Billionaire's London Mayfair homes project gets go-ahead

London

CROSSTREE Real Estate Partners, the property investor backed by Swiss billionaire Ernesto Bertarelli, won approval to develop homes and a hotel opposite the Ritz hotel in the Mayfair area of London.

The project, which will include 52 apartments, was approved late on Tuesday by the Westminster borough council. The biggest home will be 760 square metres, making it nine times the size of the average UK residence.