St John’s Wood Barracks site for sale

KUALA LUMPUR: A 5.5-acre (2.2ha) residential tract in North London known as the St John’s Wood Barracks site is up for sale.

The site located in St John’s Wood is owned by private family trust the Eyre Estate and has been occupied as barracks since 1804.

The site was put up for sale on June 10 and has since attracted bids from several interested parties — some of them with international funding, said real estate consultancy Knight Frank representing the vendor.

“We expect offers in excess of £225 million or RM1.09 billion (the lowest asking price), as the site and the opportunity it presents for a buyer is unique,” said a spokesperson from Knight Frank.

The site has been granted planning permission for a total 133 homes — 74 homes comprising 310,000 sq ft of net saleable area with underground car parks and 59 affordable homes with 49,000 sq ft. These will include 12 apartment blocks, seven terraced town houses and eight semi-detached villas, the largest to contain almost 10,000 sq ft of space.

According to previous reports, the total sales value of the properties is projected to reach £1 billion.

The current occupiers, the Royal Artillery’s King’s Troop, will vacate by early 2012.

The permission granted allows existing buildings apart from the Grade II listed Riding School to be demolished, with the latter to be converted into a gym and swimming pool for residents of the redeveloped area.

Knight Frank residential development team head Ian Marris said the planning permission was “carefully considered to ensure the scheme can be implemented with only minor amendments”.

Touted as one of London’s “golden postcodes” by Knight Frank, St John’s Wood is surrounded by green lung Regent’s Park, “urban village” Primrose Hill and is a stone’s throw away from London’s West End retail areas. The closing date for bids is Sept 7.

This article appeared on the Property page, The Edge Financial Daily, June 24, 2011.

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