CC Land Holdings Limited, headquartered in Hong Kong, has committed £182 million in the regeneration and redevelopment project of Whiteleys in London, a former shopping centre currently solely owned by Meyer Bergman.
Located in Queensway, W2, the Whiteleys redevelopment project is a mixed-use scheme which secured planning permission in 2016.
The proposal is for the 1.1 million sq.ft. building to be transformed into 153 apartments, a 5-star hotel and retail space with a mix of independent retailers, a state-of-art gym, cinema, restaurants and cafes behind the building’s original iconic 1911 façade.
The project is expected to complete in 2023. The Whiteleys redevelopment will transform the northern end of Queensway and bring much needed investment to a location which is within walking distance of Hyde Park and Notting Hill in Central London, it being one of the few remaining undeveloped areas surrounding the park. Both parties expect to invest a total of approximately £400 million to bring the redevelopment project to completion.
Funds managed by Apollo Global Management, Inc., have provided a construction facility of £850 million for the development. Created by William Whiteley in 1911, the 3.3-acre site was once the first department store in London. More recently in the 1980’s, it was redeveloped into a shopping centre. The site offers an unparalleled regeneration opportunity in Prime Central London. Meyer Bergman appointed Finchatton, the preeminent residential real estate developer as Development Manager to deliver the development in 2018. Enabling works on site are well underway and the demolition phase due to finish at the end of 2019.
“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, said Dickie Wong, Deputy Chairman and Executive Director of C C Land.
“We are delighted to be able to add CC Land to our partnership with Finchatton and Foster & Partners. It is 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,” said Marcus Meyer, CEO of Meyer Bergman.
“We identified CC Land as the ideal partner, and we are thrilled that they will be part of the Whiteleys redevelopment. Whiteleys is an incredibly special building and we are looking forward to working with CC Land and Meyer Bergman to create the next exciting chapter in its life,” said Alex Michelin, co-founder of Finchatton.