Commissioners to sell up in Mayfair

02 May 2014

DELOITTE

Well-heeled: part of the Pollen Estate, on Savile Row

Well-heeled: part of the Pollen Estate, on Savile Row

THE Church Commissioners are set to make hundreds of millions after putting their stake in a luxury property estate in Mayfair up for sale.

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 family.

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

Forthcoming Events

5 September 2019
Church Times Cricket Cup Final
Join us at the Walker Cricket Ground in London for the Cricket Cup Final.  More details

8-10 September 2019
The Festival of Preaching
Tickets have now sold out.  Join the waiting list

Welcome to the Church Times

​To explore the Church Times website fully, please sign in or subscribe.

Non-subscribers can read five articles for free each month. (You will need to register.)