Native Land has reported a resounding success at its new prime PRS scheme in Belgravia, hinting at a ramping up of its involvement in the sector.
Best-known for top-end projects including Burlington Gate, Cheyne Terrace and Holland Park Villas, the reworking of a former police housing building on Ebury Street has really shown off the developer’s range, delivering 49 two-bed units priced at between £650 and £795 per week – all of which have now been let.
The firm bought the 1950s Kilmuir House (right opposite Berkeley’s super-prime Ebury Square) off the Mayor’s Office for Policing and Crime for £45m last April, in a JV with Malaysian giant Amcorp.
Architecture practice LEEP subsequently came on board to redesign the 35,225 square foot, seven- and nine-storey block into a prime build-to-rent offering, and a top-to-toe refurbishment programme followed.
Marketed via Knight Frank, the finished article was being billed as a “more affordable way” to live in Belgravia, with balconies for all and tenant perks including a 24-concierge and parking options; the surrounding land and streetscape was also given a much-needed facelift.
A statement from Native Land said the project “marks [its] continued involvement in the sector and growing expertise in actively managing high-quality rental assets within central London”.
Alasdair Nicholls, Chief Executive, added: “PRS is a fast-evolving sector and as a developer we are pleased that this development with well-designed homes to rent, in one of the capital’s most central and vibrant areas, has been fully let in such a short space of time.”
Native Land and Amcorp are also working together on the aforementioned Holland Park Villas and Burlington Gate, with Kilmuir House marking their second PRS play to date (the first being 2012’s acquisition of 52 apartments at NEO Bankside as a rental investment).