Tuesday, 19 August 2014
Last updated 8 hours ago
Aug 22 2013 | 12:57pm ET
Being in the basement isn't necessarily a bad thing for a hedge fund manager—if that basement contains two swimming pools, a cinema and a spa.
Polygon Investment Partners founder Reade Griffith is seeking permission to build just such basement beneath two adjacent houses he and his wife own in the Ladbrook Grove neighborhood of Kensington, reports The Telegraph.
The 900-square meter basement will include a staff lobby and three separate hallways.
Permission to dig won't come cheap, however. The Kensington council has demanded £825,000 for the permits, saying the money will be used to fund affordable housing elsewhere in the area.
Such payments, known as section 106 agreements, are and “usually confined to large-scale commercial developments or housing estates,” reports the paper.
A source close to Griffith said he was "suprised" by the fee.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note