Northacre has been appointed development manager for the residential redevelopment of the former Kazakhstan Embassy in London.
The South Kensington property at 33 Thurloe Square , SW7, has been bought by Bassemey, a Jersey-incorporated special-purpose vehicle financed by Abu Dhabi Capital Management, for £8.6m. Northacre has provided £1.3m of the purchase price from its existing cash resources.
Consent is already in place for residential conversion but Northacre said it would seek further permissions.
Klas Nilsson, Northacre’s non-executive chairman, said: “We expect this project will prove to be an exciting venture for Northacre’s development team. Furthermore, it is particularly pleasing that the success of the Lancasters project has provided us with the financial capability to participate in opportunities such as this. We intend to continue, together with ADCM, to actively pursue similarly attractive opportunities and look forward to providing updates as this project progresses.”
samantha.mcclary@estatesgazette.com
