Brockton Capital has put the former home of the Mirabelle restaurant up for sale to capitalise on rising Mayfair residential values.
The private equity group has appointed Savills to sell 60 Curzon Street, W1. Offers in excess of £200m are expected.
The instruction follows a six-year process to assemble the 0.4-acre site and secure planning from Westminster city council for a £500m luxury 31-flat development.
PLP Architecture-designed plans totalling 100,000 sq ft will replace 35 flats and the restaurant, which closed in 2008.Consent is also in place for a spa underneath a private garden.
The scheme is oven-ready for a new owner to start on-site immediately, enabling completion in 2017.
Brockton had been exploring options to finance the project itself but was lured to sell by rising residential values and a number of approaches by investors.
Values of more than £5,000 per sq ft have been achieved at British Land’s nearby Clarges development and this week the REIT said it had sold homes totalling £259m at the scheme.
Mayfair residential sales last year totalled £476m. At the top end of the market the average price per home rose by 25% to just under £4.5m, according to estate agent Wetherell.
Tim Whitmey, director of London residential development at Savills, said: “Mayfair is enjoying a revival as its streets and squares continue to showcase the best fashion, art galleries, restaurants and hotels. This is becoming the most sought-after place to live in London.”
