Real estate investment management firm MARK has partnered with UK property developer SevenCapital to develop a £500m (€582m) residential project in London.
SevenCapital said it has bought a 50% stake in the 100 West Cromwell Road project in Kensington, with MARK holding the other 50%.
MARK, previously working with Londonewcastle, secured planning consent in June 2020 for the scheme, working with numerous stakeholders and land interests.
The project, expected to begin in the second half of 2022, will deliver 462 new homes.
The deal is the second central London acquisition by SevenCapital in the past seven months, with the company having previously acquired Islington’s Archway Campus for the provision of new homes.
Angus Michie, managing director at SevenCapital said: “This is a superb opportunity within one of the most desirable areas in central London which we are thrilled to have secured.
“Despite the uncertainty brought upon central London during the midst of the pandemic, central London has fast returned to favour during 2021.”
100 West Cromwell Road is the latest residential development to be brought forward in MARK’s UK portfolio. The company is currently redeveloping the former Whiteleys department store into a £1bn luxury residential-led mixed-use project alongside its joint venture partners.
MARK recently acquired its first build-to-rent site, having previously created Meyer Homes, a build-to-sell residential platform which acquired 13 sites around Greater London.
James Moody, managing director at MARK, said: “As with most major global cities, there is huge underlying demand for high quality housing of all tenures in London and the blend of affordable and market-sale homes being delivered at 100 West Cromwell Road will make a meaningful contribution to local housing supply.
“In SevenCapital we have an excellent joint venture partner to help us deliver what will be a landmark scheme and positive addition to the London skyline, with Kensington and Chelsea’s tallest building sitting as the centrepiece.”
David Barnett, CEO and co-founder of Londonewcastle, said: “We are delighted to be handing over to the newly formed joint venture and look forward to seeing it come to life in the built environment, establishing what will undoubtedly be one of the borough’s most significant and sought-after developments.”
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