Leading UK developer SevenCapital has acquired a 50% stake in a landmark £500 million prime 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 high quality new homes in this highly sought-after location, including 40% affordable housing.
Today’s announcement 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.
The new joint venture between MARK and SevenCapital will bring forward the £500m development in Kensington, with SevenCapital assuming responsibility for the delivery and sales of the scheme, with plans to launch it to market later this year. Work is due to start on site in the second half of 2022.
MARK, previously working with Londonewcastle, successfully secured planning consent in June 2020 for the scheme, working with numerous stakeholders and land interests.
At its centrepiece is an elegant 29-storey residential tower, which is set to become the tallest building in the Royal Borough of Kensington and Chelsea, offering panoramic views across and beyond the best areas of London.
With a total of six residential blocks, this exceptional development will offer a mix of spacious studios, one-, two- and three- bedroom apartments, with some featuring an open or enclosed balcony, along with a number of duplex apartments and three- and four- bedroom houses.
The development will feature attractive landscaped communal gardens, along with extensive facilities, including a state-of-the-art leisure centre and swimming pool. It also benefits from being in close proximity to some of the most desirable locations and amenities within West and Central London, being situated equidistant between Kensington High Street and Brompton Road, and offers unrivalled transport connections to Heathrow and all other areas of London.
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.
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.
“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.”
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.”
David Barnett, CEO and Co-Founder of Londonewcastle, said: “100 West Cromwell Road has been an incredibly exciting project for us and we are very proud of what we have achieved in collaboration with MARK and key stakeholders. It is a world-class residential development in the heart of the Royal Borough delivering the highest quality private and affordable housing. 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.”
Savills and JLL respresented MARK in securing the Joint Venture.