property (or properties), and who was the tenant that benefited from the debt write off?
Top 10 Largest Invoices – Written-off
Tenant Name
Address
Amount
Iridium Assets Ltd
Various sites
787,491.37
Chartwell One Limited
Unit 9-11 Parsons Green Depot SW6 4HH
389,393.61
ATFC Limited
Various sites
330,000.00
Chromex Group Limited
Various sites
252,566.51
ATFC Limited
Various sites
169,929.60
International Currency
Unit 4 Embankment Station
120,262.80
Excelbridge Limited
32-34 Thurloe Street, South Kensington
116,805.71
Shrist Stream Services
590 Green Lanes, London, N13 5RY
111,031.50
Leon Restaurants Limited
Various sites
109,534.20
Eye Contact
Unit 2 Liverpool Street Arcade EC2M 7PN
104,369.06
The items in the above table were written off because of inability to pay/commercial decisions.
How much debt is currently owed to TfL Commercial Development Property Management (ie. rent which is unpaid, outstanding or late, but has not been written off)?
In May 2022, arrears were £18.5m.
How many commercial properties does TfL Commercial Development Property Management let and what is the total rent (ballpark) due on the overall property portfolio?
Total Rent Roll £65m (excludes turnover top up and geared rent adjustments) Circa 2600 live agreements
If this is not the information you are looking for please feel free to contact me.
Please see the attached information sheet for details of your right to appeal.
Yours sincerely
Gemma Jacob Senior FOI Case Officer FOI Case Management Team General Counsel Transport for London
