The Orion European Real Estate fund has taken its first leap into the London residential development market by purchasing a 165,200 sq ft site at City Road Basin, London EC1.
The fund, which is part of Orion Capital Managers, has bought the site at 259 City Road and has plans to develop one of the first residential schemes set up by a private equity fund.
The £150m mixed-use scheme will comprise a 30-storey tower with mainly 1-2 bed apartments and larger penthouses. The base of the tower will include restaurants, a swimming pool and a healthclub. Completion is expected in 2014.
The project lies halfway between the City of London and Angel, Islington. It is within walking distance of Bank but is also close to the various amenities of Islington.
Orion is partnering with Groveworld for the project and has taken a 999-year lease on the site.
Aref Lahham, director of Orion Capital Managers, said: “As a private equity fund manager, Orion moves into sectors when the time is right and for central London luxury residential property aimed at international, as well as domestic purchasers and investors, we believe the time is now. We are looking for more residential opportunities of this nature.”
james.a.kenny@estatesgazette.com
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