New photos of No 1 Grosvenor Square development!
27/05/2018 14:59 by Buildington
International investment manager M&G Investments will provide a £517 million whole loan to Lodha UK for the development of No. 1 Grosvenor Square.
The entire loan will be invested and held by funds managed by M&G.
No. 1 Grosvenor Square is amongst the most high profile residential developments currently in the capital. On completion in December 2019 it will provide 48 residential units with on-site leisure amenities at one of the most prestigious addresses in London designed by the acclaimed international interior design firm Yabu Pushelberg. Lodha purchased the site in2014 and in 2015 Westminster City Council granted consent for its complete redevelopment.
Grosvenor Square is undergoing a period of significant changes. In addition to the development by Lodha, Rosewood has recently been announced as the hotel operator for the redevelopment of the former US Embassy at the western end of the square.
Dan Riches, Director, Real Estate Finance, M&G Investments, commented: “We have worked extremely closely with Lodha over the past 12 months to ensure the delivery of the development of this historic site in central London. Lodha has proven to be a highly capable counterpart with deep understanding of this market and has assembled a top tier project team for the development of No. 1 Grosvenor Square.
“M&G’s direct origination model gives our institutional investors direct access to prime real estate such as No. 1 Grosvenor Square. Our unique ability to invest and hold large loans on the most complex of transactions has proven extremely attractive to borrowers and provides us with more opportunities to create value for our investors.
“Private credit investments have become increasingly sought after by institutional investors seeking higher returns than are available in more liquid markets.”
Ab Shome, Director of Finance, Lodha UK, added: “We are delighted to be supported by M&G Investments to fund the delivery of this unique development. M&G’s size, stability and long-term outlook make them the perfect funding partner for such a significant and prestigious project.”
Gabriel York, Co-Head of Lodha UK, added: “M&G’s backing is a significant endorsement of our Grosvenor Square project and marks a major milestone in the growth of our UK
M&G’s Real Estate Finance team has invested over £7 billion in commercial mortgages (as at 6 October 2017) in the UK and Europe and is one of the largest new lenders to emerge since the 2008 global financial crisis.
16/10/2017 11:16 by Buildington
Lodha launched No. 1 Grosvenor Square in the beginning of June 2017, reports The Indian Times.
The luxury apartments start at £ 7.5 million.
The website for the development can be found at www.lodhagroup.co.uk/1-grosvenor-square
30/06/2017 08:49 by Buildington
Lodha UK will unveil its flagship development No.1 Grosvenor Square this summer, says investment company Cain Hoy.
25/05/2017 13:19 by Buildington
Lodha will formally launch No.1 Grosvenor Square project once the show flat is completed in May, reports Live Mint.
A select pre-launch sales have already been sold for over £6,000 per sq. ft, one of the highest prices that any project with an Indian connection has ever achieved.
Source: Indiabulls Real Estate, Lodha readying London projects - Live Mint livemint.com
14/05/2017 16:01 by Buildington
MSMR's proposal for 1-3 Grosvenor Square has won an approval from Westminster Council's planning committee.
The office to residential scheme for Lodha Group will provide 41 apartments over 7 storeys, as well as parking at basement level.
MSMR developed a proposal that retains the principle façades to allow reconstruction of the entire property behind.
1 -3 Grosvenor Square currently serves as the Canadian High Commission but was disposed by the Canadian Government last year in a move to consolidate their London presence at Canada House on Trafalgar Square.
Source: MSMR www.msmrarchitects.co.uk 12. November 2014
15/11/2014 09:28 by Buildington
India’s largest real estate developer Lodha Group has exchanged contracts to acquire MacDonald House from the Canadian Government for a consideration of over GBP 300 million (over INR 3000 crores). Located on Grosvenor Square, this prominent building bears the address of 1 Grosvenor Square and is touted as the most prestigious address in the world.
Commenting on the closure of the deal, Abhinandan Lodha, Deputy Managing Director of Lodha Group said “London and the United Kingdom offer significant opportunities for a high quality developer focussed on creating a large scale housing development business there. We plan to focus on Mumbai and London as our two main markets and serve London in the same manner that we serve Mumbai – with world class products intended to serve all key market segments.
Historically, Indian companies have contributed in a wholesome way to the UK economy and we hope to continue in those footsteps by creating a significant number of jobs and providing excellent quality housing there.It is a very proud moment for our country that an Indian company has been chosen as the purchaser by the Canadian Government after a highly competitive bidding process involving top global developers and sovereign wealth funds.”
Further added Abhishek Lodha, Managing Director of Lodha Group “The acquisition of this marquee asset overlooking London’s most renowned garden square, in the heart of Mayfair and in close proximity to Bond Street& Mount Street is a great opportunity for our company.1 Grosvenor Square is the best address in the world and we will create a world class development which befits the status of this address. We thank everyone associated with us in completing this transaction.”
Located on the corner of Grosvenor Square,the property is in the heart of London’s West End and is one of Mayfair’s most prominent buildings. The building first served as the High Commission for the United States of America and subsequently, as the High Commission for Canada. Lodha was advised by the London office of Knight Frank on this acquisition.
Source: Lodha Group www.lodhagroup.com 29.11.2013
29/11/2013 12:38 by Buildington
The Canadian High Commission has announced the next step in its plans to consolidate its diplomatic activity in the UK in a single, central location in historic Canada House on Trafalgar Square. As part of these plans, its diplomatic premises on Grosvenor Square in Mayfair will be sold.
The Government of Canada received a strong response to its publicly advertised request for proposals for broker services. The international real estate advisor Savills was selected and awarded the contract.
“The Canada House project has entered an important phase,” said High Commissioner Gordon Campbell. “We have had exceptional interest in the property at 1 Grosvenor Square but an international firm like Savills will extend our reach to interested parties all over the world and help maximise the value of our building in Mayfair for the benefit of Canadians.”
Mark Ridley, CEO of Savills UK said “Savills is delighted to have been selected by Canada to bring this important property to the market. Given its prominent location at 1 Grosvenor Square, we anticipate a very high level of interest.”
Tim Whitmey, Director in Savills Development team said: “This is without doubt one of the finest addresses in central London. We expect interest from all over the world, with both the hotel and residential sectors vying for this prime Mayfair destination.”
09/09/2013 16:54 by Buildington
Canada has put the Macdonald House for sale for about $500m. Read more about it here: http://www.theglobeandmail.com/news/world/canada-puts-london-embassy-up-for-sale/article8381329/
12/02/2013 12:21 by Buildington