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Indian Developer’s No. 1 with 5 Strand Purchase

 

LONDON: ABIL Group is the new owner of 5 Strand in London in a first for the Indian property developer. Lucy Reid     lucy@redcarpetmagazine.co.uk

 

Savills acted for ABIL in its purchase of the mixed use office and retail building from BlackRock UK Property Fund in deal that exceeded £90 million according to Savills.

The 72,359 sq ft building is let to Westminster City Council and Boot and features design plans by Adjaye Associates for a 200-room hotel scheme and planning consent for a new 152,400 sq ft development. This encompasses office accommodation and retail space and luxury residential accommodation.

Barry Mangan, director in the central London investment team at Savills, said: “Located adjacent to Trafalgar Square, close to Charing Cross station, 5 Strand presents an attractive redevelopment opportunity to maximise the building’s strong position in prime central London. As such it makes a good investment for our client, in their first UK purchase.”

Gary Witham, director in the hotels team at a Savills, said: “As the first purchase for our client, 5 Strand makes an excellent choice providing the opportunity to create a leading purpose built hotel in a tourist location that is recognisable to a global audience.”

Savills points at £1.06 billion in London hotel investment last year which it says represents an increase of 17.7% on 2016 while institutional capital investment into hotels grew 6.8% to £370.7 million in 2017, the highest level of investment from this buyer type for over 10 years, according to the firm.

ABIL Group’s headquarters are in the Indian city of Pune and the business was founded by Avinash Bhosale in 1979. ABIL’s luxury  developments encompass the St. Regis Mumbai, W Goa, Westin Pune and Le Meridian Nagpur all under the Marriott brand across India.  

Cushman & Wakefield joined Tudor Toone to advise BlackRock on the sale.

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