Grosvenor Britain & Ireland is close to completing three major separate sales in London's Belgravia – of a housing development, an office block and a pub portfolio.
Luxury residential developer Lodha UK, on behalf of an investor group, is buying a major slice of Grosvenor's Cundy Street Quarter, a housing-led scheme.
The Duke of Westminster's property company gained consent for revised plans for the sustainable scheme, designed by architect DSDHA, in June 2021.
It is focused on a closed-off site that is home to car parking and five affordable housing blocks. Grosvenor plans to replace the buildings with new housing including 88 affordable homes, senior living housing for up to 170 people and 75 open market homes. There will be green spaces and a community hub, food store and cinema.
Lodha UK is buying Building A, the senior living building, and Building C which provides social rent accommodation. Grosvenor would retain buildings B and D with the remaining phase comprising market and affordable housing, amenities, and public realm.
A Lodha group spokesperson said in a statement: "An investor group managed by Lodha UK has agreed terms to acquire the first phase of Cundy Street Quarter from Grosvenor, with Lodha UK appointed as development manager. Lodha UK invests and develops in London in partnership with a variety of institutional and private investors.
"We are pleased to have the opportunity to work with the local residents, Westminster City Council and Grosvenor to develop a high quality development for Londoners at this prominent location and contribute to the capital’s housing stock."
Prime Resi first revealed the talks.
Grosvenor's approval followed the deferral of the application in February 2021 to consider the impact of removing the top floor from the senior living building fronting Ebury Street.
Lodha UK is one of London's most active prime residential property developers, with £2 billion worth of properties either under development or already completed. Developments include Lincoln Square in Covent Garden, No.1 Grosvenor Square in Mayfair, and Holland Park Gate in Kensington.
Separately, Grosvenor has gone under offer to sell ENI House, SW1, the Italian oil giant's London home in Belgravia, to Paris-headquartered global asset manager La Française Group for close to £60 million or a 5.70% yield. JLL is advising Grosvenor.
React News first reported on La Française's interest.
Finally, Grosvenor has completed the sale of seven pubs in the heart of its prime Belgravia estate to an undisclosed investor.
JLL has been marketing the portfolio, which includes The Grenadier, the pub where biochemicals billionaire and Manchester United football club bidder Sir Jim Ratcliffe famously dreamt up his plans for his 4x4 INEOS Grenadier car.
The portfolio comprises a number of iconic London pubs:
- The Grenadier, 18 Wilton Row, SW1X 7NR
- The Antelope, 22 Eaton Terrace, SW1W 8EZ
- The Horse & Groom, 7 Groom Place, SW1X 7BA
- The Nags Head, 53 Kinnerton Street, SW1X 8ED
- The Fox & Hounds, 29 Passmore Street, SW1W 8HR
- The Duke of Wellington, 63 Eaton Terrace, SW1W 8TR
- The Star Tavern, 6 Belgrave Mews West, SW1X 8HT
Landed estate Grosvenor is working with partners to invest £1.3 billion across Mayfair and Belgravia over the next 10 years, with 14 major projects and 1 million square feet of redevelopment already underway. This includes South Molton Triangle, a two-acre mixed use £500 million project being partly developed in a joint venture with Mitsui Fudosan UK and the redevelopment of Grosvenor Square, London’s second largest square.
Grosvenor and JLL declined to comment. La Française Group did not comment.