A joint venture between London residential developer Ridgeford Properties and Concord Pacific has been selected as the winning bidder for the highly sought-after Moxon Street car park, W1.
The jv has been picked by Westminster city council to buy the 0.83-acre Marylebone site.
The pair have proposed a £250m development, comprising homes – both private and affordable – restaurants, shops and leisure space. Space for the popular local farmers’ market will also be provided.
Ridgeford and Concord Pacific pipped the Howard de Walden Estate, CIT and St George to the site.
Councillor Jonathan Glanz, Westminster council’s cabinet member for housing, said: “This development will transform an underused car park into a flagship multi-use asset that fits the site’s location in the heart of Marylebone.”
The Westminster sale has been subject to long-standing controversy, most recently from the mayor of London Boris Johnson, who suggested it should be used for the proposed Marylebone Boys Free School .
Currently used as a farmers’ market, the plot was bought by the now-abolished Greater London Council by threat of compulsory purchase powers from the Howard de Walden Estate in 1966.
Christopher Murray, managing director of Ridgeford Developments, said: “We are delighted and proud to have secured preferred bidder status on Marylebone Square, undoubtedly one of the finest sites in London. The development of this site will enhance the fabric and character of a neighbourhood we call home.”
Jones Lang LaSalle and Lambert Smith Hampton were instructed to sell the Moxon Street land last November for circa £60m .
Tim Shaw, director at LSH, and James Thomas, director at JLL, who jointly led the sale process, said: “This was a highly competitive process with some of the biggest names in the development world competing for the opportunity. We are confident that we have found a developer with the right credentials to deliver a superb mixed-use residential scheme that will breathe life into this important part of the city and Marylebone.”
A spokesman for the Howard De Walden Estate said the company was “extremely disappointed not to have been selected as preferred bidder”. He added: “We are considering all our options.”
Subject to planning, work is expected begin on site in 2014.
joanna.bourke@estatesgazette.com
