Developments1 Palace Street will be the only residential development overlooking the gardens of Buckingham Palace. This unique attribute along with its imposing Grade II listed façade will facilitate us in delivering the best residential development in London. This opportunity was sourced and completed by ADCM with Northacre PLC committing to contribute £10m of equity. Since completion took place in early January 2014, we have been working closely with Squire and Partners in order to fully redesign the approved scheme. We expect to submit a new planning application by the middle of July 2014. Should we receive planning approval in the autumn, we will be starting demolition in January 2015.
Vicarage Gate House is progressing according to the development plan with practical completion scheduled for March 2015. The construction phase has been running very smoothly and no major issues have arisen. Sales have been progressing well and three units have been reserved/exchanged. We have achieved over £4,000 per square foot on the penthouse which is a record for the area.
33 Thurloe Square is an imposing Grade II listed property overlooking the Victoria & Albert Museum. It was the original residence of Sir Henry Cole the first director of the museum, hence of historic importance for the area. This opportunity was sourced by ADCM and Northacre PLC contributed 15% of the equity. All our planning objectives were achieved. We secured listed building consent to increase the square footage of the existing property along with consent to build a double basement. This increased the total square footage from 4,777 to 6,500 square feet. As we were about to start work on site we received an unsolicited offer for £12,750,000 which represents a significant premium to the market. We exchanged contracts on 6th June 2014 and completed on 24th June 2014. We achieved a net IRR of over 30% for our investors along with a substantial return for Northacre PLC in terms of development management fees, performance fee and return on our invested equity.
This site is adjacent to Vicarage Gate House and is a development of 8 apartments. These two interconnected period buildings will allow us to develop four lateral flats which are very rare in these kinds of buildings. We started works on site at the end of June 2014 with completion due twelve months after.
This is a two year project for a private client. Northacre PLC was appointed as a development manager and Intarya, the Group's interior design team, will be working on the interior architecture and furnishings. The client selected Northacre PLC as he wanted a company who had a strong track record in achieving complicated planning and one with a true understanding of the high-end market.
This project has proved to be an excellent long term investment with a total dividend income of £50m.
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