THE DUKE of Westminster plans to invest €200 million in 'the most patriotic' Madrid suburb to turn it into an exclusive des-res area.
Hugh Grosvenor, 26, who became Duke in August 2016 upon the death of his father Gerald Cavendish Grosvenor, is said to be attracted by the traditional community of the borough of Chamberí, which is made up of six neighbourhoods - Gaztambide, Arapiles, Trafalgar, Almagro, Ríos Rosas, and Vallehermoso - and which is home to around 150,000 people.
Godfather of Prince George - son of the Duke and Duchess of Cambridge, Prince William and Princess Catherine - Hugh inherited his father's company, Grosvenor Group Limited, which was founded in London in 1677.
Concerning Madrid, its philosophy is one of 'exclusivity' and 'community life' rather than 'trumped-up fake luxury'.
The Duke became owner of 0.22% of the UK's land when he inherited his title, in Cheshire, Oxfordshire, Scotland, Liverpool, and the up-market London boroughs of Belgravia and Mayfair, among others.
He also owns The Westminster Nanpeidai in Shibuya, Tokyo; the Skärholmen Centrum in Stockholm; several condominiums in Alberta, Canada; and in Silicon Valley in California, USA.
His land alone is worth €8 billion, and his share capital €15bn.
The son of Natasha Ayesha Phillips - a descendant of King George II - has three developments under construction in the Chamberí area - the exclusive General Arrando, the Modesto Lafuente 26, and García de Paredes 4.
Studio flats in these developments start at €425,000 and the apartments in Arrando, the most expensive, start at €1.6m, with the remainder in region of €1m.
Once completed, it is thought the borough of Chamberí, described as 'Madrid's most patriotic suburb', could start to rival the central Salamanca district in the capital - a politicians' belt just behind the Retiro Park where, among other household names, disgraced former PP treasurer Luis Bárcenas lives.
