Gerald Ronson, the veteran property investor, is considering the launch of an elite club of high-powered wealthy investors to buy undervalued property. Elsewhere, his privately-owned Heron International group is pushing ahead with the development of 284 luxury apartments in London's financial district.

Ronson's investment club idea is a separate initiative to Heron International. If it goes ahead, the fund will be open to third party investment and is being positioned as an invitation only club for wealthy investors, buying into attractively priced European property.