Caring has plenty on his plate at ZO Grosvenor Square

摘要

It is one of Mayfair's most sought-after properties: 20 Grosvenor Square, the 178,000 sq ft former US Navy headquarters, was the subject of an intense bidding war when it was put on the market in 2007. A consortium led by entrepreneur Richard Caring - the owner of the Ivy and Le Caprice restaurants -bought the property for around £250m in May that year, beating bids from 38 other parties, among them Grosvenor and Christian Candy's CPC Group. But plans to redevelop the building have never been realised. Property Week understands that, unless Caring is able to repay or buy the loan on the property now held by NAMA (Ireland's National Asset Management Agency) in the next few weeks, the Irish "bad bank" may begin proceedings to put it into receivership.