Cordea Savills has changed partners on its residential block development at Hereford Square in South Kensington.
Cordea Savills’ Prime London Residential Development Fund I was originally in partnership with De Candole Residential on the 12,000 sq ft, three-house scheme.
De Candole has been replaced by Unbranded after Andrew De Candole pulled out, citing the desire to raise equity on another development and saying that by pulling out this allowed De Candole to complete its fund raising.
Brian D’Arcy Clark, head of residential acquisitions at Cordea Savills, said: “This exercise suits both parties. De Candole Residential has now raised the funds it sought and we have brought in a developer we are already working with, on a basis that is beneficial to the investors without incurring any delays.”
This is the second time that Cordea Savills has worked with Unbranded. Previously they worked together on the development of a 14,000 sq ft office and residential development at 145 Kensington Church Street, W8.
Cordea Savills’ said that they were currently evaluating three new projects for the second Prime London Residential Development Fund that could lead to the creation of 300,000 sq ft of residential space.
