THE Church Commissioners are set to make hundreds of millions
after putting their stake in a luxury property estate in Mayfair up
The Commissioners own a 64-per-cent stake in the Pollen Estate,
which consists of office and retail space on and around the
prestigious Savile Row, and have appointed a property consultancy,
JLL, to manage the sale.
On Wednesday, a spokesman for the Commissioners said: "The
Church Commissioners review their major investment holdings from
time to time. As a part of this process, they intend to offer their
interest in the Pollen Estate for sale in due course, and have
appointed JLL to assist them in this matter."
The Pollen Estate originates in 35 acres of land near what is
now Regent Street, in central London, which was bought by William
Maddox in 1622 for £1450. Over the centuries, the land and
subsequent property built on it came into the hands of the Pollen
A spokesman from JLL would not confirm the expected value of the
Commissioners' stake in the estate, but said the sale would be in
excess of £200 million, the sum quoted in a report in The
Times on Wednesday.
Damian Corbett from JLL, who is handling the sale, told
Property Week: "This is a once-in-a-lifetime opportunity
to gain access to the most prime estate in central London. Interest
is expected from sovereign wealth funds, private family offices,
charitable foundations, and institutions."
The investments managed by the Church Commissioners totalled
approximately £5.5 billion in 2012.
Are the Commissioners right to sell their stake? Vote here