The Whiteley is, without doubt, the pinnacle of my career,’ says Valouran founder and CEO Alex Michelin. ‘I mean, how could it not be?’
The latest chapter of The Whiteley’s history began in 2013 when the building was acquired by MARK Capital Management. It was MARK’s founder Marcus Meijer’s vision to transform it into the extraordinarily ambitious mixed-use development it has become.
Michelin and fellow Valouran founder Matt Robertson were brought in as a partner in 2018 to help secure planning permission and manage the staggeringly complex build and construction process.
Related
‘This project has been blood, sweat and tears,’ says Michelin of the 1.1 million sq ft scheme, which comprises 139 apartments, a 109-key Six Senses hotel, 19 retail boutiques, a cinema and a gym and, in all, has a gross development value of £1.5 billion. Even getting permission to demolish much of the listed structure (the façade and certain other features have been preserved) was ‘a momentous challenge’.
Funding was another obstacle. Some came in the form of an £850 million development loan from private credit giant Apollo. Then came the building contract – ‘too big for any single contractor in the entire United Kingdom, probably globally, to take on’, says Michelin. The work had to be parcelled up and divided among different contractors.
Each of these things was ‘a battle’, Michelin says. ‘But you just had to knock them down.’ ‘We have a thing in our business at Valouran that tenacity is something we really value, and you mustn’t ever take “no” for an answer. You just have to keep going in development because there’s always these challenges.’
Content from our partners
The two founders have 45 years of property development experience between them, Robertson notes, but they are also supported by a team who ‘eat, breathe and sleep the work’.
‘Everything we do at Valouran is rooted in a culture of excellence,’ adds Michelin. ‘So we ask ourselves, “Is this an excellent way to do that?” If it’s not, we don’t do it that way. That’s a cornerstone of our business.’
The company is working on more than £4 billion of development across London, including The Broadway, a £1 billion project close to St James’s Park; a 36-unit development on Bishops Avenue in Hampstead; and 60 Curzon Street in Mayfair.
The focus of Valouran now is ‘to become the institutional grade residential developer in London,’ says Michelin. ‘So, if you have a big residential project which is very complex, you go to Valouran – we’d be the first person you call.
[This feature first appeared in Spear’s Magazine issue 98. Click here to subscribe]
