Developer takes 50% stake in £500m resi scheme
Birmingham’s SevenCapital has acquired a 50% stake in a landmark £500m prime scheme in Kensington.
The 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 development, 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 a 29-storey residential tower, which is set to become the tallest building in the Royal Borough of Kensington and Chelsea.
With a total of six residential blocks, the development will offer a mix of 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.
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.”
Savills and JLL respresented MARK in securing the Joint Venture.