One Hyde Park developer sells Abu Dhabi bank site in London
Source: BI-ME with Bloomberg , Author: Posted by BI-ME staff
Posted: Sat May 26, 2012 3:03 pm

INTERNATIONAL. The developer of the One Hyde Park apartment complex in London’s affluent Knightsbridge sold the last of three retail spaces in the property for more than 17 million pounds (US$26.6 million).

The 2,982 square-foot (277 square-meter) space currently occupied by Abu Dhabi Islamic Bank (ADIB) PJSC, was sold to an undisclosed overseas buyer, developer Project Grande (Guernsey) Ltd. said in a statement today. The company said in February that it sought at least 21 million pounds.

One Hyde Park was developed by a venture between Christian Candy’s CPC Group and Qatar Prime Minister Sheikh Hamad Bin Jasim Bin Jaber al Thani’s closely held Waterknights. Candy conceived the 86-apartment complex with his brother, Nick.

Sales of homes valued at more than 1.5 billion pounds have been completed there, Project Grande said in February. The retail space is one of three in the building, which is about 300 meters (980 feet) from Harrods department store.

Grigory Guselnikov, a Russian entrepreneur, bought the space rented by watchmaker Rolex Group for more than 13 million pounds in August, broker Savills Plc (SVS) said. The space housing a McLaren sports-car dealership sold for more than 11 million pounds two months later, two people with knowledge of the deal said at the time.

Abu Dhabi Islamic Bank, the United Arab Emirates’ second- biggest Shariah-compliant bank, has 14 years left on its lease for the site, Project Grande said in February. The bank leases the real estate for 800,000 pounds a year, giving its landlord an initial yield of about 4.4 percent at a 17 million-pound purchase price. The site was the bank’s first branch in the U.K., according to the developer.

 

MIDDLE EAST BUSINESS COMMENT & ANALYSIS

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