NAMA racks up another sale in central London

Sources claim that John McCabe of McCabe Builders and Anglo Golden Circle fame has contracted to sell a site at 11-15 Arlington Street in St James’s in London SW1A 1RD for in excess of GBP 20m (€23m). The site believed to be this one described on the McCabe UK website has planning permission for up to 14 apartments but it is understood that the present intention is to develop seven apartments, each with a gross internal area of 2,000 sq ft. The relevant planning application is understood to be 00/02615/FULL available here. Apartments are fetching in excess of GBP 4,000 per square foot in Mayfair at present but Arlington Street, a stone’s throw from the Ritz hotel, would be considered a less valuable secondary location within London’s borough of the City of Westminster; the speculation is that these seven apartments would fetch GBP 2,500 psf or GBP 5m a pop. The buyer has not yet been revealed. It is understood that McCabe is selling the property under NAMA’s auspices.

This is NAMA’s second reported residential sale in the borough of Westminster. In March 2011, it was exclusively revealed on here that NAMA was selling the loan in respect of 20 Grosvenor Square back to a consortium lead by Richard Caring. That property is also destined to be converted into luxury flats but Grosvenor Square is superior location, presently home to the US Embassy, and the flats there would be expected to fetch GBP 4,000 psf or indeed more.

Neither NAMA or McCabe UK had any comment on the transaction at the time of writing.

UPDATE: 16th April, 2012, Property Week names the buyers as the Smedvig family from Norway who have made money from shipping and oil. The seller is named as Newthorn Properties.