Native Land has joined a consortium of South East Asian investors to acquire a prime residential development opportunity at 30 Old Burlington Street, London, W1.
The freehold site was secured by a joint venture between Hotel Properties Limited (HPL), the Singaporean hotel, property and retail group, Amcorp Properties Berhad (Amcorp), the Malaysian property, engineering and infrastructure group, and NL(Pollen), a Native Land special purpose vehicle.
Native Land, a leading developer in the prime central London residential market, has subsequently been appointed as Development Manager, and is working up plans on behalf of the Joint Venture to redevelop the existing 83,000-sq-ft building as a luxury apartment block with world class amenities, together with art galleries and restaurant on the ground floor.
The deal will see the vendors of the site, Standard Life Investments, retain a strategic interest in the investment via a tailored profit participation scheme. The target delivery date for the scheme is 2016.
Alasdair Nicholls, Chief Executive of Native Land, said:
“Mayfair is the cultural and lifestyle epicentre of London. It boasts the capital’s finest shopping, restaurants and galleries. 30 Old Burlington Street is the perfect opportunity to deliver a design-led Native Land product to satisfy international and domestic demand for lateral accommodation. The site benefits from world class amenities in Mayfair, located on the prestigious Pollen Estate luxury quarter, within 50 metres of Bond Street’s world class shopping and adjacent to the fine art galleries of Cork Street and bespoke tailoring of Savile Row. We look forward to working with our partners HPL and Amcorp to deliver Mayfair’s premier new apartment building.”
Will Fulton, Standard Life Investments commented:
“We see significant value in the combination of a highly sought-after asset in the heart of London’s high-end residential market and Native Land’s proven track record and sales expertise. We have therefore retained a longer-term interest in the scheme allowing us to benefit from what we believe will be a landmark development in Mayfair.”
London’s Mayfair is a luxury destination offering a unique combination of art, clubs, hospitality, retail and prime commercial and residential property, with long-standing appeal to an affluent international clientele. The area immediately surrounding Old Burlington Street is home to the Royal Academy of Arts, Burlington Arcade and a host of luxury shops and restaurants, with brands including Louis Vuitton, Asprey, Cartier, Tiffany, Prada, Gucci, Ralph Lauren and Chanel. The location is also convenient for leading hotels and restaurants, including the world-famous Ritz and Claridges.
Savills advised Native Land and their partners while Strutt & Parker acted for Standard Life Investments.