Developer considering refurbishment or comprehensive re-development of building
Property developer Development Securities is to acquire an office and retail block in London鈥檚 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 拢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.
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