The fund is already the major investment partner with Unbranded, the specialist central London residential developer led by Ollie Holt, at 145 Kensington Church Street, an exciting 14,000 sq ft new build scheme consisting of 8,000 sq ft of residential space on the upper floors and 6,000 sq ft of offices on the lower floors. It has now teamed up with Unbranded on Hereford Square.
The Hereford Square development is a complete rebuild of three classic houses with contemporary interiors in this sought after South Kensington garden square. It was originally acquired by the fund with De Candole Residential as the development partner. Amounting to just over 12,000 square feet in all, the three houses will be available for sale at the end of this year.
Andrew De Candole explained that his company was seeking to raise additional equity for another development opportunity and that by stepping down from their position in this joint venture it enabled them to complete their fund raising.
Brian D'Arcy Clark, Head of Residential Acquisitions at Cordea Savills, commented:
“This exercise suits both parties. De Candole Residential have now raised the funds they sought and we have brought in a developer we are already working with, on a basis that is beneficial to the investors without incurring any delays. We are delighted to have Unbranded working with us on this scheme. We very much hope to work with de Candole Residential again in the future.”
He added, ”Whilst this first fund is now closed to further investment the second Prime London Residential Development Fund, is now in the process of evaluating three new projects which, if all are acquired, will lead to the creation of some 300,000 sq ft of residential space.”
Citigate Dewe Rogerson
Patrick Evans / Stephen Sheppard / James Madsen / Alice Stewart
Tel: +44 (0)20 7282 2966