Richard Caring, the billionaire entrepreneur, has emerged as the buyer of the former US Navy headquarters in London’s Grosvenor Square

Caring and his undisclosed business partner, thought not to be his close friend Sir Phillip Green, has paid around £250m for the site next to the US embassy in Grosvenor Square.

In what is understood to be his first residential venture, Caring plans to develop luxury flats on the 100,000 sq ft site.

He told Property Week: ‘This is a blue-chip site. I believe that [Grosvenor] Square is probably the finest residential address in London, going forward.’

Caring owns the exclusive Wentworth golf club in Surrey and The Ivy restaurant in the West End.

He beat competition from 38 parties, including Grosvenor and Candy & Candy.

Cushman & Wakefield advised the US State Department.