Mumbai firm buys prime diplomatic property in UK

Mumbai-based Realty firm Lodha Developers have reportedly bought the iconic Macdonald House in central London, which currently houses the Canadian High Commission, for a whopping Rs 3200 crore.
In a move that could net the Canadian government more than 250 million pounds, estate agents Savills UK was instructed to sell the building at 1, Grosvenor Square back in September.
However, Lodha developers, Savills and the Canadian High Commission are yet to officially confirm the sale of the property. An official announcement is expected to be made tomorrow.
According to reports, the Indian firm has bought the 1.5 lakh square feet property for Rs 3200 crore.

In June last year, Lodha bought Washington House, a three-storey residential building at Altamount Road, a landmark property of the US consul general, for Rs 375 crore.
In August 2012, Lodha bought 17-acre land parcel in the Worli area of Mumbai from DLF for Rs 2,727 crore.

"The process of selling Macdonald House is ongoing," a Canadian High Commission spokesperson told PTI.
The sale of the seven-storey Macdonald House is aimed at helping to fund the transfer and re-development costs at Canada House on Trafalgar Square in London.
The value of the building, if converted to residential use, is estimated at over 450 million pounds.

"Savills is involved with the marketing of the site but we cannot confirm any reports of a sale at this time," a Savills UK spokesperson said.
London has been witnessing a massive property boom this year, largely triggered by cash-rich overseas investors keen on investing in the British capital.
Estate agent Wetherell recently claimed at least 20 of the 165 diplomatic missions in London have been sold or have explored a sale in the past six months after prices in up-market embassy areas rose by up to 60 per cent since 2007.
The Canadians are following in the footsteps of their American counterparts, who sold the US embassy on Grosvenor Square in 2008.