SA developer's massive bet on a luxury London plot of land has turned sour
A South African developer’s £110 million bet on a luxury plot of land in London has turned sour, with the property changing hands at a discount that was one of the city’s steepest last year.
Arora, best known for operating hotels in airports and city centres, secured a discount of roughly £30 million from the price paid in 2017, the people said, asking not to be identified because the details are private. The deal was announced late last year, but the pricing wasn’t provided. It’s the latest example of how real estate prices in London’s high-end districts have tumbled from a peak reached almost a decade ago, as developers bear the brunt of stubbornly high inflation.
Zenprop’s UK arm initially bought the 2.7-acre site through a partnership with luxury developer Auriens in 2017.The stalled development, dubbed"caviar care" by critics, is situated on the site of the former Heythrop College, which closed in 2019 following recruitment difficulties and rising costs. It has a gross development value of over £750 million, according to Knight Frank.
A representative for Arora Group declined to comment, while Zenprop didn’t respond to requests seeking comment.
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