Topland Group and Urban Exposure have bought a prime 3.4-acre site, known as Dawn Hill, on the Wentworth Estate in Surrey.
The site has consent for a 25,000 sq ft mansion providing 11 bedrooms, three reception rooms, gym, swimming pool, spa, cinema room, lift, garaging for four cars and staff accommodation.
The jv plans to develop the site and bring the house to market within two years at a price in excess of £30m.
Topland director Tom Betts said: “This acquisition is an exciting addition to Topland’s already significant interests in the residential space. It also highlights Topland’s appetite to transact across the different mediums – direct investment, lending and in this case well-structured joint ventures”.
Randeesh Sandhu, managing director of Urban Exposure, added: “We are excited to be developing this prestigious site with Topland, which adds to our portfolio of super-prime developments. We have the ability to fund or acquire a wide range of projects from super prime houses to multi-unit projects – and in all aspects of the capital stack from senior and stretched senior debt, mezzanine finance, and as in this case, direct acquisition in conjunction with our jv partner.”
samantha.mcclary@estatesgazette.com
