Dubai firm raises £82 million to turn former Chelsea police station into luxury flats
A Dubai investment company is spending £82 million to turn the former Chelsea police station into luxury flats.
UAE-based Gulf Islamic Investments (GII) Group has secured funding for the redevelopment of 2 Lucan Place, which was sold by the Met for £40 million in 2015.
Chelsea police station, tucked behind Sloane Avenue, was the branch where actor Sir John Gielgud was charged with “importuning” in 1953 after making a pass at an undercover policeman. First opened in 1939, the station’s front desk shut in 2013. It was sold as part of a money raising drive in response to austerity.
GII plans to transform the seven-storey building into 31 luxury flats and two commercial spaces. It will feature a private gym, concierge and valet parking.
Pankaj Gupta, GII’s co-CEO, said: “We see a promising future for London’s prime property market. We expect the easing of international travel restrictions and pent-up demand from affluent foreign buyers to drive significant growth.”
GII manages $3 billion on behalf of clients including wealth individuals, banks and sovereign wealth funds.
Mohammed Al Hassan, co-CEO of GII said: “This latest development is a key milestone for us in the growth of our UK business.”
Funding for the redevelopment was led by London Wall Lending in partnership with Précis Capital Partners.
