Bookmark & Share
After winning a legal battle with a tenant, Singapore developer CapitaLand has been slapped with an order by Britain’s High Court prohibiting it from evicting the said tenant to redevelop the space into two retail shops, reported the Straits Times.
This comes after S Franses art gallery appealed a ruling by the London County Court that allowed CapitaLand to evict it.
A world-leading art gallery in London specialising in antique textiles, S Franses has occupied the basement and ground floor of The Cavendish hotel in St James, the art and antique district of London, for 25 years.
CapitaLand unit The Ascott acquired the 180-year-old hotel in 2012 for £158.8 million (S$283 million).
In March 2015, CapitaLand rejected the gallery’s request for a fresh 15-year lease as it wanted to redevelop the space.
Many antique dealers, art galleries and specialist traders have been forced to move out of the area due to the skyrocketing rent. To preserve the district’s historic character, a proposal to protect them was passed in 2016.
S Franses along with another tenant in Jermyn Street – bespoke shoemaker Foster & Sons – were among those granted planning protection by the local council. This means that the two properties can only be used for bespoke retail purposes and as an art gallery.
Armed with the protection, art gallery owner Simon Franses filed a case against CapitaLand. He was determined to stay as his business is well-established within the area and he had pumped in significant investments to house centuries-old textiles within a climate-controlled environment.
CapitaLand intends to appeal the High Court decision.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Centurion to acquire US student accommodation assets