Jointly represented by Lambert Smith Hampton (LSH), Westminster City Council has selected London residential developer Ridgeford Properties and Canadian real estate firm Concord Pacific to purchase the highly sought-after 0.83 acre site.
£250m multi-use development
The proposed £250m multi-use development will include residential, retail, restaurant and leisure space, and will keep the popular local farmer’s market.
Westminster City Council anticipated widespread interest in the site given the recent resurgence of Marylebone High Street, which has gone from a retail backwater to one of London’s most popular shopping and dining streets in the space of two decades. The transformation of the street can be attributed to a careful strategy of building a mixed and attractive retail and restaurant offer, focused on quality independent retailers alongside selected flagships.
Transformation of the area
Cllr Jonathan Glanz, Westminster City Council’s Cabinet Member for Housing and Property, said: “This development will transform an under-used car park into a flagship multi-use asset that fits the site’s location in the heart of Marylebone, providing new homes, community and leisure space that will offer new facilities for those who live in the area.”
A highly competitive sales process
Tim Shaw, Strategic Consultancy (Public Sector) at LSH, 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.”