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Dubai firm raises £82 million to turn former Chelsea police station into luxury flats

·1-min read
How the redeveloped Chelsea police station will look (Plomp/GII)
How the redeveloped Chelsea police station will look (Plomp/GII)

A Dubai investment company is spending £82 million to turn the former Chelsea police station into luxury flats.

UAE-based Gulf Islamic Investments (GII) Group has secured funding for the redevelopment of 2 Lucan Place, which was sold by the Met for £40 million in 2015.

Chelsea police station, tucked behind Sloane Avenue, was the branch where actor Sir John Gielgud was charged with “importuning” in 1953 after making a pass at an undercover policeman. First opened in 1939, the station’s front desk shut in 2013. It was sold as part of a money raising drive in response to austerity.

GII plans to transform the seven-storey building into 31 luxury flats and two commercial spaces. It will feature a private gym, concierge and valet parking.

The former Chelsea police station as it looks now (Alex Lentati)
The former Chelsea police station as it looks now (Alex Lentati)

Pankaj Gupta, GII’s co-CEO, said: “We see a promising future for London’s prime property market. We expect the easing of international travel restrictions and pent-up demand from affluent foreign buyers to drive significant growth.”

GII manages $3 billion on behalf of clients including wealth individuals, banks and sovereign wealth funds.

Mohammed Al Hassan, co-CEO of GII said: “This latest development is a key milestone for us in the growth of our UK business.”

Funding for the redevelopment was led by London Wall Lending in partnership with Précis Capital Partners.

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