Prime Chelsea site in receivership seeks Arabian buyer

A prestigious prime Central London residential site in receivership has been placed on the market, and its agents contacted ArabianMoney.Net looking for a buyer. In the heart of Chelsea, the cleared site is being offered with planning consent to develop a luxury residential scheme.

This is considered to be one of the most important residential development sites to become available in the prime Central London market in recent years. Agents say a high level of Arabian interest in the scheme is anticipated as a rare opportunity to acquire a site of this size in the Chelsea area.

Rare opportunity

Offered for sale by Allsop LLP and Beauchamp Estates, the rectangular 0.316 hectare (0.783 acre) site has been granted planning consent to create 25 luxury apartments for private residential use and 13 affordable homes (with an option outlined within the planning permission for off site delivery of 26 units) as well as underground car parking, landscaping and an ancillary health suite.

Chelsea has property prices amongst some of the highest in the UK. National statistics data reveals that the Royal Borough of Kensington and Chelsea have the largest number of high-earners (16.6%) of any local authority in the country.

Arab owners

Arab buyers are already a major force in Central London and this has supported prices in this location during the UK property slump. But the outlook for UK property is not generally good and whether Central London will continue to avoid this downturn depends on the health of global financial and commodity markets.

The sale process is being handled on the instructions of Jon Gershinson and Simon Davidson of Allsop LLP as joint fixed charge receivers.