Nama-owned US navy HQ on market
The former headquarters of the United States navy in Britain in leafy Grosvenor Square in London – bought with a £240 million loan from Irish Nationwide five years ago – is to be sold in the new year, in one of London’s biggest property deals.
The building is owned by reputed billionaire Richard Caring’s GSL Limited. He had hoped to refinance the Nationwide loan – now held by the National Asset Management Agency, but it refused to accept part payment of the loan.
The prestigious Mayfair building, which served as General Dwight D Eisenhower’s headquarters during the second World War, has had planning permission for the last three years to be converted into 40 luxury apartments.
Last night, GSL said it was “an appropriate time” to put the building on the market.
Estate agents CBRE and Knight Frank have been instructed to sell the 178,000sq ft building, with some putting the price at £250 million. So far, it is not yet clear how much Nama will be repaid, though the agency is still refusing to accept a discount on the loan approved by Nationwide’s then chief executive, Michael Fingleton.
Talks between Mr Caring and Nama have gone on since 2009.