Paddington site sells for £121 million.
Meritas buys North Wharf Gardens.
PRESS RELEASE
London, 19th October 2011
Hyde Park Agencies are pleased to announce the acquisition of the development site known as North Wharf Gardens on behalf of their clients Meritas. The vendor was Westminster City Council.
The acquisition of this central London development site was carried out as part of Meritas’s long term strategic acquisitions program for the development of a mixed property portfolio.
Contracts were exchanged on Friday 14th October 2011.
Meritas representative says “This is an excellent site with a substantial opportunity to enhance the fabric and make up of the area. I hope we will bring forward exciting, noteworthy and innovative ideas that will be both pleasing for the local community as well as the whole of London.”
Hyde Park Agencies director, Sotiris Poulengeris adds “This acquisition was made possible by the hard work and dedication of both teams and represents the culmination of that work. It is a very pleasing outcome.”
The consideration was £121,000,000 (US$191,000,000).
This is one of the largest development site in prime central London (3.6 acres, 1.5 hectares). Planning for 710,000 sq ft of mixed residential (434 flats) and approx.140,000 sq ft of offices and ancillary space is in place subject to the s.106 agreement.
The architects were Farrells. Planning consultants were Daniel Watney (John Richards)
Meritas was supported by Hyde Park Agencies, Zog Group (John West) by Baker Almond (Leslie Baker).
Legal assistance was provided by Trowers & Hamlins (Peter Ward, Sangita Unadkat , Adrian Leavy and Christopher Proudley).
Westminster City Council was represented by Danielle Torpey, Alastair Rudd and Richard Platt.
They were supported by Knight Frank (Justin Gaze and Jack Smales)
Legal assistance was provided by CMS Cameron McKenna (Sarah Allonby)
Sotiris Poulengeris is available for an interview.
Please contact him on 020 7229 4995 or sotiris@hydeparkagencies.com
http://www.northwharfgardens.com/
http://www.westminster.gov.uk/
http://www.hydeparkagencies.com/