Russian buys £13 million Rolex store

A Russian investor has paid more than £13 million ($20 million) to buy the Rolex Retail Unit at One Hyde Park in London one of the world’s most expensive residential projects, developed by the billionaire property developers the Candy Brothers. 

One of the brothers, Nick Candy, was recently in Australia scouting out possible locations in Melbourne and Sydney for a luxury apartment development. 

The Rolex store, at 100 Knightsbridge, is located across the road from Mandarin Oriental Hotel and is one of three retail stores at One Hyde Park. The other two are home to the flagship dealership of sports car group McLaren and the Abu Dhabi Islamic Bank. 

It is leased by the luxury Swiss watch maker for a further 14.5 years at a rent of £400,000 per annum. 

The sale price reflects a net initial yield of 3%. 

It was bought by Grigory Guselnikov, a 35-year-old Russian investor, who added the retail site to his new property fund, Williston Properties Inc, which focuses on focuses on prime Central London assets.

Jonathan O’Regan from Savills, who advised developer Project Grande (Guernsey) Limited, says Asian investors are all acquiring Central London retail investments at present due to favourable exchange rates.

Savills was assisted by SJ Berwin, with Guselnikov was advised by Nightingale Partners and Gilchrist Solicitors.

“Asian investors already account for over 25% of residential sales at this world-famous location, and we anticipate further demand,” he says. 

One Hyde Park, which coast £1.1 billion to build, was developed by billionaire property developers the Candy Brothers in a joint venture with the Qatar government. 

The McLaren retail site at One Hyde Park will be listed for sale by Savills in September with offers sought in excess of £11.5 million. The sports car group recently signed a new 15 year lease. 

One Hyde Park is owned by Project Grande (Guernsey) Limited – a joint venture consortium between Guernsey-based development company CPC Group, run by Christian Candy, and Waterknights, owned by the Prime Minister of Qatar.

Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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