The reception room of one of the 37 apartments at Twenty Grosvenor Square (Credit: Finchatton)
Apartments at Twenty Grosvenor Square will have views of Grosvenor Square, the largest garden square in Mayfair district (Credit: Finchatton)
Last month, London-based luxury developer Finchatton held a series of “one-to-one meetings” with high-net-worth individuals in Singapore and Hong Kong, together with representatives from Savills and Knight Frank. The main reason was to introduce Twenty Grosvenor Square.
Finchatton is part of a consortium of international investors that purchased Twenty Grosvenor Square in May 2013 for a reported sum of £250 million. The 250,000 sq ft former US Naval Headquarters is located in the exclusive Mayfair district. Finchatton is also the development coordinator for the redevelopment of the project into 37 bespoke residences, comprising three-, four- and five-bedroom apartments, scheduled to be completed in mid-2018.
At Twenty Grosvenor Square, Finchatton also formed a partnership with Four Seasons Hotels and Resorts to operate the first stand-alone Four Seasons Private Residences. “A lot of wealthy, discerning people want a stand-alone residential building, as it’s more private and much more personal in terms of service offerings,” says Alex Michelin, director and co-founder of Finchatton. “That is what is really attractive to the global elite. By having a Four Seasons- operated residence, they can enjoy all the services without employing or managing their own staff on location.”
The residents will get to enjoy the services of a Four Seasons hotel or resort — from the concierge to room service, turndown service, nanny for the children or pet-sitter for the dog. “The residents can stay for a week, 10 days or a month, and will receive personalised service — they can request for the fridge to be stocked, their favourite tea and fresh flowers every day, housekeeping service three days a week or laundry service,” says Michelin.
Amenities within the luxury development include a private wine cellar, spa with a 25m swimming pool, treatment suite with steam room and sauna, state-of-the-art fitness centre, games room, cinema, business suite, garden room and private landscaped gardens.
Twenty Grosvenor Square was launched in London in September followed by Hong Kong and Singapore last month. So far, 18 of the 37 units have been sold. Prices started from £4,000 psf, but soared above £7,000 psf for the biggest penthouse of about 7,000 sq ft. Absolute prices start from £17.5 million for a three-bedroom residence and £35 million for a five-bedroom residence. All three penthouses have been taken up, with the biggest sold for over £50 million.
“It is one of the few newbuild projects in the Mayfair area in decades,” notes Ned Baring, London-based director of Savills Private Office, joint marketing agent with Knight Frank.
The Four Seasons Private Residences may be the first residential project by Four Seasons Hotels & Resorts that is not integrated with a hotel, but it will be the company’s third property in London, joining Four Seasons Hotel London on Park Lane and Four Seasons Hotel London on Ten Trinity Square, which also has 41 private residences.
Buying a piece of history
With its latest project, Finchatton is returning Grosvenor Square to its former glory. Originally developed in 1721, Grosvenor Square was once lined with mansions up until the 1890s to 1920s, when they were converted into apartment buildings. The tree-lined Grosvenor Square is the largest garden square in Mayfair and the second largest in London after Lincoln’s Inn Fields. Twenty Grosvenor Square is near Claridge’s and the Bond Street shopping area.
During World War II, Twenty Grosvenor Square was the home of the US Naval Forces and visitors included General Dwight D Eisenhower, who reportedly masterminded the victory of the Allied forces in 1944 from an office there. Given its historical significance, the façade of the building has been restored.
However, the rest of the building is essentially new and represents the “pinnacle of luxury”, according to Michelin. One of the most premium apartments in the building, dubbed “the Eisenhower apartment”, has yet to be sold, although it is not for lack of interest. “There are many people looking at it,” he says. “We have a Chinese buyer who is quite keen to purchase it.”
Global, boutique luxury developer
Finchatton was founded by Michelin and Andrew Dunn in 2001. Their first investment was a two-bedroom apartment in Mayfair, purchased for £900,000. They refurbished the property and sold it for £1.8 million. The luxury developer and design firm has a pipeline of projects worth £1 billion ($1.8 billion) in areas such as Knightsbridge, Belgravia and St George’s Hill.
It was recently involved in designing an 11,500 sq ft marina and ocean-facing apartment at The Albany resort in The Bahamas. Finchatton has also developed properties on both the east and west coasts of the US, south of France, Sweden, Italy and Switzerland. “We like to say we are the Patek Philippe of real estate — offering quality products catering to very discerning buyers,” says Michelin.
Twenty Grosvenor Square is scheduled to be completed in mid-2018 (Credit: Finchatton)
Michelin: A lot of wealthy, discerning people want a stand-alone residential building, as it’s more private and much more personal in terms of service offerings (Credit: Finchatton)
This article, written by Cecilia Chow, appeared in EdgeProp Pullout, Issue 805 (Nov 13, 2017).