The chief executive of the company behind the £750m Merchant Square development in Paddington, W2, has left the company as it considers whether to sell the estate.
Richard Banks has left European Land to be replaced by Andrew Scrivener, who will take over management of the ongoing project.
European Land is a joint venture between the Reuben brothers and the Jarvis family, which has overseen the development of the 600,000 sq ft project.
Earlier this year it appointed CBRE and JLL to advise on a potential £250m sale of the remaining development opportunities at the scheme – including a tower, nicknamed the Cucumber, which would be the tallest in Westminster – and the built elements which have yet to be sold.
Bids were called for 1, 2, 3 and 6 Merchant Square on 4 September and the process attracted the interest of a major Far Eastern investor.
However, no deal was agreed and European Land is now considering its options, which could include continuing to build out the scheme itself.
