£40m for Mayfair mansion

 

10 Stanhope Gate is in the heart of Mayfair, close to Hyde Park, the Dorchester Hotel, and near Mayfair’s most important streets and amenities.

Originally offered with a price tag of £50m, property research group Prime Resi are reporting that this Georgian mansion has sold for in excess of £40m thus brushing off Brexit related market anxiety.

The property is on six storeys – with all floors, from lower ground to roof terrace, connected by both stairs and passenger lift and has completely been refitted at a cost of £4.5m.  Depending on whether this is a first or second home for the new buyer, the stamp duty land tax on this acquisition will be £5m or £6m.

 

Read More

Capco confirms discussions on sale of its £700m Earl’s Court development

In a brief statement Capital & Counties Properties PLC referred to recent press speculation on the matter and confirmed that it continues to advance preparations for a possible demerger.

The announcement goes on the state that the “Company received a number of proposals in relation to Capco’s interests in Earls Court which it is considering. This includes discussions with CK Asset Holdings Limited regarding a conditional proposal for the sale of substantially all of Capco’s interests in Earls Court Properties (excluding the Lillie Square joint venture)”.

The Board will evaluate the terms of any proposal against the merits of a demerger and other options.

Capital & Counties Properties PLC is one of the largest investment and development property companies that specialises in central London real estate and is a constituent of the FTSE-250 Index.

Read More

Brexit : Will it get worse before it gets better

With the UK locked in negotiations with the EU and with the March 2019 exit day looming, political wrangling is at an all time high. There is a lot at stake.

Statements and presentations like the one delivered by the Governor of the Bank of England to the Cabinet the other week don’t go unnoticed and are carefully considered by investors. During this meeting Mr. Carney presented a number of Brexit related scenarios, with the worst case scenario making the headlines.  In this same presentation he however also said that if the PM struck a Brexit deal based on an orderly withdrawal plan, the economy would outperform current forecasts because it would be better than the bank’s assumed outcome.

In the coming weeks and months we expect statements to be made by all sides of the political spectrum and it will be difficult to decipher which are meaningful or simply part of a negotiating strategy or just ‘noise’. Investors don’t like all this uncertainty.

Although it is likely that in the very short term this ‘noise’ will become even louder, some investors are taking a more pragmatic approach. They reason that Brexit will be settled one way or another and that the UK will remain an attractive and stable long term home for their capital. These investors are not adopting a wait and see approach. Instead they are taking advantage of short-term currency movements and softer asset prices, and acquiring assets at more attractive valuations.

Read More

Record sale at One Hyde Park, Knightbridge

Property portal PrimeResi is reporting that one of the units at One Hyde Park recently changed hands for a record-breaking £160m. This transaction would have attracted around £24m in stamp duty alone.

Completed in 2010, the 86-unit project replaced a 1950s office block called Bowater House, and took four years to build.

The Mandarin Oriental provides the residences with five-star hotel services, including gourmet 24-hour room service, while amenities range from a private cinema, business suite and wine cellars, to a 21m ozone swimming pool, squash court, golf stimulator, and virtual games room.

Read More

Qatari Diar breaks ground at former Mayfair U.S Embassy

Developer Qatari Diar Europe has broken ground at 30 Grosvenor Square – the former site of the historic U.S Embassy.

The site will house London’s second Rosewood hotel in the heart of Mayfair and will comprise 137 guest rooms, five restaurants, six flagship retail units, a spa and a ballroom with space for 1,000 guests.

British architect, Sir David Chipperfield, will has been entrusted with preserving the unique facade of the Grade II listed building whilst at the same time remodelling the interiors with contemporary and luxurious finishes. The expected construction completion date of the property valued at approximately £1 billion is set for 2023.

Work on the site follows the relocation of the U.S Embassy to Nine Elms earlier this year.

Read More