Sports Direct billionaire Mike Ashley has invested £200m in developing a £900m luxury home development in Chelsea.
Ashley is believed to have funded a £200m deal to snap up storage depot The Clearings in west London from John Lewis.
The site, just off The King’s Road, has planning permission for building a luxury development with 62 flats and seven townhouses.
According to the Sunday Times, it was Citygrove and McLaren Properties that paid £200m to John Lewis – £160m for the land and about £40m for the relocation of the Marlborough primary school in the vicinity. According to various media reports, it was Ashley who gave £200m to Citygrove and McLaren Properties through his company MASH Holdings.
According to accounts filed with Companies House, MASH Holdings’ earnings doubled from £256m to £543m in the year to April 30, 2014.