Wainbridge Limited announced that, on behalf of Wainbridge Estates Belgravia Limited, it has completed the acquisition of 11-15 Grosvenor Crescent from Grosvenor for £114 million (approx. €136.7 million), in an off-market transaction.
Wainbridge has simultaneously secured £169 million (approx. €202 million) of financing from Urban Exposure and LetterOne Treasury Services S.A. for the acquisition and subsequent build-out of the consented, super-prime residential redevelopment of the property. Eastdil and Taylor Wessing advised Wainbridge on the financing.
Westminster City Council has awarded planning consent for the demolition of the existing offices and the development of the property into 80,000 ft² (approx. 7,432 m²) of super-prime high-end residential, with a total gross development value of over £350 million (approx. €419.8 million). The scheme will comprise 11 super-prime apartments, including four Grand apartments, five laterals and two duplex penthouses with external terraces overlooking Belgravia, with associated parking and leisure amenities. The redevelopment of the property, which is Grade II listed, will see the façade and listed elements retained and restored, with the rest demolished and rebuilt to provide modern, spacious, luxury residential units, and fitted out to an exceptionally high standard. Demolition is expected to start early 2014 with the development to be completed by 2017.
The scheme will be the second undertaken in London by Wainbridge, following the joint acquisition with Finchatton of a site in Yeoman’s Row, Knightsbridge in April 2012 for the creation of five luxury homes and four apartments offering a total net sellable area of 32,000 ft² (approx. 2,972 m²)
Rob Rackind, principal and co-founder, Wainbridge, commented:
“This major acquisition of a high profile redevelopment scheme reflects the type of transaction that Wainbridge excels at, bringing our extensive real estate experience and financial expertise to structure a deal that will allow us to deliver a market-leading, super-prime residential development.
“London’s status and desirability as an international center means that these extremely exclusive properties are in very high demand and, as one of the only major new build residential development schemes in Knightsbridge/Belgravia, we anticipate that we will be able to achieve premium values.”
Edouard Fernandez, principal and co-founder, Wainbridge, added:
“This emblematic scheme builds on and is a continuation of our experience in Monaco, Cap Ferrat, St. Barths, St. Tropez, Paris, where some of our most iconic and luxurious residences are based. We are very pleased to have been chosen by Grosvenor to deliver such a high-profile project which further highlights our extensive experience in super-prime residential development, our access to high-end users and our institutional level asset management capabilities.”