Canadian diplomatic mansion in London sold for £305 million ($500 million) by Mumbai-headquartered real estate developer Lodha Group, founded by billionaire Mangal Prabhat Lodh. The Canadian Government hired real estate company Savills to sell seven-storey Canadian High Commission in Grosvenor Square, known as Macdonald House, since it plans to consolidate all diplomatic activities in another official Canadian property on Trafalgar Square, with the intention to save money.
According to Lodha Group, the 150,000-square-foot Macdonald House in the posh Mayfair area of London will be converted into luxury residences for the super-rich.
“We will create a world-class development, which befits the status of the address,” said Abhishek Lodha, managing director of Lodha Group.
In December last year, the Lodha group bought the US Consulate’s Washington House property in Mumbai for $54 million.
The Lodha group is building what it claims is the world’s tallest purely residential tower in Mumbai, called “World One“, set to be completed in 2014.