Us navy hq sets sail

Plans led by Richard Caring to redevelop the US Navy headquarters in London's Grosvenor Square were given the go ahead last night by Westminster City Council...

The billionaire entrepreneur Richard Caring, who bought the building in 2007 for £250 million, is spearheading plans to redevelop the building into 41 luxury flats - without any affordable housing.

As part of its planning consent, instead, the group must pay a £4.5 million contribution to the council's affordable housing fund to make up for the lack of provision in the scheme.

Valuers had already warned that the scheme would only be economically viable if the amount of affordable housing was cut to 12 per cent, down from the 30 per cent required by Westminster Council.

The council's planning committee approved the scheme last night, subject to the legal agreement.

Source: www.propertyweek.com