Tuesday, 7 February 2012 at 13:58, Bloomberg
One Hyde Park was developed by a venture between CPC Group and Qatar's closely held Waterknights. (REUTERS)
The developer of the One Hyde Park luxury-home complex in London’s Knightsbridge neighbourhood is seeking to sell a store on the building’s ground floor for at least £21 million ($33m).
Project Grande (Guernsey) Ltd is offering the space rented by the Abu Dhabi Islamic Bank, the developer said in an e-mail. It’s the bank’s first store in the UK, according to Project Grande.
“You can’t buy a shop on Bond Street or Oxford Street at the moment because they’re not available,” Paul Cockburn, a Savills Plc director who’s handling the sale, said in an interview. “London retail is very inaccessible and Knightsbridge is no exception to that.”
One Hyde Park was developed by a venture between Christian Candy’s CPC Group and Qatar Prime Minister Sheikh Hamad Bin Jasim Bin Jaber al Thani’s closely held Waterknights. Candy conceived the 86-apartment complex with his brother, Nick.
Abu Dhabi Islamic Bank (Adib) has a 14-year lease on the site and is one of three stores in the building, Project Grande said. The bank leases the property for £800,000 a year, giving its landlord an initial yield of 3.6 per cent at a £21m purchase price, according to the developer.
Grigory Guselnikov, a Russian entrepreneur, bought a store rented by Rolex at One Hyde Park for more than £13m in August, Savills said. Two months later, the space housing a McLaren sports-car dealership sold for more than £11m, two people with knowledge of the deal said at the time.
A five-bedroom apartment with almost 9,000 square feet (840sqm) of space at One Hyde Park sold for £60m last week, the developer said today. The building, which overlooks Hyde Park and is attached to the Mandarin Oriental Hotel, is 300 metres (980 feet) from Harrods department store.
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