Property Of The Week

28.08.18

FENTON WHELAN UNVEILS £450M ‘PARK MODERN': LANDMARK MIXED USE DEVELOPMENT OVERLOOKING LONDON’S KENSINGTON PALACE

Leading London developer Fenton Whelan has unveiled details of its new £450 million (Gross Development Value) development known as ‘Park Modern’, an 190,000 sqft mixed use development to include 57 residences and 30,000 sqft of commercial space, offering expansive south facing views across Kensington Gardens onto Kensington Palace.

Set to be London’s most prestigious residential development, where residents will be neighbours of the new Duke and Duchess of Sussex (Harry and Megan), ‘Park Modern’ is located on a prime freehold city block bordered by Bayswater Road, Queensway and Inverness Terrace. The large site directly borders Kensington Gardens and Kensington Palace, the London home and offices of principal members of the British Royal family.

‘Park Modern’ has planning consent and work on site is about to commence. Fenton Whelan anticipate that the project will take some three years to complete. The ‘Park Modern’ project will spearhead a multi-million pound transformation of Queensway into Bayswater Village, triggering a range of public realm improvements including a new Royal Gateway for Kensington Gardens.

‘Park Modern’ has a striking landmark façade with floor-to-ceiling windows, balconies and rooftop terraces. The project provides a dramatic double height hotel-like entrance foyer, 57 one to five bedroom residences including duplex penthouses; and trophy commercial space including a luxury retail boutique, signature restaurant and VIP health spa/club. Whilst the sales strategy has not yet been finalised, the residences are anticipated to be priced from £2 million to £30 million.

Sanjay Sharma, co-Founding Director at Fenton Whelan says: “Prime London mixed use schemes don’t get any better than this, a unique offering of Royal neighbours, a parkside address and Palace and garden views. ‘Park Modern’ will be Central London’s finest new luxury development, representing the culmination of our vision for the regeneration of Queensway into Bayswater Village. The new Royal Gateway will provide a unique opportunity to join Hyde Park to Queensway and deliver a legacy monument for the area.”

The Park Modern project will spearhead the regeneration of Queensway into Bayswater Village, a regeneration scheme which is championed by Westminster City Council. The development will make a total public contribution of £18.3 million which will be used to deliver £11 million of affordable housing as well as a series of important public realm improvements.

The public realm improvements will include a new Royal Gateway into Hyde Park at South Queensway, the creation of a new junction at Bayswater Road, a new public plaza, enhanced street frontages, public artwork, widened pavements, improved lighting and new landscaping.

James Van Den Heule, co-Founding Director at Fenton Whelan says: “‘Park Modern’ is one of the best real estate assets to be unveiled in Prime Central London in the last decade. We are proud that the development will spearhead the long awaited regeneration of Queensway and W2.

For further information on Fenton Whelan contact Tel: +44 (0)20 7629 2669 or visit: www.fentonwhelan.com

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