REGENT’S CRESCENT

A Case Study in Managing Complex, High-Value Residential Development

• Projects by Steve Riddell at previous employers

challenges

The lender appointed the developer to manage the delivery and residential sales of a Grade I listed, super-prime development located in central London. The project was backed by a large group of private investors. Additionally, there were 120 existing private apartments on the site that remained occupied throughout the works, adding an extra layer of complexity to the development.

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Creative Solutions

To address these challenges, a two-stage demolition and basement construction strategy was devised. This phased approach allowed the development to proceed while managing the complexities of working with an occupied site. The main contract was awarded to an ambitious tier 2 design-and-build contractor, which helped reduce costs without compromising on quality. Extensive contractual controls were implemented to ensure that the highest standards of workmanship were maintained, particularly given the heritage status of the building and the high expectations of both the investors and end buyers.

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Outcomes

The development achieved an outturn GDV of over £500 million, demonstrating significant value creation despite the challenges. Even during the pandemic, the apartments were sold at exceptional value, with strong sales velocity. The final product not only met but exceeded expectations, setting a new benchmark for residential sales in the London market.

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