Vabel has purchased a site on Queensway in London with planning permission for a mixed-use scheme from investment manager MARK.
It paid an undisclosed sum for the site at 114-150 Queensway and 97-113 Inverness Terrace, which sits opposite The Whiteley development and currently has consent for 87,284 sq ft of offices, 30,021 sq ft of residential, and 22,809 sq ft of retail space.
Vabel, which purchased a site on Queensway from Bourne Capital in spring last year, will now look to bring forward new proposals for a mixed-use development.
Daniel Baliti, managing director and co-founder of Vabel, said: “We were proud to win this site after a competitive process that saw a high amount of interest. This is our largest site to date and a major milestone for our fifteenth year in business. Having a second site on Queensway in our project pipeline is a huge honour and recognition of the growth of our business and the capability of the team we’ve brought together.
“We are honoured to be part of the wider Queensway regeneration plan and are committed to substantially contributing to Queensway’s rebirth as a thriving, modern and vibrant living and leisure district; the high street of the future and a vital London destination.”
Jeremy Spencer, creative director and co-founder of Vabel, added: “It’s a huge privilege to be a part of the Queensway regeneration. To have not just one but two Queensway sites as part of our growing portfolio is incredible. We’re proud to have had our design and delivery capability recognised by MARK, who know that we will maintain the high bar for Queensway that they have set with The Whiteley. We are excited to bring our experience and learnings to this exciting address and build on the positive contributions we are already making to Queensway.”
Barry Mangan, director in the Central London investment team at Savills, said: “We are very pleased to have completed this sale on behalf of MARK and working closely with Vabel. This site offers the opportunity to create another landmark scheme directly opposite the world class development The Whiteley.”
James Donger, director in the development land team at Savills, added: “The new proposals for this site which Vabel will look to bring forward will undoubtedly contribute positively to the continued improvement of Queensway, delivering a mixed-use building of the highest quality with sustainability at the forefront of its design.”
