| Portman Village is the new name given to two streets near Marble Arch. Their redevelopment is representative of the gradual move upmarket planned for the 110-acre Portman estate in central London. It is owned through family trusts by Portman, 45, who became the 10th viscount on his father's death in 1999. The estate was slower than other big London landowners to start improvements because many of its properties were held on long leases. As these come to an end, the estate can embark on redevelopment. It has a £40m investment programme that includes Portman Village, where a mix of shops and apartments is planned. There is little wealth in two family companies, Brickleton Group and Portman Settled Estates, with £5m net assets between them. Although central London prices rose sharply last year, the cost of redevelopment means we add only 15% to our valuation, taking the 110 acres to £1.15 billion. We add another £50m for family assets, including a Herefordshire estate, a house in Antigua and a mansion in Sydney where Portman spends most of his time.
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2003: £1,070m
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