James Bond Building put up for sale

If you are a James Bond fan, here is an interesting opportunity. The former Midland Bank HQ in the City of London’s financial district has just been offered for sale – again. The building’s vault featured in the 007 film “Goldfinger,” and was purchased in 2006 by Russian businessman, Vladimir Chernukhan, who reputedly paid £72 million ($135 million) for the property.

The Grade I-listed Edwin Lutyens designed building is located next to The Bank of England at 27-35 Poultry, and comes with planning permission to convert the 291,573 square foot property into a luxury hotel comprising 181 bedrooms, bars, restaurants, health clubs, private members’ club and roof garden. I must admit to wondering at the reasoning here – the City of London is dead at the weekends and after hours – nothing but destitute ex-bankers wandering the streets with their begging bowls, so why anyone would think of a luxury hotel here is a mystery.

The holding company defaulted on their loan back in February and London real estate agents, Knight Frank have been retained to sell the property. Commercial property prices in London have fallen anywhere between 40-75% recently, so the current value is anyone’s guess.

Midland Bank was one of the Big Four banking groups in Britain,  but is now part of HSBC. The bank was founded as the Birmingham and Midland Bank in Union Street, Birmingham, England in August 1836. It expanded in the Midlands, absorbing many local banks, and merged with the Central Bank of London Ltd in 1891, becoming the London City and Midland Bank. After a period of nationwide expansion, including the acquisition of many smaller banks, the name Midland Bank Ltd was adopted in 1923. By 1934 it was the largest deposit bank in the world. It was listed on the London Stock Exchange and was once a constituent of the FTSE 100 Index but in 1992 it was taken over by HSBC Holdings plc, one of the few British banks still standing.

Luxury Hotel anyone?