Development land values dip as buyers get pickier

'Tis in vain to seek a profit that means not to be found. Doer Upper Alan Page in a tale of two neighbouring mansion flats, separated only by £800,000.

Controversial plans to turn one of Chelsea's best-loved pubs into a super-prime home seem to have disappeared down the hatch today, as delirious reports filter in of the Phene Arms' purchase by the City…