A £250m-plus bid for the former US Navy headquarters at 20 Grosvenor Square, W1, looks set to win luxury developer Finchatton the sought-after Mayfair block.
Finchatton, with backing from the Abu Dhabi Investment Council, had until Friday 5 April to confirm funds for the acquisition of the 178,000 sq ft property.
A consortium led by restaurateur Richard Caring put the building up for sale through CBRE and Knight Frank late last year. It has £220m of Nama debt related to it.
Underbidder PCP Capital Partners, run by Amanda Staveley, was waiting in the wings to swoop with an offer just below Finchatton’s.
PCP, with its Qatari backers, held discussions more than a year ago to buy the office block.
Caring had hoped to turn the building into a luxury residential scheme comprising 31 flats. Agents claim the flats could fetch between £3,000 and £6,000 per sq ft, mirroring the success of One Hyde Park, although there is little evidence for this.
Other bidders for 20 Grosvenor Square included Native Land, Bruce Ritchie’s Residential Land, CIT, plus several sovereign wealth funds and overseas investors.
All parties declined to comment.
annabel.dixon@estatesgazette.com
