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City of London for sale

Monday, June 29, 2009

Source: Catherine Deshayes

Knight Frank has been appointed to sell the former Midland Bank headquarters at 27-35 Poultry - which is one of the City of London's best known freehold buildings...

The property services firm was appointed as sole agent by administrators Malcolm Shierson and Jamie Toynton of Grant Thornton.

Grant Thornton was called in as administrator of Poultry Developments Limited by lender Credit Suisse in February after a default of a £55 million loan.

The property was purchased in September 2006 by a private Russian investor - former deputy finance minister Vladimir Chernukhin - for around £72 million. Planning permission was received on November 2008 to convert the 291,573 sq ft property into a luxury hotel. It has permission for 181 bedrooms, bars, restaurants, health clubs, private members' club and roof garden, protecting the Portland stone façade and interior features including Lutyens' banking hall which is decorated with marble Corinthian columns.

The private Russian investor bought the five storey property from Paul Kemsley, Apprentice star interviewer and former Tottenham Hotspur vice-chairman.

Knight Frank said the building is suitable for a variety of uses including office, hotel and mixed use, subject to the necessary planning consents.

Dominic Mayes, Head of Hotels at Knight Frank, said, ‘This building is steeped in history and it will be fascinating to see its future development. The property presents a unique opportunity for an investor to create a landmark hotel in a prime central London location, but would equally suit alternative uses. The location and nature of the building is truly outstanding.'

Source: www.propertyweek.com