The joint venture bought the 0.8 hectare Alpha Place site for £50m, which already had planning permission for residential accommodation, and has worked with the Royal Borough of Kensington and Chelsea to amend the proposed scheme.
The revised planning proposals include 25 new "prime lateral apartments", that will be sold on the open market, 13 on-site affordable flats, a residents-only leisure facility and 47 underground car parking spaces.
“Chelsea is one of the most sought-after residential locations in the world and the Alpha Place project will be very much in keeping with our strategy to meet the sustained demand for prime London property from international investors," said Alastair Nicholls, chief executive of Native Land.
The joint venture altered the existing planning proposals for the scheme with the agreement of the Royal Borough of Kensington and Chelsea. Changes include the relocation of the main entrance of the scheme to Chelsea Manor Street and the introduction of floor to ceiling windows. In addition, Native Land and Grosvenor have made extensive improvements to the internal layouts of the apartments, the joint venture said.
Construction is due to commence in summer 2012 with completion expected in spring 2014.
