Centre Point and Harry Hyams
Developer Harry Hyams deliberately kept the Centre Point skyscraper empty for over a decade because its capital value rose faster than potential rental income.
Centre Point, a 34-storey concrete skyscraper at St Giles Circus in London, was completed in 1966. It was built by the enigmatic and highly successful property developer Harry Hyams.
What made Centre Point notoriously famous was that it stood entirely empty for over a decade. In the hyper-inflationary environment of the late 60s and 70s, the capital value of commercial property was soaring. Hyams realized that renting out the building floor-by-floor would lower its investment value compared to offering it entirely vacant to a single blue-chip tenant.
Public Outcry
As London faced a severe housing and office shortage, the empty tower became a symbol of corporate greed and the flaws of the property market. It was frequently targeted by squatters and protestors. Today, the building is Grade II listed and has been converted into luxury residential apartments.