The owners of the Cutlers Gardens office estate in the City of London are in talks with Italian fashion house Missoni about the inclusion of a five-star hotel in the revamped complex.
The Italian fashion brand is in exclusive discussions with the O’Connor Group, a New York-based private equity real estate firm, and JP Morgan to open its first hotel in England at the 609,000 sq ft office complex.
Plans for a redesigned Cutlers Gardens, developed by Sir Stuart Lipton and Geoffrey Wilson’s Greycoat in 1982 with funding from Standard Life, are to be launched next month.
The reconfiguration if the estate will see residential included for the first time, and additional retail and leisure space being added, with plans to pedestrianise New Street, one of the roads leading into the estate from Bishopsgate.
O’Connor Group and JP Morgan acquired the Cutlers Gardens Estate, on Devonshire Square opposite Broadgate and Liverpool Street Station, from Standard Life in 2001 for £300m.
Missoni joins global brands such as Giorgio Armani, Vera Wang and Versace in a wave of luxury brands moving into the hotel business.
References: Property Week 11/08/2006
