Bain Capital Credit and CIT have entered into an agreement to purchase Grosvenor Gardens House, a prime property in Belgravia, London.
The prominent 0.57-acre freehold site comprises a substantial Grade II listed mansion block in Belgravia overlooking Grosvenor Gardens. Built in 1867 as one of Britain’s first serviced apartment blocks known as Belgrave Mansions, the building was converted to commercial use more recently. The site benefits from planning consent to build 42 residences, extensive residential amenities and ground floor retail premises.
The acquisition builds upon Bain Capital Credit’s long standing track record of sourcing special situation opportunities and executing complex transactions, as well as CIT’s prime residential experience and its impressive track record of delivering complex residential schemes across London, including the Grade 1 listed Regent’s Crescent, Lancer Square in Kensington, and South Bank Tower SE1.
Fabio Longo, a Managing Director at Bain Capital Credit, said: “While the wider real estate market in the UK has no doubt been impacted by the Covid crisis, we are confident that the residential sector in particular will bounce back strongly. London is at the forefront of our European strategy; we are strong believers in the London prime residential market and its solid fundamentals on the back of resilient foreign demand and limited supply.
We are excited about this opportunity, working together with our partner CIT, to bring back Grosvenor Gardens House as a high-profile residential scheme in Prime Central London. We have put together a strong team with the capacity and capabilities to deliver a very special product in this historic property benefiting from distinctive attributes, outstanding location and uniquely generous and high-quality units.”
Craig Johnston, Chief Operating Officer of CIT, comments: “We are delighted to have acquired this prime residential site with Bain Capital Credit. CIT believes in the strength of the prime residential market and we have demonstrated our success in designing and building residences and amenities that resonate with the purchasers of today. Grosvenor Gardens House will offer the highest levels of design, quality and amenities wrapped in a historic Grade II listed façade.”