The leading Indian real estate developer, Indiabulls Real Estate Ltd has bought 22 Hanover Square W1 for £155 million. The 87,444sq ft building has been purchased from Scottish Widows Investment Partnership (now part of Aberdeen Asset Management) which put the building up for sale in April through H2SO.
Sameer Gehlaut, Chairman, Indiabulls Group commented: “The building’s location in prime Mayfair adjoining Bond Street is truly exceptional and Hanover Square will become arguably London's 'best connected' square when the new Bond Street Crossrail station opens in 2018. The building has huge potential for redevelopment."
One of the Bond Street station's entrances will be on the north-west corner of the square and just 50 metres from 22 Hanover Square.
John Olney, the new Co-Head of Colliers International’s Central London Investment Team, commented: "Freehold assets of this quality and scale are rare in Mayfair, and there was a very high level of investor interest in the building. Four parties were selected from the first round of bidding to participate in the final round. Indiabulls Real Estate emerged as the highest bidder in a closely contested bid process.”
Indiabulls Real Estate is part of £2 billion Indiabulls Group and one of the largest real estate companies in India with development projects spread across high-end offices, commercial complexes and premium residential developments with over 24m sq ft of projects under construction.