AO Newslink

October 20th, 2012

London’s gallery district in Mayfair may face higher rents and an influx of retail tenants as soon as 2016, due to retail and residential developments in the area. A £90 million redevelopment of a building into luxury apartments coincided with an announcement by the developer that seven galleries’ leases will not be renewed, including Cork Street’s oldest, the Mayor Gallery. A separate landowner plans to redevelop another site on Cork Street, the current location of four other art galleries. The Westminster Council plans to rule on the developments early next year.Read the article via The Financial Times