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Plans to turn the Household Cavalry’s historic barracks inHyde Park into a record-breaking £2 billion super-elite neighbourhood have taken a major step forward.
Defence chiefs are “progressing” legislation paving the way for the sale of the home of the mounted regiment charged with guarding The Queen, the Standard has learned.
Senior property figures told the Standard that the development of Britain’s most valuable military brownfield site would “blow out of the water” the Candy brothers’ groundbreaking One Hyde Park apartment scheme just a few hundred yards away.
One leading developer who is interested in acquiring the 3.5 acre barracks site told the Standard: ”It ticks all the boxes, the location is just amazing and there is the potential to do three or four high rise One Hyde Parks because there is a tower already there that sets a precedent.”
In another sign of the accelerating pace of progress officials are holding high level talks with the property industry next week and hope to formally launch the sale - codenamed Project Rose - by the end of the year.
The site bordering Kensington and Knightsbridge includes a 450ft frontage onto Kensington Road and is estimated to be worth around £500 million. It includes a 94 metre high tower designed by Basil Spence that was turned down for listing in 2015.
Discussions between the Government’s Defence Infrastructure Organisation - which is handling the sale - and developers originally started in 2012.
But they have foundered until now on the MoD’s insistence that the buyers of the site have to provide a replacement barracks for the the 300 troops from the Life Guards and Blues & Royals housed by the austere 1970s blocks.
One requirement is that the new barracks have to be within 30 minutes ride of Horse Guards Parade.
The MoD appointed consultancy Bilfinger GVA last September to help identify potential sites and unblock the log-jam.
Developers are also concerned that the Government may have “missed the boat” following the rapid slow down in the ultra-prime market following a series of stamp duty increases.
Some are now looking at an alternative option of a huge luxury hotel and serviced apartments.
However, agents said the potential for the scheme was so great that it could single handedly revitalise the central London luxury residential market.
James Hyman, head of residential agency at Cluttons, said: “If the developers maximise the opportunity to the full they will be able to ask whatever price they wanted, within reason. Not dissimilar to when Candy & Candy launched One Hyde Park.
“Due to the marketability and rarity, this is likely to generate a lot of interest around the world regardless of how the London market is performing and could kick start an international spending spree across the capital at every level of the market. Bringing much needed renewed confidence back into the London residential market.”
Tim Shaw, head of London development at property agent Carter Jonas, said: “When One Hyde Park came to market, it broke records and achieved £6,000 per sq ft.
“Some developments in Mayfair have since broken £7,000 per sq ft, but you would expect a finished scheme on the Hyde Park Barracks site to blow any previous records out of the water.
“It could mean that this enclave of Knightsbridge becomes the most expensive and sought after neighbourhood in London, perhaps even the world.”
However, a large-scale residential development may also be opposed by local residents determined to protect the area’s character.
The Knightsbridge Neighbourhood Forum has laid down a series of criteria in its neighbourhood plan which are being opposed by the DIO.
They include the preference to keep the barracks in Hyde Park, or return the site to parkland if the troops do move move, and a test of “tranquility” to guide the type of developments.
Simon Birkett, chairman of the Knightsbridge Neighbourhood Forum, said: “The Household Cavalry is as iconic to Knightsbridge as Harrods and the Royal Albert Hall.
“We are keen to protect and enhance the Hyde Park Barracks site not see HM Treasury flog it off for another ‘One Hyde Park’ type development.”
Local residents also stressed an Act of Parliament would be needed to sell the barracks due to legislation dating back to at least 1879. The DIO has confirmed “that it is progressing the primary legislation that is required to enable the development of the site.”
Talks are understood to be ongoing at the Minstry of Defence and DIO over the legislation though work is not yet believed to have started on drafting a bill.
The forum’s neighbourhood plan insists that any development should not increase the height, bulk or footprint of the barracks, excluding the tower.
It has received legal advice from a leading QC to support its interpretation of neighbourhood planning rules.
Westminster City Council’s planning masterplan identifies the site for residential development, including full on-site provision of affordable housing and the full range of housing sizes.
A Ministry of Defence spokeswoman said: “Hyde Park Barracks has not been sold. We are currently undertaking a detailed review on the feasibility of the barracks, and will report on progress in our update to Parliament next year.
Westminster City Council Cabinet member for planning and public realm Daniel Astaire said: “Hyde Park Barracks is one of several sites across Westminster to be identified in the council’s City Plan as a potential location for future housing development.
“Should the Ministry of Defence decide to sell the site and a developer comes forward with a proposal for residential development the planning application would be assessed against the council’s policies. We have received no applications to date.”
At the “industry engagement day” on Tuesday potential bidders will be invited to “test/challenge and validate the options presented and be given the opportunity to propose innovative alternatives either through open forum or confidentially".
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