Native Land and Grosvenor, joint developers of the £550 million prime residential development at Campden Hill, London W8, have agreed to finance the project through the introduction of two new investment partners, Hotel Properties Limited (“HPL”) of Singapore and Amcorp Properties Berhad (Amcorp) of Malaysia.
Under the terms of the agreement, Native Land and Grosvenor will be committing further equity along with the new investors. Advanced discussions are in hand with a major bank for the provision of debt to part fund the development costs.
The joint developers will receive vacant possession of the former Holland Park School site in September 2013.The development, designed by John McAslan & Partners, is due to start on site in early 2014. Native Land are development managers for the project. It will provide 72 private apartments set amongst extensive, private landscaped gardens adjacent to Holland Park, all benefiting from large terraces or balconies.
As part of the scheme, 97 units of mixed-tenure affordable housing is also being developed on three sites across the Royal Borough of Kensington and Chelsea.
Alasdair Nicholls, Chief Executive of Native Land, said: “The Campden Hill financing is a further success for our strategy to deliver prime residential developments in London’s best locations in partnership with major international investors. Native Land has longstanding relationships with both HPL and Amcorp and is pleased to be able to introduce them as investment partners alongside Grosvenor and ourselves.”
Craig McWilliam, Executive Director of Development, Grosvenor’, said: “This is a great step forward and indication of the market’s confidence in the sector and this development. Grosvenor has worked successfully with both HPL and Amcorp in the past and their investment in Campden Hill will help ensure the delivery of an exceptional residential scheme.”
For more information contact:
Naomi Curtis/Sorrel Basher, Press Office
020 7312 6479/6101
Notes to Editors
Grosvenor Britain & Ireland aims to create value through our skills in placemaking anddesign, repositioning locations in ways that change customer perceptions and deliver results for our stakeholders. The core portfolio comprises 300 acres of Mayfair and Belgravia in London, which first came into the Grosvenor family in 1677. Ownership and active management of its London estate remains at the heart of Grosvenor Britain & Ireland’s strategy. Investment assets comprise the largest part of its portfolio. Grosvenor Britain & Ireland also undertakes development across London, and in selected city centres around the UK. As at 31 December 2012, Grosvenor Britain & Ireland had assets under management of £4.8bn.