The Evening Standard reports that the Connaught Grill – one of three restaurants at the Connaught Hotel – has had its re-opening delayed by a year. The restaurant was due to re-open last Autumn but now looks set to be open for business again this autumn instead.
A spokesperson for the hotel told the Standard “We must have been too bullish when we made the announcement. The credit crunch was not even in our vocabulary at the time.”
It wasn’t that long ago we were quoting Knight Frank research which showed Mayfair bucking the house price collapse. It seems things are no longer looking so rosey, with new Knight Frank research (via The Times) suggesting that the number of homes on the market for over Ã‚Â£10million has slumped by 34%.
It is thought that the fall in house prices has many owners of super-prime property off of trying to sell them at the current time. With it being a terrible time for The City, many of the cash-laden investment bankers etc that would make up a lot of the buyers pool are just no longer there.