Development Securities this morning announced that it has agreed to purchase Newcombe House on Kensington Church Street in Notting Hill, W8.
DevSecs bought the 14-storey office and retail block in partnership with UK real estate fund Brockton Capital Fund II LP for £47.5m.
Under the terms of the partnership, Brockton will own 75% while DevSecs will own a 25% stake. Completion is due to take place on 23 June.
The partners are in the early stages of evaluating a strategy for the asset, with options ranging from a refurbishment of the existing office tower and asset management of the retail accommodation to a comprehensive mixed-use development.
james.buckley@estatesgazette.com
