UK developer SevenCapital has acquired a 50% stake in a £500 mln (€600 mln) residential scheme in Kensington, with pan-European real estate investment manager Mark holding the other 50%.
The project, located at 100 West Cromwell Road, will deliver 462 new homes including 40% affordable housing. SevenCapital has assumed responsibility for the delivery and sales of the scheme, which is expected to launch to market later this year.
Said Angus Michie, managing director at SevenCapital: '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.
'We look forward to working with Mark and local stakeholders to bring this development to life and deliver a full tenure of fantastic new homes to buyers and future residents of the Royal Borough.'
Work starts on site in the second half of 2022, after planning consent was secured in June 2020.
The development comprises a 29-storey residential tower plus five other residential blocks. The units will include a mix of studios, apartmments, dupluxes and houses. Its facilities include a leisure centre and swimming pool.
The deal marks 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, including affordable housing and student accommodation.
Meanwhile, 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, and 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, added: '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.'
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Savills and JLL respresented Mark in securing the joint venture.
