Developer Fenton Whelan has now secured finance for its Park Modern scheme on Bayswater Road, with the backing of Cheyne Capital.
Fenton Whelan has managed the construction site during demolition and groundworks and Ant Yapi will complete the development.
Park Modern is a 190,000 sqft development providing 57 apartments varying in size up to six bedrooms, as well as 30,000 sqft of commercial space. Gross development value is put at £500m.
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, a record price for homes on the northern boundary of Hyde Park.
Sanjay Sharma, co-founder of Fenton Whelan, said: “In late 2019 we did a teaser marketing and sales campaign for Park Modern and as a result of this pre-sold the first phase of apartments at values up to £4,600 per sq ft, a price record for homes on the Northern boundary of Hyde Park. Then, due to Brexit and the Covid-19 pandemic we decided to pause sales, incrementally progress construction and monitor the prevailing economic conditions. With the announcement of a vaccine and the return of confidence that by the spring we will see the start of a return to normality, we made the decision to award in a single stage a £100m construction contract to Ant Yapi, the largest construction deal for a resi-led scheme awarded in London’s West End this year. 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 two in a strong market.”
His business partner, James Van Den Heule, added: “Ant Yapi has the global skill-set and expertise to deliver the world class quality and fine attention to detail that the project requires. Ant Yapi has delivered projects in Belgravia and Marylebone and have been the main contractor on the Aman Hotel New York, the Zaha Hadid Capital Hill Villa and the Moscow City Federation Towers.”
Ant Yapi (UK) Limited was formed in 2015 and is a wholly owned subsidiary of Ant Yapi Sanayi ve Ticaret AS.