Delancey has begun searching for partners on a pair of residential-led mixed-use development opportunities in London with a gross development value in excess of £800m.
Minerva, owned by Delancey and Ares, has appointed Savills and Knight Frank to find a partner for the redevelopment of the Art Deco Odeon cinema at 257-265 Kensington High Street, W8.
The firm secured planning consent earlier this month for a 62-home scheme that includes a cinema, ground-floor shops and 7,500 sq ft of office space.
The development includes 34 private flats, eight private town houses and 20 on-site affordable homes for the elderly.
The project, which will be built behind a retained façade, has a gross development value in excess of £300m.
Delancey has also been searching for a partner on a £500m mixed-use development behind the Globe Theatre on London’s South Bank. Jamie Ritblat’s property company has appointed JLL and Savills to market a stake in 185 Park Street, SE1, a residential-led scheme comprised of three towers.
The Squire & Partners- designed plans secured a resolution to grant consent from Southwark council in July, subject to mayoral sign-off and a section 106 agreement.
It includes 163 private homes across two towers and 60,000 sq ft of offices in a separate building. A £30m contribution has been agreed for off-site affordable housing.
The buildings will rise to 19, 14 and nine storeys respectively, offering views of Tate Modern and the River Thames.
The site is valued at more than £150m.
Delancey is expected to retain responsibility for the development of the scheme while bringing in a partner to focus on the residential element.
Residential values in the area now exceed £2,000 per sq ft, having seen substantial growth as a result of major new schemes such as Neo Bankside as well as cultural and infrastructure amenities including the Millennium Bridge and Tate Modern.
The area is expected to continue to outperform the wider prime London market thanks to upcoming developments such as Meyer Bergman’s transformation of Vinopolis into a luxury retail arcade and the extension of Tate Modern.
