North Wind Capital buys £35m Mayfair gem for refurbishment with REDD

London – March 2024: North Wind Capital (“NWC”), the UK-based asset manager with a European presence, has acquired the freehold of 41 Upper Grosvenor Street, a landmark mixed-use Mayfair property.

The 22,000 sq ft freehold property is located immediately opposite the Monaco embassy and diagonally across from The Chancery by Rosewood which is due to open in 2025. This luxury hotel redevelopment of the former United States embassy will reposition the Western side of Grosvenor Square into a hub for luxury retail and restaurants, allowing permeability and public access to the site which was previously restricted.

The property was redeveloped in the early 20^th century and offers an exceptionally volumes and light across the combined main house and mews. Despite the prime location of the property the asset has remained empty since it was vacated by Schroders in 2000 and is in need of substantial refurbishment. NWC took vacant possession of 41 Upper Grosvenor Street for circa £35 million from Merrick, utilising an acquisition facility from Cohort Capital..

Christian Mathews, Investment Director of NWC, commented: “This is a significant acquisition for NWC which provides a rare opportunity to revive a forgotten gem in the heart of Mayfair back to its former glory. This asset has incredible untapped potential and we look forward to working with our JV partner REDD to unlock that value in what we hope will be the first of several prime London redevelopment plays with our preferred developer.”

Matt Thame, Co-Founder of Cohort Capital commented: “We are delighted to have assisted North Wind Capital and REDD in achieving this outcome, from enquiry to completion it was just 8 days, and importantly ensured this landmark mixed-use development site was secured by the right hands.”

ENDS.

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