CBRE ADVISES ON THE SALE OF KING’S GARDENS, KENSINGTON TO REAL ESTATE ENTREPRENEUR JOHNNY SANDELSON
Global real estate advisor, CBRE, has today announced the sale of King’s Gardens, Kensington to UK real estate entrepreneur Johnny Sandelson after a highly competitive bidding process. CBRE advised Jesuits in Britain on the sale.
Sandelson has bought the site unconditionally with the aim of securing planning permission for a mixed use development. This is the second site in the Royal Borough of Kensington and Chelsea that Sandelson has secured in the last 12 months. Planning was recently granted for a £200m development on Dovehouse Green, King’s Road for his later life company, Auriens.
The site, close to three acres in size, is hidden behind the doors of Heythrop College on Kensington Square and comprises six buildings and sizeable private gardens that offer major scope for development. Heythrop College has been on the square since 1993 and is used to educate those preparing for ordination for the priesthood.
After a competitive sales process, which saw many bids from a variety of parties, we are delighted to have sold King’s Gardens on behalf of Jesuits in Britain. This is a once in a lifetime opportunity to acquire such a significant land holding in one of London’s most sought after locations. The sale reinforces the vibrancy of the London market, the continued appetite for assets in the capital and the depth and breadth of opportunities available to investors.
Johnny Sandelson commented that whilst the opportunity is great, the plans are at an early stage. "We are presently reviewing the many options for this land. Fortunately the site has the benefit of guidance from the council’s planning authorities, and these will help shape and inform our ambitions."