Company type | Family-owned private limited company [1] |
---|---|
Industry | Real estate |
Founded | 1677[1] [2] |
Founder | Sir Thomas Grosvenor, 3rd Baronet |
Headquarters | 70 Grosvenor Street, London W1K 3JP , United Kingdom |
Area served | Worldwide |
Key people |
|
Products | Property, residential, real estate services, hotels, offices and shopping centres |
Revenue | US$1.2 billion (2017) [3] |
US$622.3 million (2017) [4] | |
AUM | US$36.7 billion (2019) [3] |
Total assets | US$63.7 billion (2017) [1] |
Owner | Hugh Grosvenor, 7th Duke of Westminster, and family |
Number of employees | 10,800 (2016) |
Parent | Grosvenor Estate [1] |
Subsidiaries | Grosvenor Britain & Ireland [5] Grosvenor Americas [5] Grosvenor Europe [5] Grosvenor Asia Pacific [5] Grosvenor Fund Management |
Website | Grosvenor.com GrosvenorEstate.com |
Grosvenor Group Limited is an internationally diversified property group, which traces its origins to 1677 and has its headquarters in London, England. [6] [7] It has a global reach, now in 62 international cities, with offices in 14 of them, [2] operated on behalf of its owners, the Duke of Westminster and his family. It has four regional development and investment businesses (Britain and Ireland, the Americas, Europe, and Asia Pacific) [8] and a portfolio of indirect investments. Its sectors include residential, office, retail, industrial, along with hotels.
The history of the Grosvenor Estate begins in 1677, [1] [2] with the marriage of 12 year-old heiress Mary Davies to Sir Thomas Grosvenor, 3rd Baronet (1656–1700). Mary had inherited the manor of Ebury, 500 acres of land north of the Thames to the west of the City of London. [2] This area remained largely untouched by the Grosvenors until the 1720s, when they developed the northern part, now known as Mayfair, around Grosvenor Square. [2] A few generations later, in the 1820s, their focus moved south, to what is now Belgravia, developing Eaton Square, Chester Square, and other famous addresses. [2] Later in the 19th century, the area of Pimlico was developed; this was sold in 1953.
Many of the streets within the estate are named after the Grosvenor family and its connections. The Grosvenor family became established in England before the 15th century, on the manor of Eaton in Cheshire, where its principal seat, Eaton Hall, is still located. Many of the family's early members sat as one of the two Members of Parliament for Chester.
In 1874, Hugh Grosvenor was created Duke of Westminster; other titles held by the current duke are: Marquess of Westminster, Earl Grosvenor, Viscount Belgrave, and Baron Grosvenor. The title of Baron Ebury was granted in 1857 to the 3rd son of the 1st Marquess of Westminster, after the name of the original manor of Ebury (whence Ebury Street, etc. in Pimlico), and the 2nd son of the 1st Marquess succeeded his maternal grandfather under special remainder in 1814 to the title of Earl of Wilton (whence Wilton Crescent etc. in Belgravia). [9] "The Cheshire villages of Lupus, Eccleston and Belgrave, within or near the family estate, are recognised in street names of the London estate." [10]
The Mayfair portion of the estate includes Peabody social housing around Brown Hart Gardens.
Although the Grosvenor Group is often publicly identified with its core asset, the Grosvenor Estate in London, now managed within Grosvenor Britain & Ireland, the present-day investment and development portfolio of Grosvenor Group is diversified across Britain. International expansion began in the 1950s, in Canada, and later in the United States, hence businesses in the Americas. [2]
In the 1960s, the businesses expanded into Australia and, in the 1990s, into Asia Pacific. [2] Also in the 1990s, Grosvenor expanded into Continental Europe, where most current activity relates to Grosvenor's fund management business. [2] This was formally established in 2005 and now encompasses the Americas, Asia Pacific (including Australia), and Europe (including the UK). [2]
Properties in the UK, Continental Europe, Asia, and the Americas include:
Other large privately owned historic estates in London include:
Mayfair is an area in London, England and is located in the City of Westminster. It is in Central London and part of the West End. It is between Oxford Street, Regent Street, Piccadilly and Park Lane and one of the most expensive districts in the world.
Hugh Lupus Grosvenor, 1st Duke of Westminster,, styled Viscount Belgrave between 1831 and 1845, Earl Grosvenor between 1845 and 1869, and known as The Marquess of Westminster between 1869 and 1874, was an English landowner, politician and racehorse owner. He inherited the estate of Eaton Hall in Cheshire and land in Mayfair and Belgravia, London, and spent much of his fortune in developing these properties. Although he was an MP from the age of 22, and then a member of the House of Lords, his main interests were not in politics, but rather in his estates, in horse racing, and in country pursuits. He developed the stud at Eaton Hall and achieved success in racing his horses, winning the Derby on four occasions.
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