A preferred bidder from 230 original expressions of interest for the highly sought after Moxon Street car park site, W1, will be selected this summer.
Westminster city council’s confirmation of a time-frame for the sale of 0.83-acre site, means that for the first time since the now-abolished Greater London council controversially bought the site 47 years ago, the Marylebone land could finally be used for a £100m residential-led development.
The five-strong shortlist – CIT, Delancey, Howard de Walden, Ridgeford and St George – will be cut to three by the end of April.
Successful parties will then put together a pre-application submission for a circa 190,000 sq ft scheme.
The land was put up for sale last November via Jones Lang LaSalle and Lambert Smith Hampton for around £60m.
It attracted a flurry of bidders looking to capitalise on the booming Marylebone residential market, where the best locations in the sub-market are achieving £2,000 per sq ft.
Currently used as a farmers’ market, the plot has been the subject of controversy since it was bought by threat of compulsory purchase powers from the Howard de Walden Estate in 1966.
Councillor Jonathan Glanz, cabinet member for housing and property, said: “We think that the sensible redevelopment of this site could help to lift property prices in the area.”
Tim Shaw, director, LSH, added: “We have established a short list, each of whom have a wealth of expertise and experience to deliver a superb new destination in London’s West End.”
joanna.bourke@estatesgazette.com
