Development partner sought for £145m scheme near Stamford Bridge
A development partner is sought to advance the design of a £145million mixed-use project in the London Borough of Kensington and Chelsea.
After speaking to interested parties for the scheme in March, Kensington and Chelsea London Borough Council have now officially kicked off the procurement.
The program will include 65 additional social care rental units; 23 social rental units for general use; and 13 accommodations for key workers or incumbents. Dubbed Lots Roads South, the development is located near King’s Road and Chelsea Football Club’s Stamford Bridge stadium.
It will also include approximately 5,000 square meters of employment space in the region for creative businesses, food businesses, medical service providers, galleries and shops.
In a prior information notice, published last month, the program was worth £160million, although its value was reduced by £15million following further development.
The development partner will oversee the design, planning and financing of the following:
- Demolition, site preparation and clearance work
- Building construction work
- Apartment construction works
- Commercial building construction work
- Construction work for a nursing home
- Residential real estate development
- Development of non-residential real estate
Work is expected to start in 2023.
A council spokesperson said: “The council has a comprehensive plan incorporating the site in question, seeking to transform the local area into both a place for residents to live and work.
“As the Borough continues to grow, Council realizes that further expansion of the area is necessary to meet the needs of its residents, in addition to recognizing the need for regeneration of existing assets.
“After seeking the views of local residents, options were developed which would provide new accommodation, 50% of which would be social housing and accommodation for key workers, including additional care homes, improvement of the area employment and the provision of community facilities. alongside landscaping and green spaces.
A draft design guide for the Lots Road project indicates that the site, between Chelsea Harbor and King’s Road, is currently occupied by a pound and two warehouses.
The £500million Chelsea Waterfront redevelopment of Lots Road power station (pictured), backed by a team of developers from Hutchison Property Group and Hong Kong’s CK Asset Holdings, is underway nearby and is set to be completed in 2024. Ardmore secured a £170m deal for the scheme in 2016.
Meanwhile, Chelsea FC’s plan to redevelop their stadium at Stamford Bridge, just north of King’s Road, was shelved in 2018. The huge cost of the development was reported as an obstacle to the quick sale of the club by Russian owner Roman Abramovich.