Housing provider Andium Homes has bought up the former Mayfair, Stafford and Revere Hotels for £15.1m to make way for more than 300 new homes.
The transaction passed through the Royal Court on Friday, with Andium spending £7.3m on the former and £7.8m on the latter two properties.
Plans to demolish the longstanding Mayfair Hotel in favour of a five to six-storey development of 201 residential units were approved by the Planning Department in November.
Earlier in the month, Planning also gave the green light to scrapping the two-star Stafford and three-star Revere, as well as Doran's Bistro and Candlelight restaurant, along 14-28 Kensington Place. Replacing them will be a five-storey block of 106 homes.
Pictured: A mock-up of the Kensington Place development.
Dandara will be working on both.
Andium says that the homes on all three sites, which will go to first-time buyers or individuals on the ‘Housing Gateway’ or ‘Assisted Purchase Pathway’, should be complete by 2025.
“We are very pleased to have purchased these three sites. This ensures that they will be developed to meet the needs of families on the Gateway or those who need assistance to purchase a home to live in,” said Andium CEO Ian Gallichan.
The provider has set a target of building 3,000 new homes by 2030, and says the hotel developments will bring it more than 10% of the way towards its total.
It said that 561 homes have already been built, 438 are under construction and 451 have contracts to start construction.
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