One Hyde Park sells bank site

One Hyde Park sells Abu Dhabi bank site for US $26.6m

The developer of the One Hyde Park apartment complex in London’s affluent Knightsbridge sold the last of three retail spaces in the property for more than GBP£17m (US$26.6m).

The 2,982 sq ft space currently occupied by Abu Dhabi Islamic Bank (ADIB), was sold to an undisclosed overseas buyer, developer Project Grande said in a statement today. The company said in February that it sought at least GBP£21m.

One Hyde Park was developed by a venture between Christian Candy and Qatar PM Sheikh Hamad Bin Jaber al-Thani’s.

Grigory Guselnikov, a Russian entrepreneur, bought the space rented by watchmaker Rolex Group for more than GBP£13m in August.

The space housing a McLaren sportscar dealership sold for more than GBP£11m two months later.

Abu Dhabi Islamic Bank, the UAE’s second biggest Shariah compliant bank, has 14 years left on its lease for the site. The bank leases the real estate for GBP£800,000, giving its landlord an initial yield of about 4.4 percent at a GBP£17m purchase price.

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