Out-Law News | 12 May 2014 | 1:32 pm |
Fenton bought the site on Bayswater Road, which has planning permission for a residential-led scheme comprising 22 flats, from Hong-Kong based Richfield Realty Group.
The Aurium fund was set up in 2012 to give global institutions and family offices exposure to the prime central London property sector. The fund has recently made a number of smaller acquisitions in the area surrounding Bayswater.
"We are strong believers in Westminster's plan for the regeneration of the Queensway area and this acquisition demonstrates our commitment to being a major player in the redevelopment of this prime central London area," said Fenton Whelan co-founder Sanjay Sharma in a statement.
"The Royal Bayswater Hotel, with south facing views across Hyde Park, represents one of the last large scale sites available for redevelopment on the park," Sharma said.