The sought-after Marylebone Moxon Street car park site, W1, has finally been put up sale with scope for 46% more residential space than developers had initially bargained for.
Jones Lang LaSalle and Lambert Smith Hampton will this week bring the 0.83-acre site to the market. It has potential for a 190,000 sq ft residential-led scheme which could attract more than £2,000 per sq ft.
Offers in excess of £60m could be made for the Westminster City Council land, which the market had considered would initially be for a 130,000 sq ft, £100m development.
Currently used as a farmer’s market, the plot has been the subject of controversy since the Greater London Council bought it by threat of compulsory purchase powers from the Howard de Walden Estate in 1966.
It was transferred to Westminster City Council in 1990, and developers have continually questioned why it has not been used to its full potential.
One source said: “This will attract huge interest. It is basically a blank canvas which could be used to create developments that could rival nearby residential schemes.”
Howard de Walden Estate has made no secret that it would like to buy back the site, although strong competition is expected.
joanna.bourke@estatesgazette.com
