INDUSTRY NEWS

Joint venture snaps up former US Navy Mayfair Office Space for £250m

A joint venture between Finchatton and the Abu Dhabi Investment Corporation has splashed out more than £250 million on a major building in London.

The joint venture between the London-based residential developer and the Middle Eastern sovereign fund have purchased the former US Navy Building at 20 Grosvenor Square in Mayfair.

The pair have purchased the building, which offers more than 180,000 square feet of Mayfair office space from a consortium led by Richard Caring – the restaurateur turned  property developer and owner of The Ivy.

Mr Caring and the consortium initially purchased the property back in 2007 with plans of converting the building into luxury apartments. At present, Finchatton has not revealed its plans for the building, but the international property developer is renowned for developing and designing high-end housing so it seems likely the firm will look to establish a number of luxury apartments in the area.

The building was set up as a military headquarters by Dwight D. Eisenhower during the Second World War, up until 2009 it was used by the United States Navy as its base of operations for European operations.

Established in 2001 by Alex Michelin and Andrew Dunn, Finchatton acquires premium properties in London, including exclusive areas such as Mayfair and Belgravia, before refurbishing them and then reselling them. It has worked on more than 50 major projects to date.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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