Russian billionaire Sergey Polonskiy’s Mirax Group has made its UK debut at a luxury central London residential scheme.
Mirax is investing £10m in Cornwall Terrace, the former home of British Land near Regents Park, which is owned by Marcus Cooper Group and Oakmayne Properties.
British Land sold the property to the joint venture for £50m in 2006.
After combining it with neighbouring buildings, the partners won planning consent for a residential conversion. Work has begun on eight homes, due for completion in 2009.
Knight Frank reports values for residential property aimed at rich overseas investors of up to £4,000/sq ft. The agent is marketing the 86,120 sq ft scheme at £3,500/sq ft, valuing it at more than £300m.
Mirax has Europe’s tallest building, the 506 metre ‘Federation’ building in Moscow, in its European portfolio. Maxim Temnikov, director at Mirax, said: ‘This is our trial step in London. We do not exclude ourselves from the possibility of other development projects.’
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