King's Troop bid farewell to home in St John’s Wood

The King's Troop left their barracks in St John's Wood for the final time yesterday, after the site was sold to one of the richest businessmen in Asia for £250m with a view to developing a selection of luxury new homes.

Thousands of people, including residents, former gunners and officers gathered on St John's Wood High Street to bid farewell to the mounted unit, after the Ministry of Defence decided not to renew its lease on the St John's Wood site.

The site will now be demolished for housing. Asian tycoon Ananda Krishnan purchased St John's Wood Barracks for £250m late last year with a view to developing a selection of high-end new homes.

The 5.5-acre Barracks site, which will be managed by UK property group London Square, has planning consent for 133 new homes.

Adam Lawrence, chief executive of London Square, said: "St John's Wood Barracks is the jewel in the crown of London development sites."

The luxury new homes are sure to prove popular with a number of homebuyers seeking to find a property on the edge of Central London.

St John's Wood, situated a short walk from Baker Street, is considered to be one of the most sought-after areas in London and generally attracts a high level of demand from homebuyers, making it one of the most expensive places to buy property in the UK.