Bloomberg News

One Hyde Park Developer Said to Sell McLaren Sports-Car Store

October 26, 2011

Oct. 26 (Bloomberg) -- The developer of the One Hyde Park luxury-home complex in London’s Knightsbridge neighborhood sold a sports-car store leased by McLaren Automotive Ltd. for more than 11 million pounds ($18 million), two people with knowledge of the transaction said.

Project Grande (Guernsey) Ltd. sold the ground-floor showroom to an investor based in Asia, according to the people, who declined to be identified because the deal is confidential. The property will generate a rental yield of 3 percent a year, the people said.

McLaren, best-known as the most successful Formula One team after Ferrari, has a 15-year lease for the store, according to Savills Plc, the property broker handling the sale. In August, Russian entrepreneur Grigory Guselnikov paid more than 13 million pounds for a Rolex store at One Hyde Park, the London- based property broker said last month.

Richard Williams, a director at Project Grande, declined to comment. Project Grande is a venture between Christian Candy’s CPC Group and Qatar Prime Minister Sheikh Hamad Bin Jasim Bin Jaber Al Thani’s closely held company Waterknights.

The 86 apartment development overlooking Hyde Park and attached to the Mandarin Oriental Hotel is 300 Meters (328 yards) from Harrods department store. One Hyde Park was conceived by Candy and his brother Nick.

McLaren cars are driven by Lewis Hamilton and Jenson Button in the Formula One racing series. The Woking, U.K.-based company began marketing sports cars such as its 200-mile-per-hour MP4- 12C in March 2010

Abu Dhabi Islamic Bank rents a third retail unit at One Hyde Park, its first in the U.K.

--Editors: Jeff St.Onge, Andrew Blackman.

To contact the reporter on this story: Chris Spillane in London at cspillane3@bloomberg.net.

To contact the editor responsible for this story: Andrew Blackman at ablackman@bloomberg.net.


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