Joint venture agrees £90m debt deal to develop Alpha Place
Native Land and Grosvenor have bought a residential-development site in Chelsea for £50m and announced the agreement of a £90m debt facility to finance the development of 100,000sq ft of homes.
The joint venture partners said 0.8 acre Alpha Place had been acquired from receivers Jon Gershinson and Simon Davidson of Allsop.
Native Land said construction was due to begin this summer and would result in 25 “prime lateral apartments for open market sale”, 13 affordable flats, a residents-only leisure facility, and an underground car park, with completion expected in spring 2014.
Chief executive Alasdair Nicholls said Chelsea was one of the most sought-after residential locations in the world and that Alpha Place would be “very much in keeping” with its strategy of meeting sustained demand for prime London property from international investors.
“Our ability to secure a significant bank facility from Barclays in a constrained lending market reflects not only our track record in delivering successful projects but also the enduring appeal of London as a prime development location,” he said.
Native Land added that the joint venture with Grosvenor had already made improvements to the earlier Alpha Place Developments scheme with the agreement of the Royal Borough of Kensington and Chelsea.