St John’s Wood Barracks on sale for �225m
Current landowners decide against overseeing luxury home development plans
The 200-year-old St John’s Wood Barracks site, controversially set to be turned into luxury homes, has been put on the market for �225million.
The Ordnance Hill site has operated as a barracks since 1804 but will be turned into “one of London’s most exclusive addresses” when the King’s Troop Royal Horse Artillery move to their new home in Woolwich next year.
Planning permission was granted for the redevelopment last September, with 133 properties set to be built, including 74 private homes with underground car parking and 59 affordable units.
The largest semi-detached villa will be close to 10,000 square feet.
St John’s Wood landowners the Eyre Estate have put the site up for sale after deciding against overseeing the development themselves.
Their chief executive Ted Johnson said: “We are not really in a position to take on the development. My guess is that it will be taken on by a UK developer.”
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Ian Marris, a partner at Knight Frank estate agents who are handling the sale, said the barracks is “one of the most important prime development opportunities to have been made available for years”.
“The planning permission has been carefully considered to ensure the scheme can be implemented with only minor amendments,” he said.
“It will redefine the St John’s Wood market and allow the completed accommodation to compete, from a quality and price perspective, with the very best London has to offer”.
All the existing buildings will be demolished apart from the Grade II-listed Riding School which will be retained and converted into a gym and swimming pool for residents to use.
It is estimated that the total sale value of the properties could reach �1billion.
St John’s Wood Terrace resident Mark Blackburn says he is wary of who decides to buy the site.
“From the residents’ view it is slightly worrying not knowing who the developer is going to be,” he said. “At least with the Eyre Estate, although we were not pleased that they were getting rid of the barracks, they were an established custodian of the local area.
“Obviously you have less confidence when you don’t know who you are going to be dealing with.”
Planning permission for the development was granted last year despite more than 100 letters of objection – the highest number of objections the council has ever received for one application.