Singaporean property billionaire Asok Kumar Hiranandani’s Royal Group of Companies has acquired the former NatWest Bank building at 63-65 Piccadilly, W1, for circa £60m from a private European investor in an off-market deal.
The Grade II Listed building, opposite The Ritz, spans more than 28,500 sq ft. It comes with planning consent for a boutique hotel on the upper floors and leisure and restaurant use over the basement and ground floors.
Royal Group plans to convert the hotel into a luxury boutique hotel with 50 suites. It is understood the buyer plans to invest additional £45m for the hotel conversion and British architectural firm Ritchie Design Partners is designing the hotel, which is expected to be completed by the end of 2026.
In an interview with Forbes Asia, Hiranandani mentioned he had spent the past decade exploring investment opportunities in London, attracted by the city’s appeal as a major travel destination.
He is confident the hotel can charge up to a £1,000 per night, similar to The Ritz.
Through Royal Group, Hiranandani owns prime assets in Singapore and owns hotels in Malaysia, including the DoubleTree by Hilton in Kuala Lumpur. His net worth stands at $1.7bn (£1.3bn).
Michael Elliott handled the acquisition on behalf of Royal Group.
Image © Michael Elliot LLP
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