Langham Estate

Last updated

Langham Estate
Company typePrivate limited company by shares
Industry Real estate management
Founded9 December 1993
Headquarters
London
,
UK
Area served
11.3 acres
Key people
Ahsan Ellahi
Owner Samuel Tak Lee
Parent Mount Eden Land Limited (Guernsey)
Website www.langhamestate.com

The Langham Estate is a property estate in Fitzrovia, London, and is owned by the Mount Eden Land Limited (Guernsey). The company controls 11.3 acres of real estate in central London. A third of its property portfolio was sold in 2024.

Contents

Background

Great Portland Street as seen in the early 1900s Great Portland Street and Mortimer Street.jpg
Great Portland Street as seen in the early 1900s

The Langham Estate originates from an entity first established in 1925 to manage a holding of 40 acres of land purchased from the Howard de Walden Estate in central London. [1] [2] [3] The properties, acquired for £3m and located in eastern Marylebone, [1] [4] then passed through various owners, including Sir John Ellerman's Audley Trust, before being acquired in 1994 by Guernsey-based Mount Eden Land Ltd for £51m. [1] [5] [6] [7] Under Sir John Ellerman, the holdings covered almost all Great Portland Street, and much of streets alongside it (including Hallam, Bolsover, Margaret and Great Titchfield Streets). [1] [8] [9] Numerous holdings on Great Portland Street were divested over the years.

The Langham Estate operates in an area noted for its media connections, restaurants, design showrooms and art galleries. [10] The Langham Estate was described in 2017 as being one of London's 16 Great Estates. [11] [12] Many of the entity's original properties are still held—but now in the form of freehold as their long leases have been sold off. [1]

Samuel Tak Lee of Hong Kong is said to be its owner. [5] [13] [14] Mr Lee reportedly sought control of Shaftesbury PLC's neighbouring 15-acre estate until his interests in it were sold in June 2020. [15] [16] [17]

Recent developments

Great Portland Street is long known for its shops and restaurants Great Portland Street Shops 2018.jpg
Great Portland Street is long known for its shops and restaurants

The Fitzrovia real estate market has been undergoing a renewal. [18] The area has witnessed significant increase in rents and rates along with markedly higher occupant turnovers. [19] [20] Property values have increased in part due to changes in planning constraints, [21] [22] along with the impact of the Cross Rail and Oxford Street projects, which were projected to increase commercial activity in the area. [23] [24] [25]

The company markets some of its properties under the banners of Noho and/or FitzNovia to describe an area just north of Oxford Street and just west of Regent Street. [26] [27] The company website states the company holds a "1.3 million sq feet (29 acre) mixed portfolio of office, showroom, retail, restaurant, bar, residential and storage" properties. [28] [5]

A neighbourhood plan is being developed for Langham Estate's Fitzrovia area. This is being done in consultation with stakeholders, the Langham Estate and other local landlords, businesses and residents. [29] [30] The plan focused on improving the local amenity, affordable housing provision, poor broadband data services and air pollution conditions. [31] [32] [33]

In August 2023, Langham Estate decided to divest itself of a third of its property holdings. [34] These include 27 freehold assets of offices, retail, leisure, educational, medical and residential properties in northern Fitzrovia. [35] These properties were reportedly sold for £350m in January 2024. [36]

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References

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  3. The Howard de Walden Estate is said to have sold 40 acres in East Marylebone in anticipation of high death duty obligations.
  4. The 1925 land acquisition price of £3m is roughly equivalent to £177m in 2018. Source: http://www.in2013dollars.com/1925-GBP-in-2018?amount=3000000 (“Inflation Calculator.” U.S. Official Inflation Data, Alioth Finance, 26 Oct. 2018, https://www.officialdata.org/.)
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  25. "A FUTURE FOR THE OXFORD STREET DISTRICT". www.oxfordstreetdistrict.com. Archived from the original on 23 March 2018. Retrieved 25 October 2018.
  26. "MyNoHo – The Langham Estate Blog". MyNoHo. Archived from the original on 2 September 2018. Retrieved 15 October 2018.
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  35. "£500M West End Sale Process Is Largest Launched In London This Year". Bisnow. Retrieved 14 November 2023.
  36. "Weekly data sheet: Opportunistic buyers win £300 mln chunk of London's West End". PropertyEU News. Retrieved 18 January 2024.

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