Holland Park builders look forward to new cash injection as planning officers ponder application for luxury apartments on old school site.
Builders in Holland Park will be hoping to acquire a series of high-value contracts if the borough’s planning division gives the go-ahead for sixty-nine luxury apartments where an old school currently stands at Campden Hill.
The freehold site has been sold by the Borough of Kensington and Chelsea for £100 million to part-finance the building of a replacement school nearby, making this deal one of the most lucrative ever.
Holland Park builders are now jostling for position as the borough’s planners seem ready to give the luxury development the green light, having already granted permission for a smaller build at the same site.
The project would be due to get off the ground in 2013 and would be a joint venture between Native Land and Grosvenor; potentially providing a substantial cash injection to builders in the Holland Park area.
The proposed scheme would be the latest of a number of luxury residential joint ventures between Grosvenor and Native Land in central London; demonstrating the growing demand for premium accommodation in the capital.
Native Land chief executive Alasdair Nicholls said the project represented an “opportunity to create a world class, design-led, residential development of international standing that will appeal to both the local and international markets”.
Clinton Foakes, who runs a Holland Park builders firm trading under the same name said: “We are obviously delighted that there appears to be yet another new cash injection into our area which will result in more building contracts.
“As builders we are undoubtedly happy that Holland Park’s local planning policy appears to be behind exciting new luxury developments in this highly desirable area of West London.” He added.
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