Icelandic company buys in Belgravia

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Zegna III Holdings, an Icelandic offshore company, has bought a prime residential site in London’s Belgravia for £85m.

Zegna has bought 3-10 Grosvenor Crescent in an off-market deal from Blackstone, which acquired the site from Grosvenor and The British Red Cross in November 2005 for £30.5m.

In July 2006, with architect Paul Davis and Partners, Blackstone gained planning permission to convert the former townhouses used by The Red Cross as offices since World War II, back to their original residential use.

Zegna is expected to commence development in the next few months to deliver 14 luxury apartments totalling 66,000 sq ft with a completion date anticipated in 2009.

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