Salboy has announced plans for its first housing development in London, a scheme with 35 apartments in Kensington and Chelsea with a GDV of £ 40 million.
The site, currently occupied by a two-story office building and surface parking within a private gated mews, was brought to market by Knight Frank on behalf of the owner, Buckthorn Ltd.
James Wallis, partner at Aben Capital, advised Salboy on the acquisition.
Salboy’s construction partner, Domis, is starting work on the site of Cluny Mews this month, with the first homes scheduled to be completed by the end of 2023.
Simon Ismail, co-founder and CEO of Salboy, said: “We see London as an important part of our future strategy and this site fits perfectly with our criteria of consenting planning luxury accommodation with a prestigious address and access to great transport and local facilities.
“We want to repeat the efficiency and quality of our Manchester projects in London and bring the same level of careful and considerate construction to Cluny Mews.
“We would like to thank Knight Frank and Aben Capital for their efforts and professionalism in completing this transaction.”
Anthony Kazan, partner in the Knight Frank housing estate team, commented: “This was a rare opportunity to acquire a vacancy within an ambitious 25-acre regeneration area that has already attracted millions of pounds of investment.
“This is a great acquisition for Salboy’s expansion into London.”