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London Branch AGM - followed by - History, present and future of the Grosvenor London Estate1 June 2005 Those who attended the June meeting of the CLA London Branch hosted by Grosvenor, the international property group, at its Mayfair headquarters heard a fascinating talk on the history of the group and in particular the Grosvenor London Estate from its Eaton Square Asset Manager, Charles Copper. Having begun with the rather fortuitous betrothal, in 1677, of Sir Thomas Grosvenor to Mary Davies, the 12 year old heiress to 300 acres of poor farmland covering what is now north Mayfair, Belgravia, Pimlico and Milbank, the group now manages around £7.7 billion assets from 12 offices in 9 different countries. Following the Plague and the Great Fire of London, the well to do were keen to escape the City with its cramped polluted developments and move west, where there was more space and both the air and water were cleaner. Beginning with Sir Richard Grosvenor in the 18th century the Estate was progressively developed; much of it by men who made their reputations there, the architect James Wyatt, the surveyor Thomas Cundy, and the master builder Thomas Cubitt. In the 20th century, with the effects of two world wars, increasingly onerous tax policies, and increasing levels of inflation the Estate had to rethink its position, and took the decision to acquire holdings outside the UK. Its first overseas acquisition was Annacis Island, Vancouver in 1953. Since then it has gone on to acquire land in Europe, Australia and Hong Kong. |
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