Mayfield to transform Chiswick High Road commercial building into mixed-use development
Mayfield Property Group, the London-based property developer, has purchased Conduit House, 309-317 Chiswick High Road, Chiswick, from Imperial Tobacco Pension Fund in an off-market deal for an undisclosed sum.
The redundant, three-storey commercial building was acquired with planning permission in place for a new build scheme spanning 35,000 sq ft and comprising 21 apartments, a ground floor retail unit, and a basement car park.
The anticipated gross development value is in the order of £25m.
Mayfield is procuring the implementation of the works as construction manager and is already on site and undertaking the demolition scope owing to the three-month delayed completion that was agreed, which enabled them to mobilize to commence the 16-month construction programme the day after the sale completed.
The residential element will be offered for sale off-plan in September following the summer recess, and practical completion of the development is anticipated to be October 2019.
Joseph Mansour, Managing Director of Mayfield, said: “We are very pleased with this acquisition.
“Chiswick is a great West London location with broad market appeal, and we have already received substantial interest from owner occupiers and investors alike. We look forward to delivering what will be a landmark scheme.”
Conduit House is a four minute walk away from Chiswick Park Station and less than a mile away from overground stations South Acton and Gunnersbury.
DTZ advised Imperial Tobacco Pension Fund. Mayfield was self-represented.