Seward Street Developments, a joint venture between Mount Anvil and Notting Hill Housing Group, has exchanged contracts with property company London & Stamford on the long leasehold interest for 107 private residential apartments and 31 car parking spaces on Seward Street, Islington for just under £50 million.
Mount Anvil and Notting Hill Housing Group completed on the purchase of the prime EC1 site in October 2010 which has planning consent for 161 high specification homes - 107 for private sale and 54 affordable homes - 2,680 sq m of office and retail space, plus 31 underground car parking spaces. This large-scale development will be completed in February 2013.
Killian Hurley, Chief Executive of Mount Anvil said: "At Mount Anvil, we have a strategic focus on the inner London boroughs and are committed to creating high quality mixed-tenure communities in the heart of the City. London & Stamford share this vision and have taken this opportunity to buy the high quality private residential element of Seward Street in order to grow and strengthen their rental portfolio in the capital."
The site is next to Mount Anvil's current flagship development Central Square, a stylish mixed tenure scheme of 274 high specification apartments, 4,500 sq m of commercial space and communal landscaped gardens.