UK: Property funding and growth firm Royal Group has acquired the previous NatWest Financial institution on Piccadilly to transform the positioning into its first London luxurious boutique resort.
Royal Group, led by Singaporean billionaire Asok Kumar Hiranandani, acquired the property at 63-65 Piccadilly for £65 million final month. The acquisition was dealt with by funding advisers Michael Elliott.
An extra £45 million will likely be invested in remodeling the previous financial institution right into a 50-suite resort. The £110 million undertaking will likely be designed by structure agency Ritchie Design Companions and is predicted to be accomplished by the tip of 2026.
Ramsay Ritchie, founding director of Ritchie Design Companions, mentioned: “I’m delighted that RDP has been appointed to offer a mixed architectural and inside design service, together with planning and heritage consultancy to revive this iconic London property. Thanks Daniel Rinsler for guiding us via the method.”
Hiranandani informed Forbes Asia that the group had been on the lookout for a website in London for the previous decade. He additionally claimed that when open, the resort might cost £1,000 an evening.
Within the wider Royal Group portfolio, the London resort will be a part of properties in Singapore together with the not too long ago opened Raffles Sentosa, in addition to a undertaking at the moment beneath development dubbed the Casa Mett which is predicted to open in early 2027, managed by Sundown Hospitality Group.
