Peter Ferrari’s AshbyCapital has swooped on its first development deal, backing Exemplar Properties’ £100m redevelopment of One Bedford Avenue.
AshbyCapital to redevelop £100m Tottenham Court Road site.
AshbyCapital has acquired One Bedford Avenue by Tottenham Court Road for a £100m new mixed-use scheme.
The redevelopment will be carried out in partnership with Exemplar Properties.
The 115,000 sq ft development will deliver retail and office accommodation over basement, ground and seven upper floors. The London borough of Camden consented to the scheme at the end of 2013.
One Bedford Avenue is less than 100m from Tottenham Court Road station, at the heart of the general redevelopment of the east side of Oxford Street, with the area being informally anchored by a new Primark as a number of high-end developments get under way to spruce up the area.
AshbyCapital said the new scheme would be delivered in time for the completion of Crossrail. Work is due to start on site in the third quarter of this year, with completion due in early 2017.
Designed by Bennetts Associates, the building will offer approximately 13,918 sq ft gross internal area of retail accommodation, with full-height 4.8m shop fronts to Tottenham Court Road designed to satisfy the requirements of large retailers. The seven office floors will range in size from 11,722 sq ft at the lower levels, stepping back to 4,370 sq ft on the 7th floor.
Clive Bush, co-founding partner of Exemplar, said the building will be "one of the finest on Tottenham Court Road which is one of the best up-and-coming locations on the Crossrail route”.
The deal marks the first development for AshbyCapital. Former Heron International directory and property bigwig Peter Ferrari launched AshbyCapital, a new real estate investment fund investing in prime central London property, back in June last year, with £1.5bn to invest, backed by private investors. In September last year it purchased 200 Aldersgate from Helical Bar for £225m.
“We are delighted to have the opportunity to work with the expert team at Exemplar to develop this prime property. The area's rapid regeneration will ensure excellent growth prospects for this investment over the coming years.
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CBRE and Savills advised on the transaction.