Tony Pidgley makes new £180 million bet on London property marketComments Off on Tony Pidgley makes new £180 million bet on London property market
His FTSE 250 company Berkeley Group, of which Pidgley is the chairman, is the front runner to buy the West End Green plot on Edgware Road near the Marylebone flyover, the Evening Standard understands.
Previous plans for the 2.7-acre site included an 85-metre residential tower with 370 homes.
Property agents expect the end value of the development would be well over £500 million.
Pidgley — one of the founders of the business in the Seventies who once fought off a takeover bid from his own son — is valued at £212 million according to the Sunday Times Rich List.
His nose for the market saw him rein in activity in the early Nineties and before the credit crunch.
Sources said a deal was imminent for the site which has lain empty for years and used as a car park since 1989.
Berkeley already has a string of major London developments under its belt, such as in Nine Elms and White City.
Property agent JLL was hired more than a year ago to market it on behalf of the present owners, international construction firm J&P.
Matt Sharman, head of residential development at Levy Real Estate said: “Equivalent low-rise product in this area has been achieving around £2000 per square foot so a new 20-storey-plus scheme has the potential to push values materially forward.”
The site has suffered from planning issues, but any sale is likely to appease a number of councillors who want to see it brought into use.
Last year, Church Street Councillor Barbara Grahame said: “There is at last a real chance it can be transformed into a landmark residents and the council can be proud of.”
JLL and Berkeley declined to comment.