Native Land and its joint venture partners, property groups Hotel Properties Limited (HPL) and Amcorp Properties Berhad, plan to redevelop the existing 83,000 sq ft office and gallery building into luxury apartments, together with space for art galleries and a restaurant on the lower floors.
The joint venture partners acquired the site in August last year. Native Land has since been working on the plans for the scheme on behalf of the partnership. The vendor of the site, Standard Life Investments, has retained a strategic interest in the investment via a tailored profit participation scheme.
“In a constrained debt market, Oversea-Chinese Banking Corporation Limited’s provision of a £91.73m debt facility is an endorsement of both the quality of the proposed scheme and the appeal of the prime Central London market,” said Native Land chief executive Alasdair Nicholls according to a CoStar report. "The standing and track record of the shareholders involved in the joint venture undoubtedly also contributed to Oversea-Chinese Banking Corporation Limited’s interest in funding the scheme.”
“We expect 30 Old Burlington Street to become the most sought-after development in Mayfair. It will satisfy international and domestic demand for new build accommodation in an area boasting London’s finest restaurants, shopping and galleries,” Nicholls said.
Native Land said it hopes to submit the plans for the scheme early this year.
