Proposals to convert the St John’s Wood Barracks into a £1.5bn luxury homes scheme have been resurrected nearly three years after the site was bought by a Malaysian billionaire.
Squire and Partners-designed plans to demolish the existing barracks at Ordnance Hill, NW8, and replace them with 163 flats have been submitted to Westminster city council.
The 5.5-acre site was at the centre of a competitive bidding war in 2011, and sold to Asian business tycoon Ananda Krishnan’s Usaha Tegas Group for £250m. It was bought from the Eyre family with consent for a 133-home John McAslan-designed scheme. Krishnan tore up the plans and appointed Squire and Partners to draw up a new scheme that increased the number of flats.
A team that includes Minerva’s ex-chief Salmaan Hasan was also drafted in to advise.
Dubbed St John’s Wood Square, the latest plans aim to create one of the most lucrative residential developments in central London.
One residential agent said: “The owner wants to make this one of the most exemplary schemes in London. The priority was to make the development phenomenal and it has taken time to work up.”
According to Cowell Group, prime values in the area are over £2,000 per sq ft for super-prime projects.
It is one of a trio of former London barracks being lined up for luxury flats. In May Qatari Diar won permission for the first, 74-flat phase of its £3bn redevelopment of Chelsea Barracks, SW1, while international parties are battling to buy Hyde Park Barracks for more than £650m.
DP9 is advising on planning.
joanna.bourke@estatesgazette.com
