UK property company Fenton Whelan is to develop a £500 million mixed-use project overlooking London’s Kensington Palace Gardens. The firm has placed a £100 million design-and-build contract with contractor Ant Yapi to deliver the scheme called Park Modern.
The construction contract is one of the largest awarded this year for a residential-led project in Central London, the developer said in a statement.
Park Modern is fully funded to completion through a senior construction funding facility. Cheyne Capital is long term sponsor of the project.
The project will comprise 190,000 sq ft (17,651 sq m) development providing 57 one-to-six bedroom luxury residences, as well as 30,000 sq ft (2,787 sq m) of commercial space. The development also includes valet parking, a resident’s lounge, a 25-metre pool, gym, spa, cinema, and treatment salon.
Fenton Whelan has already achieved forward sales for all of the first phase release of residences in the development at values of up to £4,600 per sq ft, which the firm said is a record for homes on the northern boundary of Hyde Park.
The development is also making more than £18 million in public contributions, notably committing £11 million to affordable housing. It is also contributing to the renovation of public facilities including improving pavements, street lighting and landscaping in the area, and replacing the gates into Kensington Gardens.
Sanjay Sharma, co-founder of Fenton Whelan said: “We anticipate that the return to normal next year will unlock significant pent up demand in the London market and we want to be ready to be able to launch phase 2 in a strong market.”