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One Hyde Park Developer to Sell Space Used by Abu Dhabi Bank

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Feb. 7 (Bloomberg) -- The developer of the One Hyde Park luxury-home complex in London’s Knightsbridge district is seeking to sell a store on the ground floor for at least 21 million pounds ($33 million).

Project Grande (Guernsey) Ltd. is offering the space rented by the Abu Dhabi Islamic Bank, the developer said in an e-mail yesterday. It’s the bank’s first branch in the U.K., according to Project Grande.

“You can’t buy a shop on Bond Street or Oxford Street at the moment because they’re not available,” Paul Cockburn, a Savills Plc director who’s handling the sale, said by telephone. “London retail is very inaccessible and Knightsbridge is no exception.”

One Hyde Park was developed by a venture between Christian Candy’s CPC Group and Qatar Prime Minister Sheikh Hamad Bin Jasim Bin Jaber al Thani’s closely held Waterknights. Candy conceived the 86-apartment complex with his brother, Nick.

Abu Dhabi Islamic Bank has a 14-year lease on the site and is one of three stores in the building, Project Grande said. The bank leases the property for 800,000 pounds a year, giving its landlord an initial yield of 3.6 percent at a 21 million-pound purchase price, according to the developer.

Russian Buyer

Grigory Guselnikov, a Russian entrepreneur, bought a store rented by Rolex at One Hyde Park for more than 13 million pounds in August, Savills said. Two months later, the space housing a McLaren sports-car dealership sold for more than 11 million pounds, two people with knowledge of the deal said at the time.

More than 1.5 billion pounds of sales have been completed at One Hyde Park, Project Grande said in the e-mail.

A five-bedroom apartment with almost 9,000 square feet (840 square meters) of space at One Hyde Park sold for 60 million pounds last week, the developer said. The building, which overlooks Hyde Park and is attached to the Mandarin Oriental Hotel, is 300 meters (980 feet) from Harrods department store.

Luxury-home prices in central London gained for the 15th consecutive month in January as overseas investors turned to the city’s real estate amid political, economic and financial turmoil at home, according to Knight Frank LLP report yesterday.

To contact the reporter on this story: Chris Spillane in London at cspillane3@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.

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