Orion Capital Managers has bought a 1-acre freehold site in Chelsea, SW3, for a luxury residential development.
The site at 36A Glebe Place and Old Church Street has planning consent for a £250m Foster + Partners-designed scheme, comprising six flats, a duplex penthouse and two large detached villas.
Completion of the scheme is scheduled for 2014.
Orion said that the purchase was consistent with its strategy of developing high quality residential schemes in central London.
Aref Lahham, director of Orion Capital Managers, said: “We are excited about having acquired one of the best residential sites in London. The scheme will be outstanding in terms of its location and quality.”
The block was sold by Mainstride Limited and DMQ Chelsea Limited, a vehicle run by Derek Quinlan, which bought the site in 2004.
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