Halabi's Piccadilly estate placed on the market by receivers

Simon Halabi's 1.3-acre Piccadilly estate has been taken over by receivers and effectively put on up for sale, as the businessman becomes the latest victim of the recent property market crash.

The property mogul had plans to transform the properties into a luxurious six-star hotel and club.

Jones Lang LaSalle and Allsop have been instructed to sell the estate, which features the former site of the In and Out Club, for over £150 million.

The club, which was originally built to be a royal residence and was inhabited by Victorian Prime Minister Lord Palmerston, was placed on the market in October last year in order for Halabi to make repayments on his debts. Jones Lang LaSalle was appointed to sell the property for £250m.

Damian Corbett at Jones Lang LaSalle commented on the portfolio's possible uses: "The estate would suit a variety of uses including embassy, residential, luxury hotel, offices or private members club. Our client would consider selling the entire estate or splitting it up."

Private equity firm Carlyle, allegedly marked as a favourite buyer, is interested in acquiring most of the properties, to include a separate portfolio for £460 million and Alban Gate for £270 million. Hammerson is another potential buyer for other parts of the estate.

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