Prime development site on Haverstock Hill bought for £17m

Posted by Knight Frank Newcastle on 30th September 2019 -

London, UK – Marcol, represented by Knight Frank’s Central London Land team, has sold a prime residential development opportunity between Primrose Hill and Belsize Park to Ocean Drive Group and Best Star Real Estate for £17,000,000

The Haverstock Hill site has been sold freehold with detailed planning permission for 77 residential apartments and three retail units. Located within walking distance of Primrose Hill, Belsize Park and Camden Town, the 0.52 acre (0.21 hectare) property offers a rare opportunity for new build development in this part of Central London.

The sale represents OD Group’s first London acquisition having built an extensive portfolio of hotels and residential developments across Spain, France and US. Best Star Real Estate is a London-based developer specialising in value-add strategies across the hospitality, residential, mixed-use and regeneration sectors.

Anthony Kazan, Residential Development partner at Knight Frank, said: “This sale demonstrates the continued appetite for development opportunities that we are witnessing across London, in spite of the wider economic and political uncertainty.”

The site is currently occupied by a large six-storey property, known as the Eton Garage, which was built in 1939 and is capable of accommodating up to 300 cars. The proposed residential-led development, designed by Piercy & Co, comprises three separate blocks rising up to seven storeys, overlooking a central landscaped courtyard, accessed from Adelaide Road.

“We are very excited with this acquisition," says Marc Rahola, CEO of OD Group. "London is one of the key cities to which we are looking to expand our business globally." This development is located adjacent to Round House music venue and Camden Market, one of the most visited tourist attractions in the UK, and therefore fits well with our investment criteria.”

Best Star Real Estate also find London to be an attractive location for development. 

George Adamopoulos, Partner at Best Star Real Estate, said: “This transaction demonstrates our capability to unlock complex development situations and our aim of delivering high quality real estate assets with iconic architecture in the most vibrant and trendy locations in central London.”

For further information, please contact our Land & Consultancy team.