Langham Estate Explained

Langham Estate
Type:Private limited company by shares
Industry:Real estate management
Predecessors:-->
Successors:-->
Founded:9 December 1993
Founders:-->
Hq Location City:London
Hq Location Country:UK
Area Served:11.3 acres
Key People:Ahsan Ellahi
Owner:Samuel Tak Lee
Parent:Mount Eden Land Limited (Guernsey)

The Langham Estate is a property estate in Fitzrovia, London, and is owned by the Mount Eden Land Limited (Guernsey). The company controls 11.3 acres of real estate in central London. A third of its property portfolio was sold in 2024.

Background

The Langham Estate originates from an entity first established in 1925 to manage a holding of 40 acres of land purchased from the Howard de Walden Estate in central London.[1] [2] [3] The properties, acquired for £3m and located in eastern Marylebone,[4] then passed through various owners, including Sir John Ellerman's Audley Trust, before being acquired in 1994 by Guernsey-based Mount Eden Land Ltd for £51m.[5] [6] [7] Under Sir John Ellerman, the holdings covered almost all Great Portland Street, and much of streets alongside it (including Hallam, Bolsover, Margaret and Great Titchfield Streets).[8] [9] Numerous holdings on Great Portland Street were divested over the years.

The Langham Estate operates in an area noted for its media connections, restaurants, design showrooms and art galleries.[10] The Langham Estate was described in 2017 as being one of London's 16 Great Estates.[11] [12] Many of the entity's original properties are still held—but now in the form of freehold as their long leases have been sold off.

Samuel Tak Lee of Hong Kong is said to be its owner.[13] [14] Mr Lee reportedly sought control of Shaftesbury PLC's neighbouring 15-acre estate until his interests in it were sold in June 2020.[15] [16] [17]

Recent developments

The Fitzrovia real estate market has been undergoing a renewal.[18] The area has witnessed significant increase in rents and rates along with markedly higher occupant turnovers.[19] [20] Property values have increased in part due to changes in planning constraints,[21] [22] along with the impact of the Cross Rail and Oxford Street projects, which were projected to increase commercial activity in the area.[23] [24] [25]

The company markets some of its properties under the banners of Noho and/or FitzNovia to describe an area just north of Oxford Street and just west of Regent Street.[26] [27] The company website states the company holds a "1.3 million sq feet (29 acre) mixed portfolio of office, showroom, retail, restaurant, bar, residential and storage" properties.[28]

A neighbourhood plan is being developed for Langham Estate's Fitzrovia area. This is being done in consultation with stakeholders, the Langham Estate and other local landlords, businesses and residents.[29] [30] The plan focused on improving the local amenity, affordable housing provision, poor broadband data services and air pollution conditions.[31] [32] [33]

In August 2023, Langham Estate decided to divest itself of a third of its property holdings.[34] These include 27 freehold assets of offices, retail, leisure, educational, medical and residential properties in northern Fitzrovia.[35] These properties were reportedly sold for £350m in January 2024.[36]

External links

51.5171°N -0.1395°W

Notes and References

  1. News: South-East Marylebone: Draft of Volumes 51 and 52. Philip Temple and Colin Thom. 2017. Survey of London: South-East Marylebone Volumes 51 and 52. Yale University Press. 9780300221978.
  2. Web site: Offices To Let, West End, Offices to Rent, Langham Estate, London. Langham Estate. en-GB. 2018-10-17. https://web.archive.org/web/20180815031509/http://www.langhamestate.com/. 2018-08-15. live.
  3. The Howard de Walden Estate is said to have sold 40 acres in East Marylebone in anticipation of high death duty obligations.
  4. The 1925 land acquisition price of £3m is roughly equivalent to £177m in 2018. Source: http://www.in2013dollars.com/1925-GBP-in-2018?amount=3000000 (“Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 26 Oct. 2018, https://www.officialdata.org/.)
  5. News: Who owns central London?. 2017-10-28. Who owns England?. 2018-10-15. en-US. https://web.archive.org/web/20180617134237/https://whoownsengland.org/2017/10/28/who-owns-central-london/. 2018-06-17. live.
  6. News: History of The Langham Estate. Langham Estate. 2018-10-15. en-GB.
  7. News: Prime portfolio of London property fetches just pounds 51m: Li family buys Langham Estate from Grovewood receivers. HEATHER CONNON. 13 December 1993. The Independent. 2018-10-16. en-GB.
  8. News: The secretive billionaire. 2009-08-20. 2018-10-16. en-GB. https://web.archive.org/web/20160324003543/http://news.bbc.co.uk/local/humberside/hi/people_and_places/history/newsid_8207000/8207903.stm. 2016-03-24. live.
  9. Book: Jenkins, Simon. Landlords to London: The Story of a Capital and Its Growth. 2012. Faber & Faber. 978-0-571-29476-3. 202.
  10. News: About Fitzrovia London. 2012-04-02. Fitzrovia Neighbourhood Association. 2018-10-17. en-US. https://web.archive.org/web/20180704010643/https://fitzrovia.org.uk/about/fitzrovia/. 2018-07-04. live.
  11. News: How a handful of historic firms still own swathes of central London. Fraser. Isabelle. 2017-10-28. The Telegraph. 2018-10-15. en-GB. 0307-1235. https://web.archive.org/web/20180121010958/http://www.telegraph.co.uk/business/2017/10/28/billionaires-playground-handful-families-central-london/. 2018-01-21. live.
  12. Book: Kevin Cahill. Who Owns Britain. Canongate Books Ltd. 2002. 9781841953106.
  13. News: Revealed Samuel Tak Lee: the secretive tycoon who controls a huge swathe of the West End. 13 June 2003. Evening Standard. 19. https://web.archive.org/web/20170714013651/https://www.britishnewspaperarchive.co.uk/titles/london-evening-standard. 2017-07-14. live.
  14. News: Hong Kong tycoon sets sights on Chinatown. Shah. Oliver. 2014-11-16. The Sunday Times. 2018-10-15. en. 0956-1382.
  15. Web site: Lee Family Investors" Tender Offer – Shaftesbury PLC – Company Announcement - FT.com. markets.ft.com. 2018-12-10.
  16. Web site: Time for 'Man of Mystery' Shaftesbury shareholder to put up or shut up. 2019-01-29. Evening Standard. en. 2019-04-24.
  17. Web site: 2020-06-02. Samuel Tak Lee Sells Stake in Shaftesbury for £436M. 2020-06-11. Mingtiandi. en-US.
  18. Web site: Is London's Fitzrovia ready for the big prime?. Nathan Brooker. May 29, 2015. Financial Times. en-GB. https://web.archive.org/web/20180622005639/https://www.ft.com/content/8cbdcc48-ff0b-11e4-84b2-00144feabdc0. 2018-06-22. live. 2018-10-15.
  19. News: How Fitzrovia Became a Key Area for Commercial Property Investment. Ramsorrun. Helen. Pearl & Coutts. 2018-10-15. en.
  20. Web site: Villandry goes into administration amid reports of £1.5m losses. www.thedrinksbusiness.com. en-US. 2018-10-25. https://web.archive.org/web/20180810111101/https://www.thedrinksbusiness.com/2018/08/villandry-goes-into-administration-amid-reports-of-1-5m-losses/. 2018-08-10. live.
  21. Web site: Special Policy Areas and Policies Map Revision – Publication Draft (Regulation 19) Revision to Westminster's City Plan: Strategic Policies . . November 2015 .
  22. Web site: Supporting Information Publication Draft (Regulation 19) Special Policy Areas and Policies Map Revision . . November 2015 .
  23. Web site: JLL Residential Research Crossrail Opportunities 2016. residential.jll.co.uk. en. 2018-10-17. https://web.archive.org/web/20171021045018/http://residential.jll.co.uk/new-residential-thinking-home/research/crossrail-opportunities-2016.aspx. 2017-10-21. live.
  24. News: Infrastructure Investment and Land Value Uplift. Savills.com. 18 April 2018. 2018-10-17.
  25. Web site: A FUTURE FOR THE OXFORD STREET DISTRICT. www.oxfordstreetdistrict.com. 2018-10-25. https://web.archive.org/web/20180323183536/http://oxfordstreetdistrict.com/. 2018-03-23. live.
  26. Web site: MyNoHo – The Langham Estate Blog. MyNoHo. en-US. 2018-10-15. https://web.archive.org/web/20180902214825/http://www.mynoho.co.uk/. 2018-09-02. live.
  27. Web site: FitzNovia Twitter Feed. twitter.com. en. 2018-10-15.
  28. News: Commercial lettings : Serviced Office Space for Rent : London West End. Langham Estate. 2018-10-15. en-GB. https://web.archive.org/web/20180906195459/http://www.langhamestate.com/the-estate/. 2018-09-06. live.
  29. Web site: Draft Plan FitzWest. fitzwest.org. en-US. 2018-10-15. https://web.archive.org/web/20180902195507/http://fitzwest.org/wordpress/draft-plan/. 2018-09-02. live.
  30. Web site: FitzWest Plan -- Fitzrovia West Neighbourhood Forum. www.FITZWEST.ORG/wordpress.
  31. Web site: FitzWest Plan: Fitzrovia West Neighbourhood Forum. fitzwest.org. 2019-01-01.
  32. Web site: Better Oxford Street Campaign - Pedestrianising Oxford Street is not the answer. Better Oxford Street Campaign. en-GB. 2019-01-01.
  33. Web site: Broadband in Fitzrovia FitzWest. en-US. 2019-01-01.
  34. Web site: Norman . Paul . 2023-08-17 . Langham Estate Puts £500 Million Slice of Fitzrovia on Market . 2023-11-14 . CoStar.
  35. Web site: £500M West End Sale Process Is Largest Launched In London This Year . 2023-11-14 . Bisnow . en.
  36. Web site: Weekly data sheet: Opportunistic buyers win £300 mln chunk of London's West End . 2024-01-18 . PropertyEU News.

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