London’s historic Great Scotland Yard is set to be transformed into a luxury hotel following a £110 million deal between Indian billionaire Yusuffali Kader and property developer Galliard Group.
The Grade II listed building is undergoing a £50 million refurbishment to provide 92,000 sq ft of luxury bedrooms, two bars, a library and several high class dining rooms. When completed it will be operated by the Steigenberger Hotel Group, and it is reported that the most exclusive suite could cost up to £10,000 per night – making it one of the priciest hotel rooms in London.
Managing director of Galliard Construction Don O’Sullivan believes that the redevelopment of the property will ensure a level of quality that justifies the hefty price tags attached to the rooms.
He says; “All that has been retained of the grand original Edwardian Great Scotland Yard building are the outer facades.
“The entire insides of the building have been ripped out, and Galliard Homes has dug down two levels underground to create a vast basement complex under the building.
“The building is also being extended to the rear and increased by several floors – this is a huge redevelopment project.”
Galliard Group initially purchased the 125 year lease for Great Scotland Yard in December 2013 and almost immediately entered talks with Malmaison Hotel Group regarding a potential sale. However, just last month the brand was offloaded by owner KSL Capital Partners to Singaporean property group Frasers Hospitality for £363 million, meaning that the deal fell through and another buyer for the historic property had to be sought.
The hotel will be owned by Kader’s Lulu Group International, which is based in Abu Dhabi and owns a range of commercial assets ranging from food processing plants to supermarket chains.
Its sale is the latest in a series of deals concerning some of London’s most historic properties, with similar examples of large scale developments including the regeneration of the Admiralty Arch, which is on course to become another luxury hotel.
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