One Hyde Park: £60m apartment sold and luxury retail on the market

One Hyde Park: £60m apartment sold and luxury retail on the market

6 February 2012 | By David Doyle.

One Hyde Park's last five bedroom apartment has been sold, bringing the
total volume of sales in the London luxury residential scheme to more than
£1.5bn.


The five bedroom apartment, the largest size beneath penthouse, sold to an
unnamed buyer at the end of last week. Another £40m of apartments are also
said to be under offer.


It is the last of eleven five-bedroom apartments, which are almost 9,000 sq
ft in size, to be sold in the scheme.

At the same time Project Grande, the joint venture between the Prime
Minister of Qatar's Waterknight's and Christian Candy's CPC, has bought the
last retail unit in the development to the market.

The unit, which is the first UK premises for Abu Dhabi Islamic Bank, is
being marketed by Savills for in excess of £21m, a net initial yield of
3.6%.

Project Grande said the yield is predicted to rise to 4.35% and 4.99% with
indexed rent reviews. The property is let for 14 years off an annual rent of
£800,000.

One Hyde Park's other retail units, let to Rolex and McLaren, were sold for
more than £13m and £11.5m respectively, reflecting yields of 2.91% and 3.3%.

Leicester Square site for expanded Radisson Hotel

NAMA deal paves way for giant Leicester Square hotel

30 January 2012 | By Nick Johnstone

Radisson Edwardian has bought the 0.47 acre Odeon Leicester Square site
under plans to more than triple the size of its existing hotel at the
popular tourist destination.

The property's owners, Ireland's National Asset Management Agency and
Tamarin / Real Estate Solutions have exchanged with the hotelier's parent
Edwardian Group, after its owners struck a deal with Radisson to mitigate
the impact of rights of light on the sale.



Planning Permission was granted in October 2008 for the demolition of
existing buildings and redevelopment of the Site to allow development of a
two screen cinema, a 245 bedroom hotel, 33 residential units, four
restaurants at ground floor and one at ninth floor level.

The 215,000 sq ft Make-designed opportunity was put up for sale by agents at
CBRE, Knight Frank, and DE&J Levy early last year, following instructions
from receivers at Allsop.

London & Regional, in a joint bid with Hilton Hotels Group, is believed to
have been the under bidder.

Paul Mansi, chief operating officer of Edwardian Group, said: "Leisure
experiences are at the heart of the company's DNA and we are keen to create
new and exciting offerings for the local market and the myriad visitors to
the City. Details of our plans will be unveiled in the coming weeks."

Peter Burns of sales agent CBRE said the deal would unify three key
ownerships totalling around two-thirds of an acre on the south west corner
of Leicester Square.

All parties declined to comment on the price at this stage