Sunley and Beaubridge have completed on their debut JV project in Richmond and swiftly secured a new venture up in Primrose Hill.
The firms recently teamed up to transform the old Richmond Police Station into a 27-unit mixed-use scheme with a GDV of £16m, and all the elements have now been spoken for. A Far Eastern syndicate snapped up all 19 of the private apartments, while the eight affordable homes were sold off to Richmond Housing Partnership. The buyer of the commercial space is planning on leasing it to popular pizza restaurant chain Franca Manca.
Next up for the team is an interesting-sounding project up in Primrose Hill, involving the redevelopment of three separate properties on swanky Elsworthy Road. The £22m scheme will see Nos. 15, 18 and 20, known collectively as “The Elsworthys”, transformed into state-of-the-art family homes.
In a neat turn of events, Sunley found the old Richmond Police Station and brought Beaubridge in, while Beaubridge found the Elsworthy Road opp and brought Sunley in.
Beaubridge director Jonathan Seal said he’s noticed an improvement in the luxury sector in recent months, but, like many others, has concerns over some segments of the market: “Once we started to go down the Brexit route, a lot of international buyers started to come back into the market to try and do some deals. But there is a definite concern that I would have in the bigger apartment developments, particularly on regenerations sites, a lot of them still look pretty expensive.”