Fenton Whelan have agreed a £100 million design and build contract with leading multi-national contractor Ant Yapi to deliver the £500 million (Gross Development Value) Park Modern mixed-use development.
The design and build contract is one of the largest agreed this year for a residential-led project in Prime Central London. Park Modern is fully funded to completion through a newly arranged senior construction funding facility and the continued support of Cheyne Capital, the project’s long term sponsor. Fenton Whelan has managed the construction site during demolition and groundworks and Ant Yapi will complete the development.
In a prime location overlooking Kensington Palace Gardens, Park Modern is a 190,000 sqft development providing 57 one-to-six bedroom luxury residences, as well as 30,000 sqft of premium commercial space. Residents in the development will have access to valet parking, resident’s lounge, a 25 metre pool, gym, spa, cinema, and treatment salon.
Fenton Whelan has already achieved forward sales for all of the first phase release of residences in the development at values of up to £4,600 per sqft, a record price for homes on the Northern boundary of Hyde Park. The second phase release of residences will be announced in the new year.
Lauded for its fluid, forward looking design, once complete Park Modern will represent a major contribution to the dramatic regeneration of the Queensway area, transforming it into the residential and retail focus of Hyde Park North.
The development is also making more than £18 million in public contributions, most notably committing £11 million to affordable housing. It is also contributing to the renovation of public facilities including improving pavements, street lighting and landscaping in the area, and replacing the gates into Kensington Gardens.
Sanjay Sharma, co-Founding Director of Fenton Whelan said, “In late 2019 we did a teaser marketing and sales campaign for Park Modern and as a result of this pre-sold the first phase of apartments at values up to £4,600 per sqft, a price record for homes on the Northern boundary of Hyde Park. Then, due to Brexit and the COVID-19 pandemic we decided to pause sales, incrementally progress construction and monitor the prevailing economic conditions.
“With the announcement of a vaccine and the return of confidence that by the Spring we will see the start of a return to normality, we made the descision to award in a single stage a £100 million construction contract to Ant Yapi, the largest construction deal for a resi-led scheme awarded in London’s West End this year. We anticipate that the return to normal next year will unlock significant pent up demand in the London market and we want to be ready to be able to launch phase 2 in a strong market.”
James Van Den Heule, co-Founding Director of Fenton Whelan added, “Fenton Whelan is delighted that Park Modern is now fully funded and we are pleased that Ant Yapi are now on board to deliver our vision for this transformative, parkside development. The design and specification of Park Modern is a fresh, contemporary approach to the London market.
“Ant Yapi has the global skill-set and expertise to deliver the world class quality and fine attention to detail that the project requires. Ant Yapi has delivered projects in Belgravia and Marylebone and have been the main contractor on the Aman Hotel New York, the Zaha Hadid Capital Hill Villa and the 240m Moscow City Federation Towers.”
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