An investment firm run by property tycoon Gerald Ronson’s former lieutenant is ready to splash around £200 million on a Kensington deal, it is understood.
Property sources told the Evening Standard that Ashby Capital, set up by Peter Ferrari in 2013 after he left Ronson’s Heron International, is in advanced negotiations to buy 127 Kensington High Street and Kensington Arcade.
The site – known as the Boots Building- forms part of the entrance to High Street Kensington tube station, which has annual footfall of around 12 million people. It is home to 16 retailers and office tenants.
The owner, fund manager Columbia Threadneedle, in 2017 won consent for a major revamp there. The plans include creating 117,057 square feet of offices, terraces, and shops. Space for 160 bicycles could also be created.
It is understood Ashby is attracted to the planning permission which will substantially boost the property’s value.
Subject to the purchase completing, construction would start this Spring.
Ashby Capital declined to comment. A spokesman for Columbia Threadneedle said: “We can confirm that we are in discussions regarding a potential sale.”
