Brussels-listed real estate developer Atenor has agreed a deal for a major regeneration scheme in Westbourne Park near Notting Hill in West London with joint venture partners Ascendal and YOO Development.
The agreement between Atenor, which is listed on the Euronext Brussels stock exchange, and AYR, a joint venture between Ascendal Group, an international transport company, and global real estate group YooDevelopment, will unlock the redevelopment of the Westbourne Park Bus Garage site near London’s Notting Hill area.
The triangular development site is home to the main depot for Tower Transit and RATP Dev’s West London bus operations. The plan is for the bus garage to remain in operation but to be reconfigured to free up the 1.5 acres regeneration plot fronting Grand Union Canal and Great Western Road.
Details of the price paid to RATP or the gross development value have not been disclosed.
Atenor is the main equity investor and will lead the project day-to-day but collaborate closely with Ascendal and Yoo and all key decisions will be made jointly including final mix of tenures and design. Ascendal has a 50 years option on the land.
The parties said the development will "provide a highly sustainable residential-led mixed-use community which will benefit from a unique canal and park-side location, as well as superb transport connections". Further project details will be announced in the coming months, the consortium said.
Announcing the deal at the Mipim real estate conference in Cannes this morning, Eoin Conroy, country director UK for Atenor, said: “This collaboration with Ascendal and Yoo offers an exceptional opportunity to unlock the development of a high quality, sustainable regeneration project in this part of West London. As well as underlining our commitment to grow and diversify Atenor’s London development pipeline, the opportunity is very much in keeping with our approach to build strong partnerships in order to deliver highly sustainable urban regeneration projects which deliver positive social and economic impact."
Adam Leishman, chairman of Ascendal Group said: “Today’s announcement represents a meaningful step towards creating a unique ‘city-village’ London quarter founded on the principles of exceptional design, connectivity and community and celebrating the location’s heritage of nature, art and transport.”
John Hitchcox, chairman of YOO Group, added: “We are excited to work with our partners to deliver an exceptional regeneration project for this unique, richly diverse part of London and we look forward to building strong relationships with the local community and key stakeholders.”
The project is the company’s second in the London development market following the acquisition of the Fleet House office building near Blackfriars in early 2022. Atenor secured planning permission from the City of London for a green retrofit of Fleet House in January and is targeting further growth in the UK.