Developer considering refurbishment or comprehensive re-development of building
Property developer Development Securities is to acquire an office and retail block in London’s fashionable Kensington Church Street with a view to either carrying out a refurbishment or carrying out a mixed use development.
Development Securities is to purchase the block in Notting Hill, in partnership with UK real estate fund Brockton Capital Fund II LP for the sum of £47.5m.
The deal comprises Newcombe House, a 14-storey office building that includes surface parking for 55 cars, as well as 13 retail units.
The partners are in the early stages of evaluating a strategy for the asset with options ranging from a refurbishment of the existing office tower and asset management of the retail accommodation to a comprehensive mixed use development.
Under the terms of the partnership, Brockton will have a 75% ownership with Development Securities retaining a 25% stake. Completion is due to take place on 23rd June.