Top-end developer Residence One has picked up an absolute snip on one of London’s finest garden squares.
The firm, run by brothers Ben and Nick Wilson, managed to bag a Grade II listed townhouse on the best side of Chester Square at £1,406 per square foot just before the General Election, the lowest price paid on the square in years and pretty much half the rate achieved by similar properties during 2013/2014.
What’s more, it came with an adjacent mews house and planning in place to transform the whole shebang into a 7,467 square foot super-home.
The team stumped up £10.5m – funded by Topland Group and The Bank of London and the Middle East – to buy the leasehold of No. 70 from Grosvenor Britain & Ireland, and has just appointed London Projects, owned by ex-Candy & Candy man Steve Howat, as main contractor.
The project will eventually deliver a “turn-key” luxury residence complete with leisure complex, five bedrooms, lift, staff quarters and some seriously grand entertaining space. The interiors are being put together by design studio Laura Hammett, which is co-owned by Residence One.
In the 24 months since founding the firm, the Wilson brothers have so far completed and sold projects on Wilton Street (£12.75m) and Eccleston Mews (£6.25m), the latter of which smashed the street price record by 270%.
Ben Wilson, Co-Founder and Director of Residence One: “70 Chester Square presented a rare opportunity to purchase a magnificent property on one of prime central London’s finest squares. The timing of this purchase, having exchanged just before the election, was particularly attractive as it enabled us to secure the property at a low price per square foot.
“We now plan to transform this grand building into a magnificent turn-key residence befitting of its position on one of the capital’s most prestigious addresses. This is in line with our strategy to expand our portfolio in prime central London whilst we seek opportunities to develop multi-unit luxury residential schemes.”
Read our interview with Ben & Nick Wilson here