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Commercial Property Interests | BUILDING MAGAZINE

Commercial Property Interests

To get the commercial property sector the type of political attention that the housing sector enjoys a new Tory MP is trying to set up a new All Party Parliamentary Group (APPG) for Regeneration & Development to help transform the prospects of the commercial property sector in the same way that the housing market has been transformed, said Gagan Mohindra MP. “Residential property has led the way in generating ideas and overcoming obstacles, and now the rest of the property market needs to follow”.

The MP says: “Property is an important sector in its own right, employing tens of thousands of people and paying substantial taxes, but even more significant than this, property provides the infrastructure for the entire economy”,

He supports the conversion of empty high street shops into housing or ‘last mile’ warehousing. “The high street might be our most pressing property challenge”.

He is inviting anyone involved in the property industry to get involved in his group, promising ‘regular meetings with government ministers’.

He said: “When we launch next month, we will bring together a new group of parliamentarians who are pro-business and passionate about regeneration. We will connect these parliamentarians with a group of property industry leaders who are willing to think creatively about how we can solve the challenges of our towns. Add into this mix, regular meetings with government ministers and advisers and you have a recipe for a group that will do fresh thinking and will come up with original proposals to make our towns and cities into the vibrant communities that we deserve”.

APPGs have no constitutional significance or legislative authority but act as an informal forum for parliamentarians to gather with interest groups and lobbyists. There are nearly 700 of them registered, ranging from aerospace and archaeology to wrestling and snooker.

Gagan Mohindra has been MP for South West Hertfordshire since the December 2019 general election, taking the seat of former justice secretary David Gauke. His family owns a property management firm based in Mayfair, called Chromex Group, it takes on financial risk for local authorities seeking to regenerate properties.

Companies House filings show that Gaurava and Gautam Mohindra are listed as joint owners of Chromex. Gagan Mohindra resigned as a director of the company in 2008 but is still listed on Chromex’s website as its chief financial officer. Wikipedia says that he left the family business in 2015.

The All Parliamentary Group (APPG) for Regeneration & Development can be found online at https://regenerationappg.org.uk/