Great Portland joins forces with Hong Kong Monetary Authority

Kasmira Jefford
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GREAT Portland has joined forces with Hong Kong’s central bank to develop a scheme that will sit next to Crossrail’s new Bond Street Station.

The West End developer said yesterday it will sell properties that form part of Hanover Square in Mayfair to the joint venture fund, GHS Limited Partnership, for £202m.

The Hong Kong Monetary Authority (HKMA), which makes investments through a $378bn fund that backs Hong Kong’s currency, is the latest in a wave of Asian investors moving into the London property market due to its safe haven appeal.

Over £4.7bn worth of deals occurred during the third quarter of 2013, with 22 per cent (£1bn) coming from Asian investors.

Great Portland has planning consent to turn the 1.3 acre site into 208,000 square feet of offices, shops, restaurant and homes.

The site is part-owned by Crossrail and work on the scheme is due to start in 2015 once Crossrail has finished building part of the Crossrail station there.