A prime site in EC1 has been acquired in a joint venture by Mount Anvil and Notting Hill Housing Group. They have completed on the purchase of the site in Seward Street which has planning consent for 161 high specification homes, 107 of which will be for private sale, 2,680 sq m of office and retail space plus 32 underground car parking spaces. This large-scale development has a gross development vaue of approx £60 million and will be delivered in 2013.
Seward Street occupies an outstanding position in the heart of the capital, just minutes from the financial heartland of the City and the buzzing West End. The development has excellent transport links, located between Old Street and Barbican underground stations and nearby Farringdon station. The site is next door to Mount Anvil's current flagship development, Central Square.
Killian Hurley, Mount Anvil chief executive said: "This joint venture purchase with Notting Hill Housing Group is in line with our increaseed strategic focus on the inner London Boroughs. We share similar values to our joint venture partner and are committed to creating high quality mixed tenure communities in the heart of the capital."
John Hughs of Notting Hill Housing Group said: "Notting Hill's financial strength has enabled us to leverage significantly more favourable financing for this high quality scheme. As an equity partner sharing the profits on the private sale with Mount Anvil, Notting Hill is demonstrating confidence as a cross tenure developer. This success enables us to plough profits into funding our affordable housing programme."