Marcus Cooper Group is exploring a potential sale of a £300m consented residential development overlooking Lord’s cricket ground, NW8.
The private investor has instructed Jones Lang LaSalle to examine a possible sale of the site at 36 St John’s Wood Road. It has already received offers ?in excess of £100m, but it is ?also considering bringing on a joint venture partner for the scheme, known as “Lords”.
The group wants to tap into the weight of money chasing residential development opportunities in the buoyant central London market. Some residential values in the area already exceed £3,000 per sq ft.
Marcus Cooper bought the site for £20m in 2006 and secured consent last year for 84 private flats and 47 shared-ownership homes. Some of the homes have views of the cricket ground, where a planning application is being progressed for the redevelopment of the Warner Stand.
Last year, Marcus Cooper sold its £500m Marco Polo House scheme, SW11, to Tony Pidgley’s Berkeley Group. The Scott Brownrigg-designed 600,000 sq ft scheme in the Nine Elms regeneration area has consent for 456 flats.
annabel.dixon@estatesgazette.com
