Good to see that Knight Frank's Stephen Clifton has earned yet another set of fees for his firm on the sale announced today of the former Midland Bank HQ at 27, Poultry. A price of £40m has been paid by an unnamed buyer, advised by Gresham Down, a boutique investment house set up less than 12 months ago by ex-Catella MD Stephen Down.
The building, cleverly marketed by KF as the spot where a scene was shot in the vault for the James Bond film Goldfinger, has lain empty for years. KF first sold it to Tottenham Hotspur director Paul Kemsley for £48m in 2006, whose company Rock Investments went into administration in June.
Kemsley flipped the deal (courtesy of KF) a couple of months later to ex-Russian finance minister Vladimir Chernukhin for £72m. Last year Chernukhin gained planning permission for a 180-bedroom hotel. But HBOS called in the loan and put the 291 000 sq ft Grade 1 listed building into the hands of administrators Grant Thornton.
They kindly asked Knight Frank to sell the building again. Today's price of £40m price against the 2006 price of £48m, then £72m, says much about the real state of the City market. But what chance of yet another flip in a rising market - and yet more fees for Stephen Clifton? Or will somebody actually develop the place at long last? Perhaps the other Stephen - Down - will provide enlightenment?
Dear Peter
We will be reviwing the option available over the next 3-6 months - we are in no hurry - we want to return the building to its former glory and have some exciting ideas to progress.
Stephen