If you have ever been to London, you might have heard of the Square Mile. It is a financial hub and central business district in the heart of London, home to some of the world’s largest banks, law firms, and financial institutions.
But have you ever wondered who owns this prestigious area? In this article, we will delve into the history and ownership of the Square Mile.
What is the Square Mile?
The Square Mile is an area situated in the City of London, England. It got its name from its size, which is approximately one square mile or 2.6 square kilometers. The area has a rich history dating back to Roman times when it was known as Londinium.
The History of Ownership
The City of London Corporation has owned the land since the medieval period. The corporation is a unique local authority that governs the City of London and has its roots in Anglo-Saxon times. It is made up of elected officials who represent businesses within the city rather than residents.
One unique aspect of the City of London Corporation’s ownership is that it owns both the freehold and leasehold interests in most properties within the Square Mile. This means that it not only owns the land but also has control over what happens on it.
The Role of Livery Companies
Another interesting aspect of ownership within the Square Mile is that it is divided among different livery companies. Livery companies are medieval trade associations that were originally established to regulate trades and protect their members’ interests.
Today, livery companies still exist and play an essential role in modern-day society by supporting charitable causes and promoting their trades. Many livery companies own properties within the Square Mile, which they use for various purposes such as meeting halls or company headquarters.
Conclusion
In conclusion, while many different organizations own property in London’s Square Mile, the City of London Corporation is the primary owner and has control over most of the land. The corporation’s unique governance structure ensures that businesses within the city have a voice in local government and that the area remains a hub for finance and commerce.
If you ever find yourself in London, take a stroll through the Square Mile and marvel at its history and unique ownership structure.
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