SIAHAF acquires majority of the retail property of QueenswayWednesday, January 8, 2014
“Queensway has been in decline since the 1960s but under our plan, we will return it to its Edwardian heyday with top quality retail and residential making it one of the capital’s most sought after areas.”
Johnny Sandelson, SIAHAF Co-Founder.
Following SIAHAF’S acquisition of Whiteley’s and the majority of Queensway, the street is set to be transformed its current run-down state into a sparkling new retail experience.
This recent purchase by SIAHAF has created an eight acre private estate which, when redeveloped, shall rival Marylebone High Street and Covent Garden as a popular retail destination.
The deal was carried out over an intense nine-month period and incorporated the purchase of some 500 individual titles. The centrepiece of the aquistion is the iconic Whiteley’s shopping centre, founded in 1911 Whiteley’s is London’s first department store and helped raise the reputation of Queensway as one of the great shopping thoroughfares of London. Meyer Bergman have acquired a controlling interest in Whiteley’s and working alongside SIAHAF shall restore Whiteley’s to its former glory.
In addition to Whiteleys, SIAHAF initiated the accumulation of the majority of Queensway. The street is considered at the hub of its surrounding area, as it links Wesbourne Grove with Bayswater Road and Hyde Park. In its acquisition, SIAHAF has also procured Queens Ice and Bowl, London’s oldest existing ice rink, as well as surrounding buildings and properties.
The development will take six to ten years and will involve close liaison with Westminster City Council who have already expressed support for the ambitious scheme, including the upgrading of the public roadway.
The scale of the acquisitions has taken the property industry by surprise with few believing it possible to create a substantial private estate behind closed doors.
One commentator described the move as “potentially the deal of the decade.”
Siahaf was assisted by Dixon Jones, Arhitects, Savills and twentyretail.