PrimeResi - 27th June 2016
PrimeResi - 10th Feburary 2016
PrimeResi - 19th May 2015
PrimeResi - 3rd July 2014
Prime Resi - 27th June 2016
Park Mansions – the significant redbrick block opposite One Hyde Park – is to get a very high-spec makeover this Summer.
Halkin Investments-backed LUTTI has won the project to redesign and reinstate the 14,000 square foot internal residential parts of the building – which was original put together in 1887–90 by Frederick Yeats Edwards of Hampstead and Robert Clarke Edwards, an architect then in practice in Norfolk Street, Strand – following a competitive tender process.
The block’s 92 residents apparently expressed an “overwhelming preference” for LUTTI’s ideas, which involve “making use of existing features whilst incorporating new materials and finishes to give the entirety of the block a fresh identity.”
Underneath the resi units, Park Mansions Arcade (latterly Knight’s Arcade) was closed in the early 1990s. The octagon and southern arm were incorporated into the Jaeger shop on Brompton Road and now more recently into Burberry’s flagship Knightsbridge store. The northern portion has been subsumed into the Buddha Bar restaurant on Knightsbridge.
Criterion Capital own the building’s freehold, and it’s managed by Parkgate Aspen. The refurb is expected to begin in summer 2017.
Kouros Golestaneh, Co-Founder of LUTTI:
"The scheme that has been designed sits well within the current market, and has been tailored to bring the communal areas of the building up-to-date, aligning them with other high- end period mansions blocks within the area.
“The journey through any communal areas leaves a lasting impact on a visitor’s perception of the building, making it a key component for any mansion block. The proposed works will indirectly add value to the site and will enhance the stature of an already reputable well-managed building, which is a requisite for many discerning buyers."
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Prime Resi - 10th Feburary 2016
Residential design / development firm Lutti has won planning permission for a mixed-use scheme with eight apartments on Great Portland Street, W1.
70-74 Great Portland Street will deliver a GIA of 13,000 square feet, with D1 use on the ground and lower ground floors and eight lateral residential apartments above. The three period terraced properties facing Great Portland Street will be retained, while the rear of the scheme being completely demolished and newly rebuilt. The development has a projected Gross Development Value of around £17m.
Lutti, which is backed by Halkin Investments and is “aggressively pursuing further value add projects across the capital”, has managed to convince Westminster Council to allow a 30% increase in square footage on the existing structure, gained by way of rear and subterranean extension and the introduction of new mansard roofs to numbers 70 and 74 Great Portland Street. Stanhope Gate Architects has designed the scheme, with Indigo Planning advising. Works are due to start on site in April, less than 12 months on from the original acquisition of the buildings in May last year.
Alireza Sagharchi, founder of Stanhope Gate Architecture:
“We are pleased that Stanhope gate’s particular expertise in design of high quality residential buildings and Architectural interventions in historic city centers has offered a successful design solution for the redevelopment of the Great Portland Street buildings”.
Tom Grogan, Co-Founder of Lutti:
“We are delighted to have achieved this very important consent for the redevelopment of our Great Portland Street Scheme and the outcome highlights our competency in delivering results. We have formed a successful relationship with both Stanhope Gate and Indigo Planning, who have ensured that our proposals for Great Portland Street have been designed sensitively, with a focus on high quality accommodation and longevity.”
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Prime Resi - 19th May 2015
Tom Grogan and Kouros Golestaneh’s resi design and development outfit LUTTI – which scored backing to the tune of £50m from Halkin Investments last year – has made a chunky acquisition on Great Portland Street, and recruited two new consiglieri types to its Advisory Board.
The firm has exchanged contracts on three terraced properties at 70-74 Great Portland Street, W1, on behalf of a Middle Eastern investor, advised by Coutts Private Bank. The idea – subject to all the planning necessaries – is to turn the parade into a high-spec mixed use scheme with luxury residential units on the upper floors and commercial on the ground and lower-ground. LUTTI expects that, once complete, the project will deliver a GDV of around the £14m mark.
This Great Portland deal comes shortly after the firm appointed two new members to join Halkin Investments’ CEO and Founder Bashir Ahmed on its Advisory Board. Alireza Sagharchi RIBA FRICS and Michael Chadburn MRICS will “aid with commercial strategy and international growth plans for LUTTI over the coming years,” says Grogan, working on both a strategic and an operational tip. Architect Sagharchi is the principal of Stanhope Gate Architecture and Urban
Design, a Fellow of The Royal Society of Arts, and the Chairman of the Traditional Architecture Group at the R.I.B.A.. He’s has been involved with some of London’s most jumbo residential projects – including Grade I and II listed buildings in Belgravia, Knightsbridge, Kensington and Chelsea, ranging from 6,000 to 35,000 sq ft – and has masterplanned a good number of significant private homes in the UK, Europe, North America and the Middle East.
Michael Chadburn is the head of real estate for Halkin Investments LLP and former director of central London acquisitions for ING Real Estate. He’s asset- and fund- managed over £750m of central London assets over the past ten years, and transacted on over £1bn of central London assets in this time. Recent highlights include acquiring £330m of West End and Mid-Town offices at 40 Portman Square and 65 Fleet Street on behalf of the Employees Provident Fund of Malaysia (EPF); disposing of a £175m City office at 1 Bunhill Row on behalf of the Canadian Pension Plan Investment Board and NNI; acquiring a £165m City office building, Thames Court, on behalf of Public Officials Benefit Association of Korea (POBA) and disposing of a £140m City office building, 25 Copthall Avenue, on behalf of Starwood and NNI.
Tom Grogan, co-founder of LUTTI:
“W1 still remains the most competitive micro market in Central London and we are delighted with the acquisition of 70-74 Great Portland Street.“The scheme provides some interesting redevelopment options and our professional team are best placed to extract maximum value from this opportunity.”
Kouros Golestaneh, co-founder of LUTTI: “Alireza affords the board with unmatched product and delivery knowledge. He will be instrumental with the development of some of our more exclusive projects.
“Michael will play a key part in our aggressive efforts to invest in new growth areas, and will aid in the development of our capital raising and investor relations programme over the next 24 months. The experience and involvement of both Alireza and Michael will be an invaluable asset to LUTTI as the business develops.”
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Prime Resi - 3rd July 2014
Christian and Nick Candy started Candy & Candy when they were 26 and 27; Finchatton’s Andrew Dunn and Alex Michelin did their first deal when they were 25 and 26. Now there’s a new pair of young developers being tipped for super-prime stardom – and they already have the financial backing to pull it off.
Tom Grogan and Kouros Golestaneh started LUTTI 12 months ago, aged 25 and 24, and have just partnered up with Mayfair based financial advisory firm Halkin Investments, which is run up by the former MD and Head of UK Private Banking of ING (later OCBC), and former Head of Private Clients at ABN AMRO Bank, Bashir Ahmad.
With Ahmad’s backing, Grogan and Golestaneh plan to plough £50m into prime resi projects in London’s Golden Postcodes over the next 12 months. They’ve already had some decent results: LUTTI’s latest project, a turnkey apartment on Rutland Gate in Knightsbridge, sold off market for what they claim was "a record breaking sale
price", while current projects include three lateral apartments in Mayfair and a 25,000 sq ft scheme on Marbella’s Golden Mile.
The firm’s primary principle is to “provide a cradle to grave service for investors and private clients creating fully bespoke turn-key design and development solutions internationally”.
Grogan has spent the last four years as an Investment Manager at James Caan’s Hamilton Bradshaw private equity group, working with co-founder and partner Faisal Butt on high-end property schemes, including leading the project team on the development of the former Panamanian Embassy and home of Dame Margot Fonteyn, Amberwood House on Thurloe Place in South Kensington. Golestaneh’s family, meanwhile, is “deep rooted in real estate,” having developed over five million square feet of resi and commercial property over the last 30 years.
Tom Grogan, Co Founder of LUTTI:
“The market at present for both investors and developers is extremely competitive, however great opportunities still exist – the demand for the right product in the right location will always be prevalent. Our partnership with both Bashir and Halkin is a long- term play and will provide us with access to the capital we need to scale our business.”
Kouros Golestaneh, Co Founder of LUTTI:
“Our brand, bespoke market-leading interior design, and quality of finish are instrumental factors in unlocking premium values for our clients in the ultra-prime segment of the market. It has been seen that many top-tier global cities are stretching their value capacity to the point that new developments must tick all the boxes to accommodate UHNW investor demands. The capital injection provided by Halkin allows us to take the business forward and generate higher-yielding returns for our investors.”
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