The landmark property, which has stood empty since 2000, was acquired by North Wind Capital last year for around £35m. Described as a “forgotten gem”, the building is now set to be repositioned through a comprehensive refurbishment programme currently being tendered, with REDD acting as development manager and scheduled to move on site in the early summer.
REDD has led the project since acquisition, building on its track record in prime central London residential, which includes schemes such as One Palace Green on Palace Gardens in Kensington launching later this year and 6 Charles Street in Mayfair.
The granting of planning consent marks a key milestone in unlocking the asset’s potential, enabling the project to move forward into its next phase of delivery.
Russell Smithers, CEO of REDD, said: “Securing planning is a significant step forward, allowing us to move confidently into the construction phase. We are delighted to be working with North Wind Capital as development manager on the transformation of this exceptional Mayfair property."
Christian Mathews, Investment Director at North Wind Capital, said: “With planning now secured we move into the next phase of transforming 41 Upper Grosvenor Street , reflecting our confidence in both the market and our long-term strategy."
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