Funds raised so far
It is a great pleasure to inform you that we are now entering the final phase before construction of the Peace Palace. The current situation is as follows:
The total estimated cost of building the 30-room Peace Palace is £2.5 to £2.7 million. This figure excludes the original purchase of the land, planning permission, and initial design of the Peace Palace, all of which took place prior to 2012 at a cost £1.19m and has already been covered. The cost of fitting out the Peace Palace will be approximately £300k, which will be raised at a later date.
So far, £1.25 million has been raised towards the £2.5 to £2.7m required to build the Peace Palace. This has been contributed either as cash donations or in the form of firm commitments from Meditators, Sidhas, and Governors to purchase leasehold rooms in the Peace Palace. We also have a further £261k in pledged donations.
In addition, we are receiving approximately £4,500 per month in regular donations. These valuable contributions have been very important in enabling us to progress to this point.
Approach for Further Raising of Funds
Thus, to complete the building of the Peace Palace a further £1 to £1.2m is required. The approach which we are now adopting after discussion with the Peace Palace Advisory Board is to raise these funds as follows:
- Sell 50-year leases on the four Corner Suites, each comprising two rooms and bathrooms on the first floor of the Peace Palace, for £125k each, thus raising £500k. (Previously we have marketed the Corner Suites for £250k each on 999-year leases.)
- Sell a further four Select Rooms in the Peace Palace on 50-year leases at £50k each to raise a further £200k. (The Corner Suites and Select Rooms may be used by the room purchasers for up to 30 days a year. They will therefore be available for around 11 months a year for use by course participants, and the room purchasers will receive a share of the accommodation income generated from the use of their rooms.)
- Build the two ancillary Peace Palace buildings, which were originally planned as a Maharishi Ayur-Veda Spa, and sell them as residential maisonettes (and make alternative arrangements for the Spa nearby the Peace Palace). There is demand for more Vastu homes in Maharishi Garden Village, and the four maisonettes could sell for between £195k and £275k each. As Maharishi Foundation owns this land, this could raise an estimated £400k towards the Peace Palace.
If all the above approaches work, we will have raised £2.61 million. However, it will take one to two years before all of this becomes available. Now that we can see clearly how the balance of the funds will be raised for construction, the plan is to take a bridging loan of £1 million from the bank – the amount required to close the gap until all funds come through. In order to service this loan, it will be very helpful if monthly donations could be increased to £6,000 per month.
How you can help
It would be greatly appreciated if you would consider helping us to achieve this monthly donation target by setting up a monthly donation to the Peace Palace, this would be warmly appreciated. Every additional donation, large or small, will be a truly significant contribution at this stage.
Together, we can quickly trigger the long-awaited and important step of laying the foundation stone and constructing the Peace Palace.
Click here to increase or make a monthly donation online (the process takes about 5 mins to complete upon which you will receive a verification email)
With thanks and best wishes
Jai Guru Dev
Dr Peter Warburton
Chairman of the Trustees, Maharishi Foundation