St Congar and Europa complete first deal with Windsor HQ
One of the two main principals at central London developer Property Merchant Group has left to set up his own company.
Miff Chichester, an equity partner and head of acquisitions at the developer, has launched St Congar Properties.
His new company, which is based in Marylebone Road, NW1, completed its first deal this week with the acquisition of InterContinental Hotels Group’s 50,000 sq ft headquarters in Windsor, Berkshire.
A joint venture between St Congar and equity house Europa Capital has paid £15m for the 4.5-acre site on Alma Road. It bought the building from the Crown Estate.
The jv plans a large mixed-use scheme when IHG relocates to Denholm, Buckinghamshire, in September. The site does not have planning consent, but has the capacity for more than 200,000 sq ft of offices and homes.
Chichester, who joined PMG from CB Hillier Parker in 2003, said he would continue working with the company on its projects, including Hermes’ 200,000 sq ft redevelopment at One Finsbury Circus, EC2.
“This was a natural career progression,” he said. “I’ve learnt a lot at PMG, but want to be in charge of my own company. And at 41, I either do it now or I don’t do it at all.”
PMG chief executive James Bowdidge, who founded PMG in 1993, will take a small stake in the Windsor project.
He said: “Miff and I have enjoyed a productive and rewarding relationship, but I understand his desire to strike out on his own.”
Lewis Ellis and Savills acted for St Congar/Europa Knight Frank advised the Crown.
