Architectural company Boscolo is diversifying into developing its own luxury flats in the capital.
The firm has secured £20m of funding for Boscolo Developments, as part of a joint venture with TPS Property Group.
The jv is targeting sites in St John’s Wood, NW8; Hampstead, NW3; Marylebone, W1, and Knightsbridge, SW1 to develop as many as 15 luxury flats over the next three years.
Boscolo and TPS want to buy existing properties of around 3,000 sq ft off prices of £1,500 per sq ft and use its architectural and design skills to increase the values to upwards of £2,500 per sq ft.
Boscolo’s managing director, Ravi Lakhaney, said: “Having built a strong reputation in the private commissions sector, we are very pleased to have partnered with TPS Property Group on this new venture.
“Being fully cash funded, we are able to consider opportunities on their individual merit rather than any given pre-determined formula.”
TPS director Richard Manton added: “Teaming up with Boscolo over the next three years enables us to provide the very best properties on the market.
“Boscolo’s in-house team ?of architects, designers and project managers will enable us ?to turn projects around promptly.”
joanna.bourke@estatesgazette.com
