A sale of one of London’s prime residential development opportunities, Hyde Park Barracks, SW1, is unlikely before 2020, according to the Ministry of Defence.
The six-acre site is one of the MoD’s most valuable assets, and could be converted into a residential development valued at £2bn. Market sources estimated the land value at £500m to £600m.
The MoD, advised by GVA, has come up with four options for the site:
λ no change: the MoD would continue to use all existing sites; λ consolidation of the Hyde Park site: the barracks would be rebuilt on the western half of the current site, with the eastern half to be sold for development;
λ A total move from Hyde Park site: the House Cavalry Mounted Regiment would move into the nearby Wellington Barracks, freeing up the entire Hyde Park site for redevelopment;
λ relocation to non-MoD site: the MoD has not yet been able to identify any sites that fall into this category and are suitable.
Barney Hillsdon, senior director at GVA, said any possible deal could be structured as a single contract with a partner or consortium to develop out and re-provide for the horses, or as separate contracts for development and re-provision.
An MOD spokesperson said: “We’re looking for views on how to ensure that the Defence Estate in London meets the needs of our Armed Forces while delivering best value for money for the taxpayer, and this webinar is part of that process.
“This work is at an early stage and no decision has been taken to dispose of any site other than those announced in November.”
