Cherie’s raking in £200k a year from buy-to-let property empire

CHERIE BLAIR has denied that she and Tony are the richest former occupants of 10 Downing Street, but they certainly aren’t doing badly.

The burgeoning buy- to- let property empire, co-owned by Cherie and her son Euan, is flourishing, despite the downturn in the market. Their Oldbury Residential company has just reported £200,000 in profits for each of the past two years. It is the first time accounts for the firm, which was set up in 2014, have been disclosed.

The profit for the financial year ending April 30, 2017, is reported at £213,204 and, for 2016, at £242,392.

The company’s 31 properties have soared in value to £3.07 million — an increase of £611,000 since Oldbury bought them — and new accountancy rules mean the increase in value is added to the profits. Despite the disclosure of annual profits, no turnover has been reported for 2017, which means it is not possible to determine how much Oldbury Residential is currently generating in rent from the flats it owns. But in 2016, it’s turnover was £163,499 — and tax paid was £45,263.

Cherie, 63, and Euan, 34, have a five-year bank loan of £1,705,909. No employment costs are disclosed, but accounts report that two staff are on the books.

Oldbury Residential’s portfolio comprises ten flats in Manchester bought for £ 650,000, plus four in Whalley Range bought for £265,000 and 17 in Stockport for £ 1.4 million. The Blair family is said to own 38 properties in total, including Tony and Cherie’s five- storey Georgian townhouse in London’s Connaught Square, bought in 2004 and now worth around £ 9 million. Three years later, they snapped up the £ 800,000 mews behind it, and have since paid off the mortgage.

In 2008, they bought a £5.75 million Grade I-listed Buckinghamshire manor house, which is now worth around £10 million.

While a £1.35 million, fourstorey Georgian property in the capital was bought for son Nicky in 2012 — and paid for in cash.