07 Nov 2011, 2:03 pm
The headquarters, at 20 Grosvenor Square, has been granted revised planning permission which reduces the number of flats at the proposed development from 41 to 31.
Caring, the owner of the Ivy restaurant, proposes to construct 31 flats with floorplates of 12,000 square feet. The flats are expected to be worth approximately £60 million each.
The new revised plans are for the partial redevelopment of the building behind retained facades. The building was bought for £250m in 2007 by a consortium led by Caring.
The group are currently said to be agreeing a £330m three-year finance facility so it can refinance the development. It will repay the acquisition loan and use the remainder to fund construction costs.
The new three year facility will be provided by the Royal Bank of Scotland, Deutsche Bank and United Overseas Bank, the Singaporean bank.
