A 133-flat luxury residential development beside London’s Grosvenor House hotel has been put on hold by its Middle Eastern backers.
Park Lane Properties – a consortium of Kuwaiti firms Adeem Investments and Investments Dar – has served a cessation notice to contractors on the Mayfair project.
A spokesman for development manager SPARC Group said: “Park Lane Properties has temporarily postponed construction activity on the Grosvenor House Apartments pending a review of some elements of the project.
“It has taken this step to ensure that the ongoing works optimise the potential of the development, and remain committed to delivering this prestigious and unique project.”
Park Lane Properties bought the 180,000 sq ft block from Robert Bourne’s Bourne Capital in 2006 for around £100m.
The scheme was scheduled for completion by the end of last year.
michael.phillips@rbi.co.uk
