Orion Capital Managers - General - London, Glebe Place and Old Church Street
Date: 01 Aug 2011
Orion fund to develop the Glebe, a luxury residential scheme in Chelsea, London SW3
An Orion Capital Managers sponsored vehicle has bought a one acre freehold site in the heart of Chelsea in London for luxury residential development.
The site is located between 36A Glebe Place and Old Church Street. It is close to the King's Road and Sloane Square. There is planning consent in place for a scheme designed by Foster + Partners with six apartments, a duplex penthouse and two large detached villas.
The units will benefit from all modern facilities and services including a concierge, swimming pools, parking and leisure facilities. The total development value is £250.0 million and completion is expected in 2014.
The purchase is consistent with Orion's current strategy of developing high quality residential schemes in central London.
The vendors are Mainstride Limited and DMQ Chelsea Limited who bought the site in 2004. Planning consent was granted in 2009 and 2010.
Orion European Real Estate Fund III CV closed at the end of 2009 with total commitments, above target, of €1.28 billion (£1.15 billion).
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."
Luxury residential development in Chelsea