Six-star commercial property in doubt


The redevelopment of the former Midland Bank into a six-star hotel has been put on hold, as the owner has defaulted on his loan.

Vladimir Chernukhin bought the site in the City of London for £72 million in 2006.

However, Grant Thornton has been instructed to act as administrators for Mr Chernukhin’s company, Poultry Development.

“We will be meeting the security trustee and reviewing our options over the next few days,” a Grant Thornton spokesman told the Daily Mail.

The property, occupying 27-35 Poultry, enjoys a prime location – opposite the Bank of England and among some of the most significant offices in London.

According to Mischcon de Reya, the solicitors responsible for the building’s earlier sale, the building featured in the 1964 James Bond film, Goldfinger.

Foreign investors still consider commercial property in London an attractive investment.

Buyers from the Middle East have recently bought Chelsea Barracks and are busy with its redevelopment.