High Rents, Development Driving London Galleries Out of Cork Street

January 20th, 2014

Cork Street in London, via The GuardianThe Guardian reports on the rising rent and low return on investment in the rapidly developing London neighborhoods of St. James and Mayfair, and the impacts the growth in high-end construction is having on the long-standing galleries of the area.  The story centers around Cork Street, where a number of storied London galleries are located.  “I am an angry old man,” says gallerist Leslie Waddington of the 80-year old gallery Waddington Custot. “Cork Street has been built up over the years and relies on a mix of different galleries. We are the victims of a kind of commercial fascism, where those making decisions based on profit feel they are unaccountable.”Read more at The Guardian