Mon, 01 Nov 2010 | COMMERCIAL PROPERTY
A £200 million deal that would have seen the former home of the In and Out Club at 100 Piccadilly sold to a consortium of American and Middle Eastern investment groups, has collapsed.
The 1.3 acre site, located opposite Green Park in Mayfair, and owned by the family trusts advised by property mogul, Simon Halabi, is known as the Piccadilly Estate.
Mr Halabi once intended to centre his plans for the UK's most exclusive six-star hotel and club around the building and there is still an existing planning consent for hotel use.
After receivers took control of the site, they put it up for sale for more than £150 million. A deal had been struck to sell Piccadilly Estate to UUHH, a consortium of investors including Universal Investment Management and the United Gulf Bank, but the deal has not been completed within the agreed time frame, so the estate is to be put back onto the market.
Allsop and Jones Lang LaSalle have been appointed to sell the estate and will give priority to repaying the debt provided by the lending bank, Bank of Scotland, which is now part of Lloyds Banking Group.
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