A 1970s building adjacent to the entrance to Kensington High Street tube station is close to being sold for £200m, it is reported.
The property at the corner of 127 Kensington High Street and 15 Wrights Lane is known locally as the Boots Building after the retailer of the same name.
The Evening Standard says that the buyer is Ashby Capital, an ambitious development company whose CEO is Peter Ferrari. Ferrari’s former roles include Managing Director at Heron International and Director at London & Edinburgh Trust.
The current owners Columbia Threadneedle Investments obtained planning permission from the Royal Borough of Kensington & Chelsea for extensive redevelopment of the site back in 2017 – after several years of discussions over different proposals including residential uses.
The latest plans include additional retail units with leisure use and offices above. They also provide for a more direct entrance to the tube station via Kensington Arcade than the current layout permits.
Given their existing portfolio it is likely that the new prospective owners are purchasing with a view to progressing these plans.
Sites at London’s busiest rail and tube stations have been high on investors’ hit lists for a year or two now with schemes underway or planned for Paddington and Waterloo to name just two. It seems even in the digital age investors still see immense value in bricks and mortar sites which attract ultra high traffic levels.
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