Home Residential PropertyLuxury Property New £50 million Belgravia mews houses scheme, unveiled by Fairway Capital

New £50 million Belgravia mews houses scheme, unveiled by Fairway Capital

8th Oct 24 3:20 pm

Leading fund manager Fairway Capital has been granted planning permission by the City of Westminster for a landmark £50 million (GDV) residential-led scheme in Eaton Mews West in Belgravia providing 426 sq.m. (4,585 sq.ft.) of new office space and the first complete terrace of new mews houses to be built in Belgravia since the 1950s, comprising six houses with rear gardens.

Located just off Eaton Square, the Eaton Mews West site has an interesting history with links to the Royal Household Cavalry, aristocrats and famous politicians. The Fairway Capital Fund purchased the historic Belgravia Garage site, acquiring off market the short lease from the garage operators and the freehold from the Grosvenor Estate.

Located in the Belgravia Conservation Area, the new development by Fairway Capital, sensitively designed by luxury developer Leconfield Property Group and award-winning architectural practice MSMR, will retain the historic Georgian façade with new build behind and a new mansard roof with dormer windows installed to allow five of the six new houses to be three storeys tall. New front doors, timber beams and sash windows with wrought iron flower boxes will form part of the façade restoration.

Each house will be around 200 sq.m. (2,152 sq.ft.) in size, comprising 5 three-bed homes and 1 two-bed home, each with generously sized private rear gardens – gardens being a rare and highly sought after feature in this part of Belgravia.

Local developer Leconfield, known for the restoration of the former Belgravia mansion of Prime Minister Margaret Thatcher in adjacent Chester Square, will be responsible for executing the design and development of the Eaton Mews West scheme.

Construction is anticipated to commence in November 2024 with works complete by Q2 2026. Fairway Capital are likely to launch the houses for sale once the scheme is built, with comparable premium properties in the area currently achieving sales values of around £3,500 per sq.ft.

The Eaton Mews West site was originally developed by local Belgravia builder Seth Smith in c1828 the mews providing a terrace of stables containing a horse infirmary and shoe forge with brick entrance arches at either end. This equine facility tended to the carriage horses of the local aristocracy and the Royal Household Cavalry horses from the nearby Hyde Park Barracks.

Between 1908-1914 the mews stables were converted into garages providing premises for the Eaton Square Garage Company, established in 1930, which serviced the Rolls Royces, Bentleys and other motorcars of Eaton Square residents such as Neville Chamberlain, Lord Halifax and Stanley Baldwin, providing repairs, petrol filling and car cleaning.

The garage continued operating up until early 2024, most recently known as the Belgravia Garage Company, until the firm could no longer viably operate out of the site and consolidated its operations at a sister garage in Vauxhall allowing for the acquisition by Fairway Capital.

George Brooksbank, CEO of Fairway Capital says: “We are pleased to have gained unanimous approval at Committee from Westminster City Council for the planning permission for our new Eaton Mews West scheme. Located in the heart of Belgravia the new development will provide high quality office space and the first complete terrace of new mews houses to be built in Belgravia since the 1950s. Leconfield, who have successfully built over 100 developments across prime central London, will oversee the delivery of the scheme. Private gardens are rare and highly sought after in this part of Belgravia and we have already had interested parties for both the office space and the houses.”

George Brooksbank, CEO of Fairway Capital said, “Due to the significant construction costs and specialist restoration skills required to transform the Eaton Mews West site into a high-quality residential address, Fairway Capital entered into a special partnership with estate landowner Grosvenor whereby we purchased the freehold of the site from them.

“We worked collaboratively with the estate to ensure our redevelopment proposals met the high conservation standards required by both the estate and the local conservation area guidelines. Grosvenor also required us to work closely with local stakeholders and residents. This ensured no basement excavations and the redundant garage services were relocated to a sister Nine Elms site, from which it continues to serve local residents via a collect and return service.”

George Brooksbank, CEO of Fairway Capital said, “The proposals gained unanimous approval at Committee from Westminster City Council with the new £50 million (GDV) development providing the first complete terrace of new mews houses to be built in Belgravia since the 1950’s and first-class office space.

“Our partnership is equivalent to repairing a small hole in a high-quality jacket. Local developer, Leconfield, known for the restoration of the former Belgravia mansion of Prime Minister Margaret Thatcher in adjacent Chester Square, will be responsible for executing the design and development of the Eaton Mews West scheme.”

Fairway Capital and Leconfield have been involved with over £110 million of resales in the last two months.

For further information on Fairway Capital contact Tel: +44 (0)20 7871 3612 E: [email protected] or visit: www.fairwaycapital.com

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