A plan to build a luxury apartment block in Mayfair is threatening the future of seven commercial galleries in a location that has been at the heart of the London art market for nearly a century. The galleries are on Cork Street, close to the Royal Academy, and will now lose their leases after landlord Standard Life Investments agreed to the £85 million sale of the site.
The tenanted commercial property provides around 83,000 sq. ft. of business space comprising eight upper floors currently used as offices and a ground floor and basement which are in retail use. The proposed buyer is an international investment partnership made up of Malaysian firm Amcorp and Singapore company Hotel Properties Limited (HPL). The deal is expected to be completed by the end of November and gallery owners fear the move could spell the end for the street.
The galleries under threat are the Alpha Gallery, Adam Gallery, Waterhouse & Dodd, Stoppenbach & Delestre, Gallery 27, Beaux Arts and the Mayor Gallery.
The Mayor was founded by Fred Mayor in 1925 and was instrumental in establishing the UK reputations of several distinguished artists including Max Ernst, Paul Klee and Francis Bacon. It was also the home of modern art movement UNIT ONE, a group formed by Paul Nash which also featured Henry Moore and Ben Nicholson.
Since 1973 the gallery has been run by Fred’s son James Mayor and has shown the work of many international artists including Cy Twombly, Robert Rauschenberg and Pop Art superstar Andy Warhol.
“It will be hell. It could be the death of the whole street. It’s very sad,” James Mayor said. “It’s a nightmare trying to find suitable premises in Mayfair; the fashion trade has taken over everything. Who will these flats be for? They won’t be for residents or nationals. Haven’t we got enough hideous apartment buildings being built? We’re losing all individuality as a city.”
The buyers have sought to reassure tenants that they recognise the importance of the area to the art market and that the proposed development would include gallery space on its lower floors. Despite this promise, gallery owners remain pessimistic and fear that they will be priced out of the street entirely by luxury retailers.
Christopher Battiscombe, director of the Society of London Art Dealers, believes it will be “disastrous” if the galleries are forced out of the area.
He said;” Cork Street has been a headquarters for the art trade. Some of the galleries have been there, many, many years. It’s a very sad day to see this coming to an end.”
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Good riddance I say!!!! 😉