CC Land has teamed up with Whiteleys owner Meyer Bergman to invest a total of £400m into the redevelopment of the shopping centre in Queensway, W2.
The Hong Kong based investor will commit £182m to the regeneration project, which will provide 153 flats, a five-star hotel plus a mix of retail let to independent retailers, a state of the art gym, cinema and restaurants and cafes across 1.1m sq ft of space.
Funds managed by Apollo Global Management have provided a construction facility of £850m for the project.
Dickie Wong, deputy chairman and executive director of CC Land, said: “Whiteleys represents an incredibly compelling proposition with the restoration of an iconic heritage asset and delivers a unique blend of residential, retail and hotel uses in an undervalued, yet prime central location that provides the opportunity for a material shift in both capital and rental value. Finchatton as development manager has created an exceptional vision for Whiteleys which we are delighted to be now part of.
“CC Land started to build the global property portfolio since early 2017, and now has both investment and development projects in the United Kingdom, Australia, Hong Kong and Mainland China. We believe that our investment in the regeneration and redevelopment project of Whiteleys further enriches our property portfolio in London.”
Meyer Bergman chief executive Marcus Meyer said that the investment from CC Land was the “last key step to allow us to deliver a truly iconic and unique mixed use building to one of the world’s great cities”.
The redevelopment of the 1911-built Whiteleys – which was London’s first department store – was given the go ahead in 2016 and is scheduled for completion in 2023.
Residential developer Finachatton, was appointed development manager on the scheme in 2018 and enabling works are already underway. Foster & Partners are the architect on the scheme.
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