Development Securities PLC, the leading property development and investment company, today announces that it has agreed to purchase an office and retail block on Kensington Church Street in Notting Hill, in partnership with UK real estate fund Brockton Capital Fund II LP for the sum of £47.5m. 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.
The block, which totals approximately 1 acre, 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.
Source: Development Securities