Old London Underground Company
The Old London Underground Company is a British startup company founded in 2009 by Ajit Chambers, a former executive of JPMorgan Chase. The Company has designed a business model that makes value of London's Portfolio of Underground Space quoted by ITV as being worth over 1 billion pounds. The Legacy Project details changes to 26 disused stations on the London Underground that will allow them to operate as a public and private partnership and bring revenue into London's economy. Chambers has the support of Boris Johnson, Mayor of London, with Boris’s quoting ‘' We will do it, if it doesn't cost a penny of public money'’ viewable on BBC Parliament TV. The idea is similar to (but not inspired by) Xiuli Hawken, ranked 61st in the Sunday Times rich list, who converted air-raid shelters in China into underground shopping centres. the FT and Reuters are closely following the story.
Disused underground tunnels and shafts, and above-ground buildings where they exist will be converted into restaurants, cafes, bars, nightclubs, Karaoke clubs, gyms and other commercial operations. Historically significant portions of stations will become galleries or museums. Chambers has spent two years building the company around a custom made financial methodology for the recovery allowing tax saving and investors visa's for different sectors - Texas, Russia, South America, Saudi and Europe. Bloomberg has the exclusive on the methodology.
The Old London Underground Company has the support of 65 MP's and 12 Lords and Baronesses and is in conversation with Parliament and the Treasury to assist the MoD with delivering their responsibilities to the Wider Markets Initiative regarding stations that they own such as Brompton Road. Brompton Road is currently under close speculation as MoD property department initiatives led by Julian Chafer are being investigated by HM Treasury and a number of large legal firms who are concerned about MoD property being sold to private businessmen without following government tender processes.
Proposed development sites
- Brompton Road tube station
- Aldwych tube station
- Down Street tube station
Investment
Chambers has created a bespoke investment methodology being followed by Reuters and Bloomberg which splits majority investors from seed investors. Opportunities exist for 7 seed investors and 5 Majority Investors during the first tranche of share acquisitions. His first offer of £25 Million (GBP) for 42% of the company has been requested by majority investor one on Brompton Road.
See also
- List of former and unopened London Underground stations