From historic family trusts to modern business moguls, London’s real estate is controlled by a select few.
London’s property market has long been dominated by a handful of influential figures and families, with real estate playing a crucial role in both wealth preservation and expansion. The most recent headline-grabbing transaction involved 33-year-old Hughie, the Duke of Westminster, who sold a £306 million stake in his London estate to Norway’s sovereign wealth fund, Norges Bank, marking a rare but significant divestment. While this sale seems monumental, it represents just a small fraction of his Grosvenor Estate, valued at £10 billion.
London has historically been an oligarchic city, where vast tracts of land have remained in the hands of the few. The Grosvenor family, for example, retains ownership of much of Mayfair and Belgravia. Yet, as new investors enter the scene, like the Qatari royal family, and the Candy brothers, the landscape of ownership is shifting.
The Qatari Investment Authority (QIA) is the most notable foreign investor in London today, owning 533 acres across the capital. Under the direction of Sheikh Hamad bin Jassim bin Jaber al-Thani, the QIA controls high-profile properties such as The Shard, Canary Wharf, and several luxury hotels, including Claridge’s and Harrods. Despite the wealth of the Qatari sovereign fund, it’s Sheikh “HBJ” himself who is at the helm of these investments, managing them with considerable influence.
Meanwhile, brothers Nick and Christian Candy have made their mark on the luxury property scene. Through their company, Candy London, they have secured some of the city’s most exclusive locations, including large portions of One Hyde Park, one of the most expensive residential developments in the world. Although Nick Candy’s penthouse in the building boasts lavish features like a private spa, home cinema, and cocktail bar, he notably objects to the hefty service charges for the property, given his infrequent use.
The Reuben brothers, Simon and David, are also key players, known for acquiring prestigious buildings such as Millbank Tower and Burlington Arcade. Their empire is a testament to strategic investments and tough negotiations.
While these new property magnates continue to gain influence, some of London’s oldest dynasties have maintained their hold. The Cadogan family, for example, has controlled a significant portion of the area around Sloane Street since the early 18th century, thanks to a savvy marriage that consolidated land ownership.
The Portman family, owners of much of Marylebone, has also adapted to the modern world by investing in developments like Portland Village. The current Viscount Portman has ploughed millions into this area, maintaining the family’s legacy while ensuring profitability.
Perhaps the most innovative of the old London families is the Howard de Waldens, who manage a 92-acre estate that stretches from Regent’s Park to Oxford Street. The transformation of Marylebone High Street under their stewardship is a prime example of how long-term vision and selective leasing can revitalise an area.
Yet despite this impressive legacy of private ownership, the question of land taxes remains a point of contention. Thanks to the use of family trusts, many of these landowners can avoid paying inheritance taxes, which can be as high as 40% in the UK. Hughie Westminster, for instance, managed to circumvent a huge tax liability when inheriting his family estate.
Ultimately, London remains a city where property is controlled by a select few, who are as much custodians of their estates as they are strategic players in the city’s real estate game. The dynamics of ownership are shifting, but the influence of these power players remains as strong as ever.
