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The vehicle that owns a high-end residential development scheme once projected to have an end value of £600M has gone into administration.
Partners from Interpath Advisory were last week appointed to 60 Curzon Street Developments, taking control of a 32-apartment scheme at 60 Curzon Street in Mayfair, Bloomberg reported.
The project is 70% owned by Chinese investors Citic Capital and Cindat. UK investor Brockton is the development manager.
U.S. private equity firm Apollo is the main lender to the scheme, and is working with Brockton on completing the development, Bloomberg said.
The site was previously the home of Marco Pierre White’s Mirabelle restaurants as well as apartments owned by individual residents. It is located in the heart of Mayfair.
Brockton took four years, from 2007 to 2011, buying 40 units in 21 different transactions before drawing up plans for an 18-unit apartment block. It had hoped to achieve sales prices of above £6,000 per SF.
But in 2013, it was asked to increase the number of apartments in the scheme by Westminster Council, delaying the development.
Brockton had always planned to bring in outside investors to complete the scheme, and in 2015, it sold a 70% stake to Citic and Cindat at a price that valued the site at £200M.
Construction started in 2018. It was scheduled to finish in 2020, but the scheme and pre-sales of the units were affected by the pandemic.
In a statement to Bloomberg, Brockton said that pre-sales of more than £100M had been achieved.
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