Major London site to be converted into 27 new homes
English Rose Estates Limited, a boutique London-focused property developer, is set to acquire and convert the upper floors of 151-161 High Street Kensington into 27 apartments of varying sizes over a total of 24,500 sq ft, after securing funding for the scheme.
The developer has completed a joint £26.9m debt facility with Investec Structured Property Finance and Capital A to support the residential redevelopment project on High Street Kensington. The proposed conversion has already received planning permission and is due to be completed in the spring of 2015. The redeveloped property has an estimated gross development value in the region of £50m.
Ben Fugler, director at English Rose Estates, says: "The purchase of 151-161 High Street Kensington is entirely consistent with our recent acquisition drive for prime central London real estate with residential development potential. Given its location, the asset has particularly wide ranging appeal across both international and UK markets.
"Our recent experience suggests that international appetite for this kind of product is, if anything, gaining pace. Applications for pre-sales have been coming in even before completion had taken place and we anticipate only a limited release of the remaining units in Singapore and Hong Kong during the final quarter of 2013."