Advised by H2SO
, Scottish Widows Investment Partnership
(now part of Aberdeen Asset Management) has sold a prime development site in London's Marylebone
to specialist luxury homes developer
, the RoyaltonGroup
, for £75m
Formerly the home of BBC London
at 35 Marylebone High Street W1
, the 56,624 sq ft
property has planning consent for a redevelopment comprising 19 apartments
and five townhouses
The Marylebone Gardens development
will be the second major project in central London for the Royalton Group
which has an established track record of creating luxurious homes in prime locations in the south east of England through its Royalton and Art Estates
Royalton Group CEO, Ken Parker
commented: "In 2013, Marylebone emerged as the top-performing central London residential location with house prices rising by 17.4%
during the year. This was testament to the current huge demand for high quality residential in the area.
"Marylebone Gardens is unique, situated in the heart of one the most desirable areas in central London. We are going to create a new landmark address which will bear the hallmarks of Royalton's commitment to quality and detail."
, Fund Manager
commented: "Marylebone Gardens is a perfect example of our strategy to buy opportunistically and demonstrates that through taking considered risk, we deliver outstanding performance for our investors.
"With Welbeck Land as our Development Manager, our design team has worked extremely hard over the last two years to produce a world-class scheme. It is marvellous for Marylebone that this building will be transformed by development of the highest quality."
SWIP was advised on both the original purchase and sale of the property by H2SO.