{"id":1004088166,"date":"2013-12-10T07:58:47","date_gmt":"2013-12-10T15:58:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004088166"},"modified":"2020-05-20T23:53:49","modified_gmt":"2020-05-21T07:53:49","slug":"canada-sells-diplomatic-building-in-london-to-indian-developer-for-500m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/canada-sells-diplomatic-building-in-london-to-indian-developer-for-500m\/","title":{"rendered":"Canada Sells Diplomatic Building in London to Indian Developer for $500M"},"content":{"rendered":"<p><i>By Adriana Pop, Associate Editor<\/i><\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/The-Macdonald-House-in-London.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004088168\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/canada-sells-diplomatic-building-in-london-to-indian-developer-for-500m\/the-macdonald-house-in-london\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/The-Macdonald-House-in-London.jpg\" data-orig-size=\"689,450\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"The Macdonald House in London\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/The-Macdonald-House-in-London.jpg?w=689\" class=\"alignleft size-medium wp-image-1004088168\" alt=\"The Macdonald House in London\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/The-Macdonald-House-in-London.jpg\" width=\"300\" height=\"195\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/The-Macdonald-House-in-London.jpg 689w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2013\/12\/The-Macdonald-House-in-London.jpg?resize=300,196 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>The Canadian government has sold the iconic Macdonald House in central London to Lodha Group, one of India&#8217;s largest real estate developers. The Mumbai-based company has acquired the 130,000-square-foot property for more than 3,000 crore rupees (the equivalent of more than $500 million).<\/p>\n<p>Located in the city\u2019s posh Mayfair area, at 1 Grosvenor Square, one of the most prestigious addresses in the world, the seven-story building has been home to Canada\u2019s High Commissioners to Britain for more than 50 years. The mansion was built before the Second World War, and originally served as the U. S. Embassy. Canada purchased the property in 1959 and named it after the country\u2019s first Prime Minister, Sir John A. Macdonald.<\/p>\n<p>According to <a href=\"https:\/\/www.theglobeandmail.com\/news\/national\/canada-sells-high-commission-building-in-london\/article15654917\/?cmpid=rss1&amp;utm_source=feedburner&amp;utm_medium=feed&amp;utm_campaign=Feed%3A+TheGlobeAndMail-Front+%28The+Globe+and+Mail+-+Latest+News%29\" rel=\"nofollow\"><i>The Globe and Mail<\/i><\/a>, Savills Plc. brokered the sale of the building, which attracted more than 20 potential buyers.<\/p>\n<p>\u201cThis is not a typical property. It\u2019s a large redevelopment opportunity in one of the best garden squares, in one of the best locations, in probably the most sought after city on the planet. They don\u2019t come along very often,\u201d Simon Stone, director of national development at Savills Plc., told the newspaper.<\/p>\n<p>The transaction marks Lodha\u2019s first investment outside of India. The company now plans to redevelop the structure into luxury condominiums.<\/p>\n<p>&#8220;The acquisition of this marquee asset overlooking London&#8217;s most renowned garden square, in the heart of Mayfair, and in close proximity to Bond Street and Mount Street is a great opportunity for our company,&#8221; said Abhishek Lodha, managing Director of Lodha Group.<\/p>\n<p>In February, the Canadian government announced its intention to sell the Macdonald House and consolidate its diplomatic activity in Britain at the historic Canada House in London\u2019s Trafalgar Square.<\/p>\n<p>\u201cThere was exceptional interest from international parties for the property on Grosvenor Square,\u201d High Commissioner Gordon Campbell said in a statement. \u201cWe are looking forward to the move to Canada House on Trafalgar Square, Canada\u2019s traditional home in the United Kingdom, in the next year. We thank Lodha Group for their keen interest and welcome this new phase in the project.\u201d<\/p>\n<p>The Canadian government followed in the footsteps of its American counterpart, who sold the U.S. embassy in London\u2019s Grosvenor Square in 2008.<\/p>\n<p>According to Diplomat Magazine, 20 embassies or diplomacy-related buildings in London have been sold in the past six months or are being considered for sale, as a result of the rising prices of prime residential real estate in the city\u2019s West End.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Canadian government has sold the iconic Macdonald House in central London to Lodha Group, one of India&#8217;s largest real estate developers, for $500M.<\/p>\n","protected":false},"author":260,"featured_media":1004088168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[16,21783,21742,21747],"tags":[],"class_list":["post-1004088166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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