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Sunley and Beaubridge begin £22m Primrose Hill luxury redevelopment

Property developers Sunley and investment firm Beaubridge have begun the redevelopment of a trio of luxury properties in Primrose Hill following on from the pair’s successful Richmond Police station project.

The firms are currently redeveloping three properties at 15, 18 and 20 Elsworthy Road in NW3, which are set to be converted into luxury homes, dubbed ‘The Elsworthys’, with a gross development value (GDV) of £22m.

It comes after Sunley and Beaubridge steered a £16m redevelopment at the former Richmond Police station, delivering 27 residential units in south west London, 19 of which were sold to a Far Eastern syndicate while the remaining eight affordable units were sold to Richmond Housing Partnership.

Beaubridge Director, Jonathan Seal, believes that, while Brexit had resulted in a slow down in the upper end of the market, the weakening pound was still driving significant interest in developments such as The Elsworthys from abroad.

Commenting on the current market climate, he said: “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.”