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The Pall Mall premises of The Fine Art Auction Group (TEFAAG). It is currently empty and parent company Stanley Gibbons’ is selling the lease.

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The three floors at 16-17 Pall Mall were originally leased to host auctions and act as a shop window for TEFAAG’s two flagship firms: Dreweatts & Bloomsbury and furniture dealer Mallett. However, earlier this summer property agent Levy Real Estate was instructed to re-let the unit and a retail fashion brand is in talks to take over the lease and occupy the premises.

A spokeswoman for Stanley Gibbons said: “The Pall Mall units hosted some viewings and auctions in the period that the lease was held. The space is now in the process of being sublet as the premises is empty, surplus to requirements.”

Bloomsbury Auctions, which also trades from Maddox Street premises, held its first sale at Pall Mall with the library of the late Hubert Dingwall on April 27.

Stanley Gibbons is currently attempting to sell Dreweatts and Mallett. It had agreed a deal with Mark Law’s Millicent Holdings for £2.4m in May but it collapsed over funding issues.

“The Pall Mall premises is empty, surplus to requirements