Westminster City Council has given approval – subject to a S106 agreement – to Northacre’s plans for the development of No.1 Palace Street, next to Buckingham Palace.
The developer promises that the massive 302,377 sq ft scheme will “set a new standard for ultra-prime residential developments in London,” retaining the existing Grade II listed facade, and incorporating all five of the buildings’ existing architectural styles. Completion is slated for the end of 2017.
Earlier plans, devised for Yitzhak Tshuva’s Delek Global Real Estate Development by PLP Architecture, for 78 luxury units were approved by Westminster in July 2013, but then Northacre invested £10m in the project in December 2013 – marking Niccoló Barattieri di San Pietro’s first major play as CEO – and was appointed development manager at the beginning of this year.
Northacre – responsible for the likes of Observatory Gardens, Earl’s Terrace, The Bromptons, Kings Chelsea, The Phillimores and The Lancasters – has taken the project and run with it, creating what is likely to become a serious landmark in London’s ultra-prime landscape. The developer’s in-house design team, N Studio, and architecture uber-practice Squire & Partners have been charged with making the most of the five building array.
Niccoló Barattieri di San Pietro, CEO of Northacre: “We are extremely excited to deliver a site that will set a new standard for ultra-prime residential developments in London. No. 1 Palace Street is an exceptional proposition, bridging the best of historic London and new, with outstanding architecture, high-ceilings and contemporary interior design that will tempt the most discerning of buyers.
“We are proud to have been awarded permission for this ambitious and complex scheme. We have spent the last year refining the concept and cannot wait to start work on this important chapter in Northacre’s history and the landscape of SW1.”