Slaughter and May advised Grosvenor on the sale of 11-15 Grosvenor Crescent, London SW1 for £114 million to Wainbridge Estates Belgravia Limited. It is intended that the property will be redeveloped into 80,000 sq.ft of high-end residential apartments with a gross development value of over £350 million. The façade of the grade II listed building and its listed elements will be retained and restored. The agreement was conditional on planning and also included detailed overage provisions relating to sales proceeds. Completion of the development is expected in 2017.

CONTACTS

Real Estate: David Waterfield (partner), Samantha Brady (associate); Tax: William Watson (partner)