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07/05/2014

Westminster chooses Ridgeford Properties and Concord Pacific JV for £250m Marylebone development site.

Westminster Council has announced that it has selected Ridgeford and Concord Pacific in the highly competitive contest to acquire for development a prime 1 acre site in central Marylebone.

It is anticipated that the proposals for the site, just off Marylebone High Street, will provide high quality residential units both for private sale and affordable housing, as well as restaurant, retail, leisure and community uses. The scheme will also reprovide the popular local Farmer’s Market.

It is thought that, when developed, the site will have a gross development value in excess of £250 million.

The site was put on the market in November last year and 230 companies registered interest. Five were shortlisted to the second round and four went through to final bid stage before the council assessed applications to come to a final preferred bidder.

Cllr Jonathan Glanz, Westminster Council’s Cabinet Member for Housing said:

“This development will transform an under-used car park into a flagship multi-use asset that fits the site’s location in the heart of Marylebone, providing new homes, community and leisure space that will offer new facilities for those who live in the area.

“We are pleased to agree terms with Ridgeford and Concord Pacific and look forward to seeing the project come to fruition.”

The proposals will be the subject of a planning application, which will involve extensive public consultation. If successful, it is anticipated that work will begin on site in 2014.

Christopher Murray, Managing Director of Ridgeford Developments said:

"We are delighted and proud to have secured preferred bidder status on Marylebone Square, undoubtedly one of the finest sites in London. We look forward to working with the City of Westminster and the residents of Marylebone over the coming months and years. The development of this site will enhance the fabric and character of a neighborhood we call home."

Acting for Westminster Council on the deal were Lambert Smith Hampton and Jones Lang Lasalle.

Tim Shaw, Director at LSH, and James Thomas, Director at Jones Lang Lasalle who jointly led the sale process, said:

“This was a highly competitive process with some of the biggest names in the development world competing for the opportunity. We are confident that we have found a developer with the right credentials to deliver a superb mixed-use residential scheme that will breathe life into this important part of the City and Marylebone.”

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