Luxury new homes in Holland Park approved

A planning application submitted by GC Campden Hill for the construction of luxurious new homes in Holland Park, west central London, has been given the go-ahead by Royal Borough of Kensington and Chelsea councillors.

GC Campden Hill - a joint venture comprising property group Grosvenor and Native Land - acquired the two-acre site early last year from the Royal Borough of Kensington and Chelsea for around £100m.

The residential-led development will feature 69 luxury new apartments, private leisure and spa facilities, communal landscaped garden and a concierged lobby.

Building work on the scheme is expected to get underway in late autumn 2013, with completion scheduled for 2016.

Alasdair Nicholls, chief executive of Native Land, commented: "Native Land has applied its considerable expertise to add significant value to this site. As a result, the scheme will become the leading super prime development of the future. Our continuing track record of conceiving and delivering some of central London's most desirable residential developments places us as market leaders in the sector."

Craig McWilliam, Grosvenor Developments executive director, commented: "This development reflects Grosvenor's strategy to build on our extensive experience of the prime residential sector, with a particular focus on London."

Luxury home prices in central London hit an all-time high last month, exceeding the peak reached in March 2008, partly because a number of overseas buyers are taking advantage of a weak pound and view London as a safe haven for their wealth, according to a recent Knight Frank report.

The property consultants report that the average price of a home in prime central London appreciated by 8.1% in June compared to the corresponding month in 2010. The report also shows that the cost of a home in a neighborhood such as Holland Park has increased by 34% since March 2009.

With further capital growth anticipated, it is unsurprising that new home developers want to build more new homes in central London to cater for strong demand.

"Activity measures are pointing to continued strong conditions in the central London market over the next few months," said Liam Bailey, Knight Frank's head of residential research.