G.C. Campden Hill LLP, a 50/50 joint venture partnership between Native Land and Grosvenor, has confirmed that it has acquired a prime two-acre residential development site overlooking Holland Park from the Royal Borough of Kensington and Chelsea.
The partnership has agreed a price of just over £100m, representing around £650 per square foot for the 157,000 sq ft development consented on site.
Commentators believe that the purchase, due to complete later this month, is one of the most significant land deals in prime London residential development in the last twelve months.
The site currently forms part of Holland Park School. The Council will be using the sale proceeds to help finance the development of a new state-of-the-art school on a separate site to the north, designed by leading architects Aedas, which will open in 2012.
Planning consent has already been granted for a 157,000 sqft net development comprising 72 private luxury residential apartments, 78 car parking spaces and a resident’s only leisure facility. The Council has undertaken to provide 83 affordable housing units off-site, elsewhere in the borough.
G.C. Campden Hill intends to work up an enhanced scheme design and submit a planning application in the autumn of 2010. It has appointed architects John McAslan + Partners to lead the design process.
Their brief is to draw up a world class residential development scheme focusing on the quality of external materials, landscaping, scale and layout of apartments, security and resident only amenities.
The Council, who are taking a leaseback, will hand the site over to the developer by September 2013 following final completion of the new school in May 2013.
Alasdair Nicholls, Chief Executive, Native Land added
“This is truly a unique, ‘trophy’ site. Having an existing planning permission in place, with a deferred vacant possession date, affords us the opportunity to use our skills and understanding of the market to refine a design that will ultimately enable the delivery of a world class apartment development in this prime part of Kensington.”
“Our acquisition of the Campden Hill site further enhances Native Land’s credentials as one of the leading residential developers in the prime London market.”
Knight Frank acted for the Royal Borough of Kensington and Chelsea.