Residential Land in Property Week: Resi Land unveils plans for £500m spend

March 7th, 2017
Residential Land
  

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Residential Land has put a £40m development in Chelsea on the market and revealed plans to spend £500m in prime central London this year.

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Knight Frank and Savills have been appointed to find buyers for Peony Court, a gated development of seven townhouses and 12 apartments covering 18,065 sq ft, which are fully let with an annual rental value of £1.34m.

The £40m asking price reflects a yield of 3.35%.

The scheme also contains a 1,136 sq ft retail unit, let to the Little Black Gallery, which is owned by celebrity Tamara Beckwith.

Planning permission has been granted for an 840 sq ft penthouse apartment at the site on Park Walk, which runs between Fulham Road and King’s Road.

Bruce Ritchie, chief executive of Residential Land, said: “Prime central London has an undeniable elegance and with the pound deflated against the dollar, Peony Court offers a profitable and unique investment opportunity.

“We invested £500m in central London residential in 2016 and we are looking to spend a similar amount this year, predominantly in new-build stock.”

 

Read the article here on the Property Week website.