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Oligarch to turn listed City landmark into six-star hotel
Mira Bar-Hillel1 Jul 2008
One of the City's finest buildings is to be converted into London's first six-star hotel by a Russian oligarch.
Vladimir Chernukhin, 40, former deputy finance minister of Russia, wants to redevelop the Grade I listed former Midland Bank headquarters. The scheme is expected to be approved by the City's planning committee today.
Mr Chernukhin, an early protégé of former president Vladimir Putin, plans to turn the building, bought for £72 million in 2006, into an 184-bedroom hotel with bars, restaurants, health clubs, private members' clubs and a roof garden.
The five-storey property, which stands behind the Bank of England at 27-35 Poultry, was designed by Sir Edwin Lutyens and built between 1925 and 1939.
It has three basement levels, including extensive vaults, which stood in for Fort Knox in the 1964 James Bond movie Goldfinger.
The building, which covers a one-acre site, was bought from banking group HBOS and property entrepreneur and Tottenham Hotspur director Paul Kemsley.
They had bought it for £40 million just five months before. The bank's Portland stone facade is protected, as are interior features including Lutyens' banking hall decorated with marble Corinthian columns.
The City planners' report recommends approving the proposals, saying they strike a balance "between preserving the building's special architectural and historic interest and allowing changes to secure the provision of a modern and sustainable hotel".
English Heritage, the 20th Century Society and The Lutyens Trust all welcome the scheme.
A trust spokesman said: "A hotel would offer potentially the best solution to the reuse of this fine building."
Mr Chernukhin was Russia's deputy finance minister from May 2000 to June 2002 when he became chairman of state bank Vneshekonombank. The Midland Bank purchase is thought to be his first major deal in London.
London has no six star hotels. But in April it emerged that the Café Royal in Regent Street could be transformed into one by Alrov Properties.
Reader views (1)
Its nice to hear first six star hotel in London and its fantastic to turn this old historic building into 1st six star property. In business point of view it really good investment. Best of luck to Mr. Vladimir Chernukhin.
- Adeel, London, 02/07/2008 01:49
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