The FINANCIAL -- Knight
Frank today launches to market the St John’s Wood Barracks site, in
North London, which represents one of the last remaining prime central
London residential development opportunities of any scale.
Offers in excess of £225 million will be considered.
The site, currently owned by private family trust the Eyre Estate, has been occupied as a Barracks since 1804. The present occupiers, Royal Artillery’s Kings Troop, will vacate by early 2012 as part of a planned move to a new facility in Woolwich. Prior to becoming a Barracks the land formed part of a farmed estate.
The 5.5 acre (2.2 hectare) site is located in prime St John’s Wood which is characterised by low-rise, high-quality villa housing. The area has excellent shopping facilities and amenities, benefiting from the close proximity of Regent’s Park, Primrose Hill and London’s West End shopping area. St John’s Wood is regarded as a prestigious address and one of London’s “golden postcodes” – it has been the best-performing area monitored by Knight Frank’s Prime Central London Index (which tracks resale properties) over the past 12 months.
Planning permission has been granted for 133 properties in total: 74 private residential units comprising approximately 310,000 sq ft of net saleable area with underground car parking, and 59 affordable units (49,000 sq ft). The accommodation will include a mix of houses and flats, with the largest semi-detached villa extending to close to 10,000 sq ft. The planning permission provides for the existing buildings to be demolished, apart from the Grade II listed Riding School which will be retained and converted into a gym and swimming pool for the use of the residents of the scheme.
Ian Marris, Partner (Head of Residential Development), at Knight Frank, the vendors agent, commented:
“The release of St John’s Wood Barracks has been much awaited as the market recognises this site as one of the most important prime development opportunities to have been made available for years. The planning permission has been carefully considered to ensure the scheme can be implemented with only minor amendments. This development will redefine the St John’s Wood market and will allow the completed accommodation to compete, from a quality and price perspective, with the very best London has to offer”.
When completed, the development will be one of London’s most exclusive addresses drawing on both the high quality of the flats and houses as well as the location itself. The scheme has been planned to offer the highest quality of accommodation and draws on the very best aspects of modern living and marries them with the convenience of residing within a secure landscaped environment.