Wainbridge Estates, the recently launched, super-prime residential development and investment arm of real estate investor, Wainbridge, has acquired a development site in Knightsbridge for £38 million (approx. 46 million), as its first UK acquisition.
Wainbridge Estates has acquired the site in partnership with Finchatton, the luxury developer behind some of the world's most exceptional homes, who will development manage the scheme.
The site, which is located on Yeoman's Row, off the Brompton Road in Knightsbridge, has planning permission for six luxury townhouses and five apartments offering a total net sellable area of 34,897 ft², with private south-west facing gardens and underground parking.
Wainbridge Estates and Finchatton are targeting an average sales value of over £3,500 per ft² for the completed properties. The Partners intend to revise the planning consent to further enhance the value of the site and completion is expected in 2015.
Rob Rackind, Principal and Co-Founder, Wainbridge Limited, commented: "Situated on a prime Knightsbridge pitch, Yeoman's Row is exactly the type of investment that Wainbridge Estates is targeting; it is a consented site in one of the most exclusive areas of London, which remains an extremely attractive destination to international buyers, and we believe offers significant potential to grow value.
"The super-prime London residential real estate market continues to benefit from its perception as a safe haven, as high net worth individuals internationally seek out secure investments in prime markets, and we expect this flight to quality assets to continue to support the market over the next few years.
"With our unique understanding of the high-end residential sector and the experience of our partners, Finchatton, I am confident that we will create a highly desirable product that will appeal to the luxury end of the market and generate good returns on behalf of our investors."
Alex Michelin, Founding Partner, Finchatton, added: "This is a site we have been looking at for some time. It is incredibly rare to find an opportunity of this size and scale for a new-build scheme of high-end residential houses in the heart of Knightsbridge. The houses will reflect Finchatton's impeccable standards and attention to detail. They will feature the very finest finishes, state of the art audio-visual systems and will be specified to the highest degree. This combined with outstanding interior design and this prestigious location will ensure that the houses are unrivalled in Knightsbridge."
The seller was advised by Savills. Wainbridge Estates and Finchatton were advised by Virtus Real Estate.
Finchatton is currently working on 28 projects in prime central London and abroad. October will see the completion of their six-unit Lansbury Scheme on Basil Street in Knightsbridge which has a waiting list of purchasers. Work has also commenced on the firm's Hans Place, SW1 scheme, a development of 12 apartments which will complete in 2015. This scheme will occupy an area of over 42,000 ft² and will include underground parking and private spa for residents.
Source: FTI Consulting