LONDON-Some soldiers moving to new quarters will open up the 5.5-acre St. John’s Wood Barracks property here in North London for multifamily development. The owner, the private family trust of the Eyre Estate, is offering the property for about $326 million.
The trust has hired Knight Frank to market the property, which will be vacated by the Royal Artillery’s Kings Troop in early 2012 for its new facility in Woolwich. The troops have occupied the property since 1804, when it was first farm land.
In a statement, Knight Frank said that planning permission has been granted for 133 multifamily units for the property. The units can be a mix of houses and apartments, with the largest semi-detached unit being up to 10,000 square feet. The existing buildings will be demolished, apart from a riding school, which will be retained and converted into a gym and swimming pool for the new residents.
Ian Marris, a partner at Knight Frank, said the community’s planning was carefully considered to ensure there are very few modifications allowed. He said in a statement that the property is located in prime St. John’s Wood neighborhood, an up-and-coming neighborhood with housing and retail. “The release of the barracks has been much awaited as the market recognizes this site as one of the most important prime development opportunities to have been made available for years,” Marris said in the statement.
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