A major West End office property has been put on the market for £250m.
20 Grosvenor Square offers 178,000 sq ft of prime Mayfair office space, which had been set for residential redevelopment by GSL Limited.
Richard Caring who has driven the scheme, also has a portfolio of business interests that includes major shareholdings in Soho House and the Carluccio's food chain. Notably, Caring owns The Ivy restaurant, a well-known haunt of show biz celebrities.
However, the Mayfair project has stalled despite securing planning permission to convert the former US Navy headquarters into luxury apartments in May 2009 This approved scheme would have delivered 41 lavishly appointed flats, but the Irish banking crisis meant that that development finance had to be renegotiated, at a time when many lenders were withdrawing from the residential sector.
The billionaire restaurant entrepreneur has now decided to sell the Mayfair office rental after struggling to fund the residential conversion scheme.
Currently vacant, the W1 office building was formerly the US Navy’s European HQ and had served as the office of General Dwight Eisenhower during the World War II.
Located in the north-western corner of the Grosvenor Square, this ornate red-brick period building overlooks the current embassy of the United States of America. However, in 2017 the American Embassy staff will be moving to a brand new building near Battersea and Vauxhall in South West London.