the kensington
the kensington
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the kensington
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the kensington
INTRODUCTION The Kensington is a residential-led mixed use development site in one of London’s most exclusive and valuable residential areas, situated directly opposite Holland Park. Benefiting from detailed planning consent, The Kensington represents a rare opportunity for developers and investors to deliver a landmark scheme with critical mass and identity. Very few such consents remain available in RBKC today. Delancey and Ares are inviting proposals for the freehold interest in the property.
CGI of the front facade of the consented scheme
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the kensington
CONTENTS
05
13
22
07
14
36
08
15
38
11
20
39
12
21
E X EC U TIVE S U M M ARY
L OND ON A GL OB AL CITY
K ENS INGT ON AR EA
S C H EM E S U M M ARY
S C H EM E OV ERV IEW
ACCOMMODATION S CHEDULE
RESIDENTIAL ACCOMMODATION
PR OPOSED RESIDENTIAL SPEC
CINEMA & COMMER CIAL
F LO O R PLA NS
D E VE LO PME N T TEAM
PR O F E S S IO N A L TEAM
CO N TA CT
TECHNICAL OVERVIEW
CGI of a southfacing penthouse roof terrace
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the kensington
EXECUTIVE SUMMARY The Kensington is a 1.26 acre site in the Royal Borough of Kensington and Chelsea with a rare and valuable planning permission for a residential-led mixed use scheme. When completed, The Kensington will provide over 122,646 sq ft (11,397 sq m) NSA of luxury residential accommodation, comprising 35 apartments, 8 houses and 37 underground parking spaces. The development will also include two high quality cinema offerings, ancillary retail and office accommodation, along with 20 affordable housing apartments for the over 55s, located on adjacent self-contained sites. The site is offered freehold with vacant possession.
CGI of residential entrance lobby
the kensington Aerial view of London at dusk looking west across Tower Bridge
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the kensington
LONDON – THE WORLD’S LEADING GLOBAL CITY London is the global city of choice for investment, business, education and residential lifestyles.
1 st
10 YEARS
40%
London ranked top global city 2017 [1]
of London is occupied by parks and gardens making London the greenest capital city in the world
London forecast to remain Europe’s largest economy for the next ten years [2]
250+
London is home to over 250 foreign banks with more American banks than New York
£12bn
80
4x
TOP
Nationalities bought residential property in London in 2017 alone[3]
London’s technology sector attracts four times more venture capital than Paris [4]
London's annual revenue from tourism 19 million visitors in 2017 make it the most visited city in the world
500
London has more universities in the world’s top 500 than any other city in the world
1. MORI Global Power City Index, Knight Frank City Wealth Index, ZYen Global Financial Centres Index. 2. Savills Global Flagship Publication. 3. Knight Frank and Savills. 4. Pitchbook.
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the kensington
A404
T H E R OYA L B O R O U G H OF KENSINGTON AND CHELSEA
PADDINGTON LADBROKE GROVE
TOTTENHAM COURT ROAD
EAST ACTON
Marble Arch
A40
SHEPHERD’S BUSH
PICCADILLY CIRCUS
HOLLAND PARK
GREEN PARK
KENSINGTON
GOLDHAWK ROAD
Olympia London
The Albert Memorial
RAVENSCOURT PARK
Buckingham Palace
A4
Science Museum
V&A Museum
Harrod’s
A4
SOUTH KENSINGTON
Luxury retail
EARL’S COURT
F
WEST KENSINGTON
H UL
A
M
RO
A
WESTMINSTER
Big Ben
KNIGHTSBRIDGE
Design Museum
EDWARDES SQUARE
ST JAMES’ PARK
HYDE PARK CORNER
HIGH STREET KENSINGTON
KENSINGTON OLYMPIA
EMBANKMENT
GREEN PARK
Campden Hill Tennis Club
TURNHAM GREEN
World-renowned cultural attractions, including the Royal Albert Hall, the Natural History Museum and the Victoria & Albert Museum lie within 2 kilometres of the site.
Bond Street
MAYFAIR
Kensington Palace
WESTMINSTER T
The cultural identity of Kensington has been enhanced further by the recent opening of the STAMFORD BROOK Design Museum, opposite the site.
HYDE PARK
HOLLAND PARK
REE NE ST
PARK
Berkeley Square
WOOD LANE
Kensington is renowned for its exceptional garden squares and parks. The Kensington enjoys easy access to two principal parks; Holland Park lies Heathrow immediately opposite the scheme and Kensington international airport Gardens just 450 metres to the east of the scheme. The area benefits from an eclectic range of cafés, restaurants and shops – both global brand outlets and local independent businesses. RAVENSCOURT
BAYSWATER
R OA D AT E R B AY S W
NOTTING HILL GATE
WHITE CITY
MARBLE ARCH
BELGRAVIA
Houses of Parliament
VICTORIA
SLOA
WHITE CITY Kensington is one of the five globally recognised luxury residential districts of London – alongside Chelsea, Knightsbridge, Belgravia and Mayfair.
NOTTING HILL
OXFORD CIRCUS
BOND STREET
D
SLOANE SQUARE
CHELSEA
Ki
ng
o sR
ad
Tate Britain
Saatchi Gallery
PIMLICO
NINE ELMS
BATTERSEA PARK
FULHAM BROADWAY
ER
DSW
TT BA SE A BR
Gatwick international airport
WA N
RIVERSIDE
Battersea Power Station
ORT
Chelsea FC
HR D
FULHAM
RIVER THAMES
20 A33
IDG O ER AD
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THE CITY
WESTMINSTER R E G E N T ' S PA R K
MARYLEBONE
M AY FA I R
B E L G R AV I A H Y D E PA R K
KNIGHTSBRIDGE
PA D D I N GT O N
NOTTING HILL
KENSINGTON
H O L L A N D PA R K
the kensington
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SCHEME SUMMARY The proposed development will comprise the following: PRIVATE RESIDENTIAL
RETAIL
35 apartments and 8 houses accessed from Kensington High Street with a combined NSA of 122,646 sq ft (11,397 sq m).
An A3 retail unit of 2,691 sq ft (250 sq m) fronting Kensington High Street.
Exclusive spa, pool and leisure facilities for residents. 37 secure underground residential parking spaces. CINEMA Two separate cinemas offering a total of 7 screens and 875 seats with a combined area of 47,868 sq ft (4,447 sq m) NIA: ——
——
CGI of a penthouse double-height living room
The Screening Rooms (3 screens) fronting and accessed from Kensington High Street The Picturehouse (4 screens) fronting and accessed from Earls Court Road
Two retail (A1/A2 & D1) units totalling 1,916 sq ft (178 sq m) fronting Earls Court Road. OFFICE A self-contained office building of 3,261 sq ft (303 sq m) NIA located on Earls Court Road. AFFORDABLE HOUSING 20 affordable housing apartments for the over 55s with an NSA of 14,112 sq ft (1,311 sq m). ——
14 units located on Earls Court Road
——
6 units located on Pembroke Place
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the kensington
KENSINGTON HIGH STREET
SCHEME OVERVIEW
VEH I CL E ACCES S
M AI N RES I D EN TI AL EN TRAN CE
HOLLAND PARK
TH E S CREEN I N G RO O M S & CAFÉ EN TRAN CE
BUILDING ONE
The site was granted full planning permission by the planning inspector in February 2016 (appeal ref: APP/ K5600/W/15/3010472, planning ref: PP/14/07276) and comprises the following optimised scheme:
TOWN BUILDING HOUSE THREE
N W
BUILDING ONE ——
——
——
30 private lateral apartments and 2 duplex penthouse apartments Residents' pool, spa and gym
——
A self-contained office building
——
6 affordable housing apartments for the over 55s
BUILDING TWO ——
——
——
Entrance to The Screening Rooms, a luxury 3 screen cinema (114 seats) at lower ground floors A café retail unit located at ground floor, integrated within The Screening Rooms 3 private lateral apartments accessed from Building One
TOWNHOUSES & MEWS HOUSES ——
——
——
G ATE
Entrance to The Picturehouse, a 4 screen cinema (761 seats) at lower ground floors
BUILDING FIVE
4 large townhouses and 2 medium townhouses all with rear gardens 2 mews-style houses with gardens
B U I LDI N G ON E
——
B U I L DI N G T H REE
MEWS HOUSE
S ECO N D A RY RES I D EN TI A L EN TR A N CE A N D CA R D RO P - O F F P O I N T
O VER 5 5 s H O U S I N G EN TRAN CE & RETAI L U N I T
T O WN H O U S ES B U I L DI N G FOUR
4 integrated underground car parking spaces
B U I L DI N G F I VE
2 retail units (A1/A2 & D1) located at ground floor 14 affordable housing apartments for the over 55s
MEWS HOUSE
TO CAR PARK
BUILDING THREE ——
E
EARLS COURT ROAD
33 residential underground car parking spaces
——
B U I L DI N G T WO
EDWARDES SQUARE
——
Grand residents' entrance
BUILDING FOUR
PEMBROKE PLACE
O VER 5 5 s H O U S I N G EN TRAN CE
O FFI CE BU I L D I N G & PI CTU RE H O U S E EN TRAN CE
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A C C O M M O DAT I O N S C H E D U L E
Use
UNITS
NIA SQ M
NIA SQ FT
GIA SQ M
GIA SQ FT
35
7,889
84,886
10,038
108,049
Large Town Houses
4
2,541
27,352
2,743
29,526
Medium Town Houses
2
467
5,026
500
5,382
Mews Houses
2
500
5,382
519
5,587
Total
43
11,397
122,646
13,800
148,543
Residential Car Parking
37
-
-
2,091
22,508
Residential Storage
23
122
1,313
323
3,477
Spa & Pool
-
611
6,577
685
7,373
Retail
3
428
4,607
430
4,629
Office
1
303
3,261
704
7,578
20
1,311
14,112
2,037
21,926
Cinema
7
4,447
47,868
5,049
54,347
Grand Total
-
18,619
200,415
25,119
270,381
Private Residential Apartments
Over 55s Housing
Basement Level 2
First Floor
Basement Level 1
Second Floor
Lower Ground 2 Floor
Third Floor
Lower Ground 1 Floor
Fourth Floor
Ground Floor
Fifth Floor BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E Sixth Floor
Seventh Floor
Eighth Floor
■ Residential ■ Residential Entrance ■ Over 55s Affordable Housing ■ Retail ■ Offices ■ Cinema ■ Spa & Pool ■ Common Area / Services
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RESIDENTIAL A C C O M M O DAT I O N The proposed residential unit mix and floor areas are set out below:
Apartments
UNITS
FLOOR AREA Sq m (NSA)
Sq ft (NSA)
SIZE RANGE SQ FT (NSA)
%
%
Min
Average
Max
Units
Area
1 Bed
3
195
2,097
699
699
699
7%
2%
2 Bed
7
975
10,492
1,270
1,499
1,808
16%
9%
3 Bed
18
4,133
44,469
1,883
2,471
2,851
42%
36%
4 Bed
5
1,588
17,089
3,067
3,418
3,917
12%
14%
5 Bed Penthouse
2
998
10,739
5,208
5,370
5,531
5%
9%
Apartments Total
35
7,889
84,886
699
2,530
5,531
81%
70%
%
%
Houses
UNITS
FLOOR AREA
SIZE RANGE SQ FT (NSA)
Sq m (NSA)
Sq ft (NSA)
Min
Average
Max
Units
Area
Large Town House
4
2,541
27,352
5,770
6,838
8,224
9%
22%
Medium Town House
2
467
5,026
2,486
2,513
2,540
5%
4%
Mews House
2
500
5,382
2,648
2,691
2,734
5%
4%
Houses Total
8
3,508
37,760
2,486
4,720
8,224
19%
30%
Total
43
11,397
122,646
669
2,852
8,224
100%
100%
CGI of townhouses
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the kensington
PROPOSED RESIDENTIAL S P E C I F I CAT I O N INTERIOR FINISHES ——
Full height oversized timber entrance door to each apartment
——
High quality bronze door ironmongery
——
Stone floor to entrance hall
——
——
——
Engineered hardwood flooring to living room, dining room and kitchen
HEATING AND COOLING ——
——
——
Wool carpet to bedrooms Fitted wardrobes with cedar lining and shelving
——
——
Programmable mood lighting in principal areas with recessed down lighting in secondary areas Feature lighting to bathroom and kitchen cabinets and interior of all cupboards
Under floor heating to hallways, kitchens, bathrooms, shower rooms and cloakrooms Heating and hot water from communal system with metered water supply to all apartments
AUDIO VISUAL ——
LIGHTING ——
Comfort cooling / heating to all reception rooms and bedrooms
——
Home automation system incorporating home hub, ceiling speakers and touch screen control panels to the principal habitable rooms System controlled lighting, security, audio / visual and heating / cooling to the principal habitable rooms
All lighting programmable via the home automation system
CGI of a typical bedroom
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the kensington
PROPOSED RESIDENTIAL S P E C I F I CAT I O N KITCHENS ——
Bespoke high quality kitchens
——
Marble work surfaces
——
——
Recessed stainless steel double sink with chrome taps High quality integrated Miele or Gaggenau appliances
BATHROOMS ——
Bespoke high quality bathrooms
——
Marble top vanity unit and bath top
——
Marble finished shower and tray
——
High quality bath and shower fittings
——
Heated towel rail and mirror
——
Full height large format marble tiles on walls and floors
LEFT: CGI showing a master bathroom(3 bedroom) RIGHT: CGI showing a kitchen (3 bedroom)
the kensington
CGI showing a penthouse terrace view looking east
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the kensington
CGI showing a reception room (3 bedroom)
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the kensington
CGI showing pool and spa facilities
19
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the kensington
CINEMA, COMMERCIAL & OVER 55S AFFORDABLE HOUSING CINEMAS – BUILDINGS TWO & FOUR 7 SCREENS (875 SEATS) | 4,447 SQ M | 47,868 SQ FT (NIA) The Picturehouse, part of the Cineworld Group, remain committed to operating a new 7 screen cinema at The Kensington. These comprise two offerings: The Screening Rooms (accessed from Building Two) is a new exclusive cinema concept and The Picturehouse (accessed from Building Four) is the established luxury cinema brand already offered in similar high end locations across London. RETAIL – BUILDINGS TWO & THREE A3 (1 UNIT) | 250 SQ M | 2,691 SQ FT (NIA) The café space is to be leased to the cinema operator. A1/2 & D1 (2 UNITS) | 178 SQ M | 1,916 SQ FT (NIA) Ability to deliver either one or two retail units, of which 88 sq m is to be allocated to a dentist (D1) use. OFFICE – BUILDING FOUR OFFICE | 303 SQ M | 3,261 SQ FT (NIA) A self-contained office will be located on Earls Court Road. AFFORDABLE HOUSING – BUILDINGS THREE & FIVE AFFORDABLE | 1,311 SQ M | 14,112 SQ FT (NSA) As part of the planning obligations, 20 affordable housing apartments for the over 55s will be provided. 14 units are located in Building Three on Earls Court Road and six units are located in Building Five on Pembroke Place. CGI showing indicative 'Sreening Rooms' foyer area
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the kensington
TECHNICAL OVERVIEW PLANNING HISTORY
SECTION 106 AGREEMENT
RIGHTS OF LIGHT
In 2007 planning permission was granted for a residentialled mixed use scheme providing both cinema and residential uses (ref: PP/07/01071). The consent was renewed in 2012 (ref: PP/11/02498). This scheme provided a total of 187,002 sq ft (17,373 sq m) GIA of accommodation. A section 73 (ref: PP/15/01539) was approved in June 2015 to vary this permission which was implemented in Q4 2015 by way of demolition works.
The signed Section 106 Agreement requires financial and non-financial obligations to be made in advance, during and subsequent to the construction phase of the development. The financial obligations total £392,300.
All injunctable positions held by the surrounding properties have been negotiated and cleared.
In October 2015 RBKC granted full planning permission at committee (ref: PP/15/0218) for a development totalling 283,039 sq ft (26,295 sq m) GIA. This scheme provided for the main cinema entrance through the retained Neo-Grec façade and a single penthouse level. Full planning permission for the proposed development detailed herein, totalling 270,381 sq ft (25,119 sq m) GIA, was granted in February 2016 at appeal (ref: APP/ K5600/W/15/3010472 and PP/14/07276). This permission provides the main residential entrance through the retained grand Neo-Grec façade and allows for two penthouse levels.
A copy of this agreement is available on the project data room. COMMUNITY INFRASTRUCTURE LEVY (CIL)
GROUND SURVEYS Survey work undertaken has concluded that there are no major sources of ground contamination within the site.
The implementation of the February 2016 appeal planning permission (ref: APP/K5600/W/15/3010472) will give rise to estimated payments of £913,071 towards Mayoral CIL and £5,749,576 towards local RBKC CIL. Both payments are subject to indexation.
DEMOLITION AND VACANT POSSESSION
AFFORDABLE HOUSING
VAT
In addition to the 20 affordable housing apartments for the over 55s provided on site, a financial contribution of £7,019,467 is required, subject to indexation.
The property has been elected for VAT.
The former Odeon cinema building has now been demolished (other than the front facade which is to be retained). The whole site is offered with vacant possession.
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the kensington
BASEMENT LEVEL 2
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Spa & Pool Cinema Offices PEMBROKE PLACE
■ Common Areas / Services
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the kensington
BASEMENT LEVEL 1
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Cycle Spaces
Residential Cinema Offices PEMBROKE PLACE
■ Common Areas / Services
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the kensington
LOWER GROUND 2 FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Cinema Offices PEMBROKE PLACE
■ Common Areas / Services
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the kensington
LOWER GROUND 1 FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Garden / Terrace Cinema Retail Offices PEMBROKE PLACE
Common Areas / Services
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the kensington
GROUND FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
Elderly-affordable Entrance
EARLS COURT ROAD
Residential Residential entrance Cinema Retail Offices PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
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the kensington
FIRST FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Residential entrance Retail Offices PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
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the kensington
SECOND FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Terrace Offices PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
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the kensington
THIRD FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Terrace Offices PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
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the kensington
FOURTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Terrace PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
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the kensington
FIFTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Terrace PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Plant
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the kensington
SIXTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential PEMBROKE PLACE
Terrace Common Areas / Services
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the kensington
SEVENTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential PEMBROKE PLACE
Terrace Common Areas / Services
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the kensington
EIGHTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
PEMBROKE PLACE
Residential Common Areas / Services
the kensington
CGI of the courtyard & vehicle drop off
35
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the kensington
Delancey is a specialist real estate investment, development and advisory company whose activities encompass residential and commercial real estate across London and the UK, on behalf of its clients. Collaborating on a wide range of assets, partners and clients, Delancey is recognised for its innovative and diverse approach to creating long term value from real estate. Delancey also advises clients on appropriate capital structures, financing and provides asset management and development services. Delancey was effectively established in 1995, and has operated as both a public and private company continuously since that time. The business is currently involved in developments totalling over 6,728 residential units and has regulated assets under management totalling £3.8 billion as at 31st December 2017. Delancey operates to a high standard of corporate and ethical governance and is a registered investment advisor with the SEC and is authorised and regulated by the FCA. Historically, 80% of investment has been achieved through joint ventures. Partners have included The Crown Estate, The Portman Estate, Qatari Diar, APG, Land Securities and the Olympic Delivery Authority.
TOP LEFT: The Rolls Building, EC4A TOP RIGHT: Parkside, SE1 BOTTOM LEFT: The Ram, SW18 BOTTOM RIGHT: 240 Regent Street, W1
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the kensington
TOP LEFT: 10 Fleet Place, London, UK TOP RIGHT: Goetheplaza, Frankfurt, Germany BOTTOM LEFT: Eurovea, Bratislava, Slovakia BOTTOM RIGHT: The Heron, London, UK
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $106 billion of assets under management as of December 31, 2017 and more than 15 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com. Ares Management, L.P.’s European real estate business began with its first investment in the region in 1995. The investment team includes 23 investment professionals, the majority of whom are located in London, but providing coverage of the main European markets. Ares believes that its focused acquisitions strategy, its active approach to asset management, and concentration on disciplined selling has enabled it to create value across all of its European investment vehicles through various market cycles. Since starting to invest in Europe in 1995, Ares has committed a total of approximately $5.0 billion of equity in approximately 150 European real estate transactions, across both value-add and opportunistic strategies.
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the kensington
PROFESSIONAL TEAM
ARCHITECT
STRUCTURAL ENGINEER
MECHANICAL & ELECTRICAL ENGINEERS
PROJECT MANAGEMENT TEAM
COST CONSULTANT
RIGHTS OF LIGHT & PARTY WALL CONSULTANT
PLANNING, CONSERVATION & HERITAGE
REAL ESTATE ADVISORS
REAL ESTATE ADVISORS
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the kensington
C O N TA CT S
JUSTIN GAZE Partner – Residential Development T: +44 (0)207 861 5407 M: +44 (0)7810 852 383 [email protected]
TIM WHITMEY Director – Residential Development T: +44 (0)207 409 9999 M: +44 (0)7967 555 640 [email protected]
ANTHONY KAZAN Partner – Residential Development T: +44 (0)207 861 1286 M: +44 (0)7436 154 872 [email protected]
LUKE HAWKESBURY Director – Residential Development T: +44 (0) 20 7409 9942 M: +44 (0) 7967 555 820 [email protected] IMPORTANT NOTICE
JAMES KEEGAN Partner – Residential Development T: +44(0)207 861 5481 M: +44(0)7786 111 053 [email protected]
LIZZIE PARROTT Associate Director – Residential Development T: +44 (0) 207 409 9943 M: +44 (0) 7807 999 502 [email protected]
Knight Frank LLP, Savills, Delancey, Minerva and Ares Management LP limit for themselves give notice that: a. the particulars are set out as a general outline only for the guidance of intending investors and do not constitute, nor constitute part of, an offer or contract. b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending investors should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. c. no person in the employment of Knight Frank LLP, Savills, Delancey, Minerva and Ares Management LP has any authority to make or give any representation or warranty whatever in relation to this property. BROCHURE PRINTED APRIL 2018
the kensington CGI of the proposed Kensington High Street entrance
40
the kensington
41
the kensington
42
1
the kensington
2
3
the kensington
INTRODUCTION The Kensington is a residential-led mixed use development site in one of London’s most exclusive and valuable residential areas, situated directly opposite Holland Park. Benefiting from detailed planning consent, The Kensington represents a rare opportunity for developers and investors to deliver a landmark scheme with critical mass and identity. Very few such consents remain available in RBKC today. Delancey and Ares are inviting proposals for the freehold interest in the property.
CGI of the front facade of the consented scheme
4
the kensington
CONTENTS
05
13
22
07
14
36
08
15
38
11
20
39
12
21
E X EC U TIVE S U M M ARY
L OND ON A GL OB AL CITY
K ENS INGT ON AR EA
S C H EM E S U M M ARY
S C H EM E OV ERV IEW
ACCOMMODATION S CHEDULE
RESIDENTIAL ACCOMMODATION
PR OPOSED RESIDENTIAL SPEC
CINEMA & COMMER CIAL
F LO O R PLA NS
D E VE LO PME N T TEAM
PR O F E S S IO N A L TEAM
CO N TA CT
TECHNICAL OVERVIEW
CGI of a southfacing penthouse roof terrace
5
the kensington
EXECUTIVE SUMMARY The Kensington is a 1.26 acre site in the Royal Borough of Kensington and Chelsea with a rare and valuable planning permission for a residential-led mixed use scheme. When completed, The Kensington will provide over 122,646 sq ft (11,397 sq m) NSA of luxury residential accommodation, comprising 35 apartments, 8 houses and 37 underground parking spaces. The development will also include two high quality cinema offerings, ancillary retail and office accommodation, along with 20 affordable housing apartments for the over 55s, located on adjacent self-contained sites. The site is offered freehold with vacant possession.
CGI of residential entrance lobby
the kensington Aerial view of London at dusk looking west across Tower Bridge
6
7
the kensington
LONDON – THE WORLD’S LEADING GLOBAL CITY London is the global city of choice for investment, business, education and residential lifestyles.
1 st
10 YEARS
40%
London ranked top global city 2017 [1]
of London is occupied by parks and gardens making London the greenest capital city in the world
London forecast to remain Europe’s largest economy for the next ten years [2]
250+
London is home to over 250 foreign banks with more American banks than New York
£12bn
80
4x
TOP
Nationalities bought residential property in London in 2017 alone[3]
London’s technology sector attracts four times more venture capital than Paris [4]
London's annual revenue from tourism 19 million visitors in 2017 make it the most visited city in the world
500
London has more universities in the world’s top 500 than any other city in the world
1. MORI Global Power City Index, Knight Frank City Wealth Index, ZYen Global Financial Centres Index. 2. Savills Global Flagship Publication. 3. Knight Frank and Savills. 4. Pitchbook.
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the kensington
A404
T H E R OYA L B O R O U G H OF KENSINGTON AND CHELSEA
PADDINGTON LADBROKE GROVE
TOTTENHAM COURT ROAD
EAST ACTON
Marble Arch
A40
SHEPHERD’S BUSH
PICCADILLY CIRCUS
HOLLAND PARK
GREEN PARK
KENSINGTON
GOLDHAWK ROAD
Olympia London
The Albert Memorial
RAVENSCOURT PARK
Buckingham Palace
A4
Science Museum
V&A Museum
Harrod’s
A4
SOUTH KENSINGTON
Luxury retail
EARL’S COURT
F
WEST KENSINGTON
H UL
A
M
RO
A
WESTMINSTER
Big Ben
KNIGHTSBRIDGE
Design Museum
EDWARDES SQUARE
ST JAMES’ PARK
HYDE PARK CORNER
HIGH STREET KENSINGTON
KENSINGTON OLYMPIA
EMBANKMENT
GREEN PARK
Campden Hill Tennis Club
TURNHAM GREEN
World-renowned cultural attractions, including the Royal Albert Hall, the Natural History Museum and the Victoria & Albert Museum lie within 2 kilometres of the site.
Bond Street
MAYFAIR
Kensington Palace
WESTMINSTER T
The cultural identity of Kensington has been enhanced further by the recent opening of the STAMFORD BROOK Design Museum, opposite the site.
HYDE PARK
HOLLAND PARK
REE NE ST
PARK
Berkeley Square
WOOD LANE
Kensington is renowned for its exceptional garden squares and parks. The Kensington enjoys easy access to two principal parks; Holland Park lies Heathrow immediately opposite the scheme and Kensington international airport Gardens just 450 metres to the east of the scheme. The area benefits from an eclectic range of cafés, restaurants and shops – both global brand outlets and local independent businesses. RAVENSCOURT
BAYSWATER
R OA D AT E R B AY S W
NOTTING HILL GATE
WHITE CITY
MARBLE ARCH
BELGRAVIA
Houses of Parliament
VICTORIA
SLOA
WHITE CITY Kensington is one of the five globally recognised luxury residential districts of London – alongside Chelsea, Knightsbridge, Belgravia and Mayfair.
NOTTING HILL
OXFORD CIRCUS
BOND STREET
D
SLOANE SQUARE
CHELSEA
Ki
ng
o sR
ad
Tate Britain
Saatchi Gallery
PIMLICO
NINE ELMS
BATTERSEA PARK
FULHAM BROADWAY
ER
DSW
TT BA SE A BR
Gatwick international airport
WA N
RIVERSIDE
Battersea Power Station
ORT
Chelsea FC
HR D
FULHAM
RIVER THAMES
20 A33
IDG O ER AD
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the kensington
THE CITY
WESTMINSTER R E G E N T ' S PA R K
MARYLEBONE
M AY FA I R
B E L G R AV I A H Y D E PA R K
KNIGHTSBRIDGE
PA D D I N GT O N
NOTTING HILL
KENSINGTON
H O L L A N D PA R K
the kensington
10
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the kensington
SCHEME SUMMARY The proposed development will comprise the following: PRIVATE RESIDENTIAL
RETAIL
35 apartments and 8 houses accessed from Kensington High Street with a combined NSA of 122,646 sq ft (11,397 sq m).
An A3 retail unit of 2,691 sq ft (250 sq m) fronting Kensington High Street.
Exclusive spa, pool and leisure facilities for residents. 37 secure underground residential parking spaces. CINEMA Two separate cinemas offering a total of 7 screens and 875 seats with a combined area of 47,868 sq ft (4,447 sq m) NIA: ——
——
CGI of a penthouse double-height living room
The Screening Rooms (3 screens) fronting and accessed from Kensington High Street The Picturehouse (4 screens) fronting and accessed from Earls Court Road
Two retail (A1/A2 & D1) units totalling 1,916 sq ft (178 sq m) fronting Earls Court Road. OFFICE A self-contained office building of 3,261 sq ft (303 sq m) NIA located on Earls Court Road. AFFORDABLE HOUSING 20 affordable housing apartments for the over 55s with an NSA of 14,112 sq ft (1,311 sq m). ——
14 units located on Earls Court Road
——
6 units located on Pembroke Place
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the kensington
KENSINGTON HIGH STREET
SCHEME OVERVIEW
VEH I CL E ACCES S
M AI N RES I D EN TI AL EN TRAN CE
HOLLAND PARK
TH E S CREEN I N G RO O M S & CAFÉ EN TRAN CE
BUILDING ONE
The site was granted full planning permission by the planning inspector in February 2016 (appeal ref: APP/ K5600/W/15/3010472, planning ref: PP/14/07276) and comprises the following optimised scheme:
TOWN BUILDING HOUSE THREE
N W
BUILDING ONE ——
——
——
30 private lateral apartments and 2 duplex penthouse apartments Residents' pool, spa and gym
——
A self-contained office building
——
6 affordable housing apartments for the over 55s
BUILDING TWO ——
——
——
Entrance to The Screening Rooms, a luxury 3 screen cinema (114 seats) at lower ground floors A café retail unit located at ground floor, integrated within The Screening Rooms 3 private lateral apartments accessed from Building One
TOWNHOUSES & MEWS HOUSES ——
——
——
G ATE
Entrance to The Picturehouse, a 4 screen cinema (761 seats) at lower ground floors
BUILDING FIVE
4 large townhouses and 2 medium townhouses all with rear gardens 2 mews-style houses with gardens
B U I LDI N G ON E
——
B U I L DI N G T H REE
MEWS HOUSE
S ECO N D A RY RES I D EN TI A L EN TR A N CE A N D CA R D RO P - O F F P O I N T
O VER 5 5 s H O U S I N G EN TRAN CE & RETAI L U N I T
T O WN H O U S ES B U I L DI N G FOUR
4 integrated underground car parking spaces
B U I L DI N G F I VE
2 retail units (A1/A2 & D1) located at ground floor 14 affordable housing apartments for the over 55s
MEWS HOUSE
TO CAR PARK
BUILDING THREE ——
E
EARLS COURT ROAD
33 residential underground car parking spaces
——
B U I L DI N G T WO
EDWARDES SQUARE
——
Grand residents' entrance
BUILDING FOUR
PEMBROKE PLACE
O VER 5 5 s H O U S I N G EN TRAN CE
O FFI CE BU I L D I N G & PI CTU RE H O U S E EN TRAN CE
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A C C O M M O DAT I O N S C H E D U L E
Use
UNITS
NIA SQ M
NIA SQ FT
GIA SQ M
GIA SQ FT
35
7,889
84,886
10,038
108,049
Large Town Houses
4
2,541
27,352
2,743
29,526
Medium Town Houses
2
467
5,026
500
5,382
Mews Houses
2
500
5,382
519
5,587
Total
43
11,397
122,646
13,800
148,543
Residential Car Parking
37
-
-
2,091
22,508
Residential Storage
23
122
1,313
323
3,477
Spa & Pool
-
611
6,577
685
7,373
Retail
3
428
4,607
430
4,629
Office
1
303
3,261
704
7,578
20
1,311
14,112
2,037
21,926
Cinema
7
4,447
47,868
5,049
54,347
Grand Total
-
18,619
200,415
25,119
270,381
Private Residential Apartments
Over 55s Housing
Basement Level 2
First Floor
Basement Level 1
Second Floor
Lower Ground 2 Floor
Third Floor
Lower Ground 1 Floor
Fourth Floor
Ground Floor
Fifth Floor BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E Sixth Floor
Seventh Floor
Eighth Floor
■ Residential ■ Residential Entrance ■ Over 55s Affordable Housing ■ Retail ■ Offices ■ Cinema ■ Spa & Pool ■ Common Area / Services
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the kensington
RESIDENTIAL A C C O M M O DAT I O N The proposed residential unit mix and floor areas are set out below:
Apartments
UNITS
FLOOR AREA Sq m (NSA)
Sq ft (NSA)
SIZE RANGE SQ FT (NSA)
%
%
Min
Average
Max
Units
Area
1 Bed
3
195
2,097
699
699
699
7%
2%
2 Bed
7
975
10,492
1,270
1,499
1,808
16%
9%
3 Bed
18
4,133
44,469
1,883
2,471
2,851
42%
36%
4 Bed
5
1,588
17,089
3,067
3,418
3,917
12%
14%
5 Bed Penthouse
2
998
10,739
5,208
5,370
5,531
5%
9%
Apartments Total
35
7,889
84,886
699
2,530
5,531
81%
70%
%
%
Houses
UNITS
FLOOR AREA
SIZE RANGE SQ FT (NSA)
Sq m (NSA)
Sq ft (NSA)
Min
Average
Max
Units
Area
Large Town House
4
2,541
27,352
5,770
6,838
8,224
9%
22%
Medium Town House
2
467
5,026
2,486
2,513
2,540
5%
4%
Mews House
2
500
5,382
2,648
2,691
2,734
5%
4%
Houses Total
8
3,508
37,760
2,486
4,720
8,224
19%
30%
Total
43
11,397
122,646
669
2,852
8,224
100%
100%
CGI of townhouses
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the kensington
PROPOSED RESIDENTIAL S P E C I F I CAT I O N INTERIOR FINISHES ——
Full height oversized timber entrance door to each apartment
——
High quality bronze door ironmongery
——
Stone floor to entrance hall
——
——
——
Engineered hardwood flooring to living room, dining room and kitchen
HEATING AND COOLING ——
——
——
Wool carpet to bedrooms Fitted wardrobes with cedar lining and shelving
——
——
Programmable mood lighting in principal areas with recessed down lighting in secondary areas Feature lighting to bathroom and kitchen cabinets and interior of all cupboards
Under floor heating to hallways, kitchens, bathrooms, shower rooms and cloakrooms Heating and hot water from communal system with metered water supply to all apartments
AUDIO VISUAL ——
LIGHTING ——
Comfort cooling / heating to all reception rooms and bedrooms
——
Home automation system incorporating home hub, ceiling speakers and touch screen control panels to the principal habitable rooms System controlled lighting, security, audio / visual and heating / cooling to the principal habitable rooms
All lighting programmable via the home automation system
CGI of a typical bedroom
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the kensington
PROPOSED RESIDENTIAL S P E C I F I CAT I O N KITCHENS ——
Bespoke high quality kitchens
——
Marble work surfaces
——
——
Recessed stainless steel double sink with chrome taps High quality integrated Miele or Gaggenau appliances
BATHROOMS ——
Bespoke high quality bathrooms
——
Marble top vanity unit and bath top
——
Marble finished shower and tray
——
High quality bath and shower fittings
——
Heated towel rail and mirror
——
Full height large format marble tiles on walls and floors
LEFT: CGI showing a master bathroom(3 bedroom) RIGHT: CGI showing a kitchen (3 bedroom)
the kensington
CGI showing a penthouse terrace view looking east
17
the kensington
CGI showing a reception room (3 bedroom)
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the kensington
CGI showing pool and spa facilities
19
20
the kensington
CINEMA, COMMERCIAL & OVER 55S AFFORDABLE HOUSING CINEMAS – BUILDINGS TWO & FOUR 7 SCREENS (875 SEATS) | 4,447 SQ M | 47,868 SQ FT (NIA) The Picturehouse, part of the Cineworld Group, remain committed to operating a new 7 screen cinema at The Kensington. These comprise two offerings: The Screening Rooms (accessed from Building Two) is a new exclusive cinema concept and The Picturehouse (accessed from Building Four) is the established luxury cinema brand already offered in similar high end locations across London. RETAIL – BUILDINGS TWO & THREE A3 (1 UNIT) | 250 SQ M | 2,691 SQ FT (NIA) The café space is to be leased to the cinema operator. A1/2 & D1 (2 UNITS) | 178 SQ M | 1,916 SQ FT (NIA) Ability to deliver either one or two retail units, of which 88 sq m is to be allocated to a dentist (D1) use. OFFICE – BUILDING FOUR OFFICE | 303 SQ M | 3,261 SQ FT (NIA) A self-contained office will be located on Earls Court Road. AFFORDABLE HOUSING – BUILDINGS THREE & FIVE AFFORDABLE | 1,311 SQ M | 14,112 SQ FT (NSA) As part of the planning obligations, 20 affordable housing apartments for the over 55s will be provided. 14 units are located in Building Three on Earls Court Road and six units are located in Building Five on Pembroke Place. CGI showing indicative 'Sreening Rooms' foyer area
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the kensington
TECHNICAL OVERVIEW PLANNING HISTORY
SECTION 106 AGREEMENT
RIGHTS OF LIGHT
In 2007 planning permission was granted for a residentialled mixed use scheme providing both cinema and residential uses (ref: PP/07/01071). The consent was renewed in 2012 (ref: PP/11/02498). This scheme provided a total of 187,002 sq ft (17,373 sq m) GIA of accommodation. A section 73 (ref: PP/15/01539) was approved in June 2015 to vary this permission which was implemented in Q4 2015 by way of demolition works.
The signed Section 106 Agreement requires financial and non-financial obligations to be made in advance, during and subsequent to the construction phase of the development. The financial obligations total £392,300.
All injunctable positions held by the surrounding properties have been negotiated and cleared.
In October 2015 RBKC granted full planning permission at committee (ref: PP/15/0218) for a development totalling 283,039 sq ft (26,295 sq m) GIA. This scheme provided for the main cinema entrance through the retained Neo-Grec façade and a single penthouse level. Full planning permission for the proposed development detailed herein, totalling 270,381 sq ft (25,119 sq m) GIA, was granted in February 2016 at appeal (ref: APP/ K5600/W/15/3010472 and PP/14/07276). This permission provides the main residential entrance through the retained grand Neo-Grec façade and allows for two penthouse levels.
A copy of this agreement is available on the project data room. COMMUNITY INFRASTRUCTURE LEVY (CIL)
GROUND SURVEYS Survey work undertaken has concluded that there are no major sources of ground contamination within the site.
The implementation of the February 2016 appeal planning permission (ref: APP/K5600/W/15/3010472) will give rise to estimated payments of £913,071 towards Mayoral CIL and £5,749,576 towards local RBKC CIL. Both payments are subject to indexation.
DEMOLITION AND VACANT POSSESSION
AFFORDABLE HOUSING
VAT
In addition to the 20 affordable housing apartments for the over 55s provided on site, a financial contribution of £7,019,467 is required, subject to indexation.
The property has been elected for VAT.
The former Odeon cinema building has now been demolished (other than the front facade which is to be retained). The whole site is offered with vacant possession.
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the kensington
BASEMENT LEVEL 2
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Spa & Pool Cinema Offices PEMBROKE PLACE
■ Common Areas / Services
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the kensington
BASEMENT LEVEL 1
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Cycle Spaces
Residential Cinema Offices PEMBROKE PLACE
■ Common Areas / Services
24
the kensington
LOWER GROUND 2 FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Cinema Offices PEMBROKE PLACE
■ Common Areas / Services
25
the kensington
LOWER GROUND 1 FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Garden / Terrace Cinema Retail Offices PEMBROKE PLACE
Common Areas / Services
26
the kensington
GROUND FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
Elderly-affordable Entrance
EARLS COURT ROAD
Residential Residential entrance Cinema Retail Offices PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
27
the kensington
FIRST FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Residential entrance Retail Offices PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
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the kensington
SECOND FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Terrace Offices PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
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the kensington
THIRD FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Terrace Offices PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
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the kensington
FOURTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Terrace PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Services
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the kensington
FIFTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential Terrace PEMBROKE PLACE
Over 55s Affordable Housing Common Areas / Plant
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the kensington
SIXTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential PEMBROKE PLACE
Terrace Common Areas / Services
33
the kensington
SEVENTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
Residential PEMBROKE PLACE
Terrace Common Areas / Services
34
the kensington
EIGHTH FL0OR
KENSINGTON HIGH STREET
BUILDING ONE
TOWN BUILDING HOUSE THREE
N W E
EARLS COURT ROAD
PEMBROKE PLACE
Residential Common Areas / Services
the kensington
CGI of the courtyard & vehicle drop off
35
36
the kensington
Delancey is a specialist real estate investment, development and advisory company whose activities encompass residential and commercial real estate across London and the UK, on behalf of its clients. Collaborating on a wide range of assets, partners and clients, Delancey is recognised for its innovative and diverse approach to creating long term value from real estate. Delancey also advises clients on appropriate capital structures, financing and provides asset management and development services. Delancey was effectively established in 1995, and has operated as both a public and private company continuously since that time. The business is currently involved in developments totalling over 6,728 residential units and has regulated assets under management totalling £3.8 billion as at 31st December 2017. Delancey operates to a high standard of corporate and ethical governance and is a registered investment advisor with the SEC and is authorised and regulated by the FCA. Historically, 80% of investment has been achieved through joint ventures. Partners have included The Crown Estate, The Portman Estate, Qatari Diar, APG, Land Securities and the Olympic Delivery Authority.
TOP LEFT: The Rolls Building, EC4A TOP RIGHT: Parkside, SE1 BOTTOM LEFT: The Ram, SW18 BOTTOM RIGHT: 240 Regent Street, W1
37
the kensington
TOP LEFT: 10 Fleet Place, London, UK TOP RIGHT: Goetheplaza, Frankfurt, Germany BOTTOM LEFT: Eurovea, Bratislava, Slovakia BOTTOM RIGHT: The Heron, London, UK
Ares Management, L.P. is a publicly traded, leading global alternative asset manager with approximately $106 billion of assets under management as of December 31, 2017 and more than 15 offices in the United States, Europe, Asia and Australia. Since its inception in 1997, Ares has adhered to a disciplined investment philosophy that focuses on delivering strong risk-adjusted investment returns throughout market cycles. Ares believes each of its three distinct but complementary investment groups in Credit, Private Equity and Real Estate is a market leader based on assets under management and investment performance. Ares was built upon the fundamental principle that each group benefits from being part of the greater whole. For more information, visit www.aresmgmt.com. Ares Management, L.P.’s European real estate business began with its first investment in the region in 1995. The investment team includes 23 investment professionals, the majority of whom are located in London, but providing coverage of the main European markets. Ares believes that its focused acquisitions strategy, its active approach to asset management, and concentration on disciplined selling has enabled it to create value across all of its European investment vehicles through various market cycles. Since starting to invest in Europe in 1995, Ares has committed a total of approximately $5.0 billion of equity in approximately 150 European real estate transactions, across both value-add and opportunistic strategies.
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the kensington
PROFESSIONAL TEAM
ARCHITECT
STRUCTURAL ENGINEER
MECHANICAL & ELECTRICAL ENGINEERS
PROJECT MANAGEMENT TEAM
COST CONSULTANT
RIGHTS OF LIGHT & PARTY WALL CONSULTANT
PLANNING, CONSERVATION & HERITAGE
REAL ESTATE ADVISORS
REAL ESTATE ADVISORS
39
the kensington
C O N TA CT S
JUSTIN GAZE Partner – Residential Development T: +44 (0)207 861 5407 M: +44 (0)7810 852 383 [email protected]
TIM WHITMEY Director – Residential Development T: +44 (0)207 409 9999 M: +44 (0)7967 555 640 [email protected]
ANTHONY KAZAN Partner – Residential Development T: +44 (0)207 861 1286 M: +44 (0)7436 154 872 [email protected]
LUKE HAWKESBURY Director – Residential Development T: +44 (0) 20 7409 9942 M: +44 (0) 7967 555 820 [email protected] IMPORTANT NOTICE
JAMES KEEGAN Partner – Residential Development T: +44(0)207 861 5481 M: +44(0)7786 111 053 [email protected]
LIZZIE PARROTT Associate Director – Residential Development T: +44 (0) 207 409 9943 M: +44 (0) 7807 999 502 [email protected]
Knight Frank LLP, Savills, Delancey, Minerva and Ares Management LP limit for themselves give notice that: a. the particulars are set out as a general outline only for the guidance of intending investors and do not constitute, nor constitute part of, an offer or contract. b. all descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct, but any intending investors should not rely on them as statements or representations of fact but satisfy themselves by inspection or otherwise as to the correctness of each of them. c. no person in the employment of Knight Frank LLP, Savills, Delancey, Minerva and Ares Management LP has any authority to make or give any representation or warranty whatever in relation to this property. BROCHURE PRINTED APRIL 2018
the kensington CGI of the proposed Kensington High Street entrance
40
the kensington
41
the kensington
42
