02 May Urban Exposure Joint Ventures to acquire £30m mansion site on Wentworth Estate
Urban Exposure and Topland Group have acquired a prime 3.4 acre site, known as Dawn Hill, on the Wentworth Estate in Surrey, adjacent to the world-famous golf course.
Full planning consent has been granted for a new 25,000 sqft mansion on the site, with 11 bedrooms, 3 reception rooms, gym, swimming pool, spa, cinema room, lift, garaging for four cars and staff accommodation. The joint venture plans to develop the site and bring the house to market in some 24 months at a predicted gross development value (GDV) in excess of £30m.
The site is considered to be one of the finest on the Wentworth Estate – benefiting from elevated views overlooking a south-facing garden with the River Bourne along the rear boundary. Since the site is sloped, the basement level opens out to the garden allowing in ample natural light.
Tom Betts, Director of Topland said “this acquisition is an exciting addition to Topland’s already significant interests in the residential space. It also highlights Topland’s appetite to transact across the different mediums – direct investment, lending and in this case well-structured joint ventures”.
Randeesh Sandhu, Managing Director of Urban Exposure added, “we are excited to be developing this prestigious site with Topland which adds to our portfolio of Super-Prime developments. We have the ability to fund or acquire a wide range of projects from Super Prime houses to multi-unit projects – and in all aspects of the capital stack from senior and stretched senior debt, mezzanine finance, and as in this case, direct acquisition in conjunction with our JV partner.”
Urban Exposure will also asset manager the project; a development manager will be brought on board in the coming weeks.