CGU Linked Life Assurance is being sued for £2.5m for breach of an agreement made in August 1998 with Hill Street Properties and Trevor Osborne Property Group.
The claimants are seeking payment for work they say was carried out at CGU’s request.
According to the writ, Trevor Osborne Property Group identified Clarence House, SW1, as having development potential last September. It approached General Accident Linked Life Assurance, which agreed to act as funding partner in the development. Hill Street Properties then carried out substantial preliminary work but following the merger between Commercial Union and General Accident, a decision was made not to proceed with the project.
The writ was served on 19 March 1999.
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