INDUSTRY NEWS

Park Lane Properties says ‘stop’

Park Lane Properties has told workers to halt development of its luxury apartments in Park Lane.

Construction has been temporarily postponed, says the build’s development director.

David Dove of the SPARC Group told Property Week some elements of the project were under review.

Mr Dove said the decision by Park Lane Properties was taken “to ensure the ongoing works optimise the potential of the development”.

The block was sold by the Royal Bank of Scotland to Park Lane Properties, which is co-owned by Adeem Investments and Investment Dar.

The purchase marked “almost a year of analysis and research” by the new owner, which hopes to preserve what it describes as “one of London’s most renowned buildings”.

Cheaper prices of commercial property have begun to attract overseas investment to the London market.

Offices in London, hotels and mixed-use schemes are all now more appealing to companies looking for growth opportunities.

The Royal Institution of Chartered Surveyors has noted that during the last quarter occupier demand has fallen and the amount of available floor space has risen.
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