Property investment advisory company AshbyCapital has purchased 127 Kensington High Street and Kensington Arcade from Columbia Threadneedle Investments on behalf of its group investment company.
Financial details were not disclosed.
127 Kensington High Street is a freehold development site located between Holland Park and Kensington Gardens. The planned scheme will comprise 117,507 ft2 of office and retail space when complete in 2021. The ground floor retail area and basement has been pre-let to Boots.
Kensington Arcade comprises 16 retail units and three small office spaces, multi-let to 12 tenants. It forms the entrance to High Street Kensington Underground station, which has annual footfall of around 12 million people.
'Development opportunities in prime areas such as Kensington are exceptionally rare,' said Peter Ferrari, chief executive of AshbyCapital.
'This investment offers a combination of convenience retail and first-rate office space in an established and well-connected location. 127 Kensington High Street will be a truly special business address; the upper three floors in particular have some of London’s largest terraces, with a total area of more than four tennis courts and impressive views,' Ferrari added. 'We expect it to become even more desirable when the Elizabeth Line launches next year.'
Janson Capital will act as the development manager; Montagu Evans and Cushman & Wakefield have been appointed as office agents; and Nashbond and Savills are agents for the retail space.