SevenCapital has acquired a 50% stake in the 100 West Cromwell Road development, which will deliver 462 high-quality new homes.
The new 50/50 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.
Angus Michie, managing director at SevenCapital commented: “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, said: “As with most major global cities, there is a 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, added: “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.