A Hong Kong based developer has emerged as the buyer of one of central London’s biggest residential development opportunities. The developer, thought to be New World, is understood to have paid Prudential more than £100m for a 0.7ha tranche of its Knightsbridge Green site.
The land involved in the deal borders Knightsbridge in the north and Raphael Street in the south and overlooks Hyde Park. Planning consent already exists for 56,000m2 of residential development. The scheme comprises 159 flats and six town houses, 215 underground parking spaces and a health club with swimming pool for the exclusive use of residents.
Sammy Lee, project director for the developer, said: “We are naturally delighted with the purchase of this premier London residential development opportunity and are very excited at future prospects.”
New World is also developing the former Pearl Assurance HQ on High Holborn as the Chancery Court Hotel.
FPD Savills and Jones Lang LaSalle advised Prudential. City law firm Withers advised the purchaser.
