A consortium comprising Deutsche Bank, Bank of China and Singapore’s United Overseas Bank has provided development finance to support the £600 million redevelopment of 60 Curzon Street in London’s Mayfair area.
The project is being brought forward by Brockton Capital after it completed the creation of a joint venture with two Chinese investors. Hong Kong-listed Cindat Capital Management and CITIC Capital have bought a majority stake in the project from a Brockton Capital fund.
The scheme sits on the site of the former home of Marco Pierre White’s Mirabelle restaurant. The JV plans to redevelop it as 32 luxury apartments in a scheme which will also feature a gym, spa facilities and a swimming pool. The restaurant will be retained and run by a new operator.
The volume of the development financing was not disclosed, although Estates Gazette previously reported that it would reflect a 60 percent loan-to-cost ratio.
“This arrangement allows the investors in the Brockton Capital fund to continue participating in an investment that has involved assembling the site, buying-in the freehold and obtaining planning consent,” said Jason Blank, co-managing partner of Brockton Capital.
“These Brockton Capital investors will now further benefit from realising the latent upside in delivering a super-prime project within a one minute walk of both Berkeley Square and Green Park,” Blank added.
“We have taken part interests in many great projects in other parts of the world, but this is our first in London. We like the London market very much and believe we can undertake many more investments here in the near future,” said Greg Peng, CEO of Cindat Capital.