Grosvenor Group

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Grosvenor Group Limited
Company type Family-owned private limited company [1]
Industry Real estate
Founded1677;347 years ago (1677) [1] [2]
Founder Sir Thomas Grosvenor, 3rd Baronet
Headquarters
70 Grosvenor Street, London W1K 3JP
,
United Kingdom
Area served
Worldwide
Key people
ProductsProperty, residential, real estate services, hotels, offices and shopping centres
RevenueIncrease2.svg US$1.2 billion (2017) [3]
Increase2.svg US$622.3 million (2017) [4]
AUM Increase2.svg US$36.7 billion (2019) [3]
Total assets Increase2.svg US$63.7 billion (2017) [1]
OwnerHugh 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
Belgrave Square, Belgravia, one of the most prestigious addresses within the Grosvenor Estate. Belgrave Square - geograph.org.uk - 374355.jpg
Belgrave Square, Belgravia, one of the most prestigious addresses within the Grosvenor Estate.

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.

Contents

Grosvenor Estate

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.

Nomenclature

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]

Buildings

The Mayfair portion of the estate includes Peabody social housing around Brown Hart Gardens.

International expansion

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 owned by Grosvenor

Properties in the UK, Continental Europe, Asia, and the Americas include:

See also

Other large privately owned historic estates in London include:

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References

  1. 1 2 3 4 5 6 7 "Grosvenor Group Limited - Annual Review 2015" (pdf). www.Grosvenor.com. Grosvenor Group Limited. Archived from the original on 3 July 2017. Retrieved 16 May 2017.
  2. 1 2 3 4 5 6 7 8 9 10 "Grosvenor Group Limited - History". www.Grosvenor.com. Grosvenor Group Limited. Archived from the original on 10 May 2017. Retrieved 16 May 2017.
  3. 1 2 "Grosvenor - All articles". Archived from the original on 17 May 2018. Retrieved 16 May 2018.
  4. "Grosvenor Group Limited - 2016 Financial Statements" (PDF). www.Grosvenor.com. Grosvenor Group Limited. 23 March 2017. Archived (PDF) from the original on 21 June 2017. Retrieved 16 May 2017.
  5. 1 2 3 4 "Grosvenor Group Limited - Approach". www.Grosvenor.com. Grosvenor Group Limited. Archived from the original on 8 May 2017. Retrieved 16 May 2017.
  6. "About us". Grosvenor Group Limited. Archived from the original on 14 May 2019. Retrieved 27 August 2019.
  7. "Grosvenor Group Limited". Companies House. Archived from the original on 27 August 2019. Retrieved 27 August 2019.
  8. "Grosvenor Group Limited - Businesses". www.Grosvenor.com. Grosvenor Group Limited. Archived from the original on 8 May 2017. Retrieved 16 May 2017.
  9. Debrett's Peerage, 1968, pp.1147–1148
  10. Loelia, Duchess of Westminster, Memoirs of, London, 1961, p.174
  11. "Grosvenor Americas' Central Wins A Five Star 2018 American Property Award". Citybizlist. Archived from the original on 6 November 2021. Retrieved 11 October 2018.
  12. "Reay Forest Estate". www.grosvenor.com. Retrieved 15 December 2023.

Further reading