Contractor Ant Yapi and Fenton Whelan have agreed a £100m design and build contract to deliver the £500m Park Modern mixed-use development in London
The Park Modern design and build contract is one of the largest agreed this year for a residential-led project in central London.
Fenton Whelan has managed the construction site during demolition and groundworks and Ant Yapi will complete the development.
Park Modern is a 190,000 sq ft development providing 57 one-to-six bedroom luxury residences, as well as 30,000 sq ft of premium commercial space.
Residents in the development will have access to valet parking, resident’s lounge, a 25-metre pool, gym, spa, cinema, and treatment salon.
Once complete, Park Modern will represent a major contribution to the dramatic regeneration of the Queensway area, transforming it into the residential and retail focus of Hyde Park North.
‘Unlock significant pent up demand’
Sanjay Sharma, co-founding director of Fenton Whelan, said: “In late 2019 we did a teaser marketing and sales campaign for Park Modern and as a result of this pre-sold the first phase of apartments at values up to £4,600 per sq ft, a price record for homes on the Northern boundary of Hyde Park.
“Then, due to Brexit and the Covid-19 pandemic we decided to pause sales, incrementally progress construction and monitor the prevailing economic conditions.
“With the announcement of a vaccine and the return of confidence that by the Spring we will see the start of a return to normality, we made the decision to award in a single stage a £100m construction contract to Ant Yapi, the largest construction deal for a resi-led scheme awarded in London’s West End this year.
“We anticipate that the return to normal next year will unlock significant pent up demand in the London market and we want to be ready to be able to launch phase 2 in a strong market.”
James Van Den Heule, co-founding director of Fenton Whelan, added: “Fenton Whelan is delighted that Park Modern is now fully funded and we are pleased that Ant Yapi are now on board to deliver our vision for this transformative, parkside development.
“The design and specification of Park Modern is a fresh, contemporary approach to the London market.
“Ant Yapi has the global skill-set and expertise to deliver the world-class quality and fine attention to detail that the project requires.
“Ant Yapi has delivered projects in Belgravia and Marylebone and have been the main contractor on the Aman Hotel New York, the Zaha Hadid Capital Hill Villa and the 240m Moscow City Federation Towers.”
