Fri, 09/05/2014 - 14:11
Fenton Whelan’s Aurium Real Estate London Ultra-Prime Fund has acquired the Royal Bayswater Hotel on the Bayswater Road for a fee believed to be in excess of GBP35 million.
The site, which has planning permission for a residential-led mixed use scheme comprising 22 luxury apartments, was acquired from Hong Kong based Richfield Realty Group and has an estimated GDV of GBP80 million.
This follows several smaller acquisitions made by the Aurium Fund in the surrounding area.
Sanjay Sharma, co-founder of Fenton Whelan, says: "We are strong believers in Westminster’s plan for the regeneration of the Queensway area and this acquisition demonstrates our commitment to being a major player in the redevelopment of this prime central London area. The Royal Bayswater Hotel, with south facing views across Hyde Park, represents one of the last large scale sites available for redevelopment on the park.”
The Aurium Fund recently has achieved its second exit of 2014 with the sale of 31-35 Chesham Street in Belgravia. Acquired by the fund in September 2013, the Chesham Street scheme was sold with newly obtained planning permission for six -art apartments to an overseas development group for GBP30 million. This followed the sale in February this year of its project on Egerton Gardens, Knightsbridge.
Fenton Whelan currently has active and pipeline projects in prime central London with an aggregate GDV in excess GBP500 million.
The Aurium Fund, which was launched in 2012 in partnership with investment managers Aurium Capital, offers global institutions and family offices a direct route into ultra-prime central London residential.
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Wed, 26 Aug 2015 00:00:00 GMTJunior LATAM HY Sales
Wed, 26 Aug 2015 00:00:00 GMTDCM Vice President (LatAm focus)
Wed, 26 Aug 2015 00:00:00 GMT