CIT acquires prime St John's Wood residential development site for £51m February 28th 2010

CIT Group Plc has announced it has completed the acquisition of a prime residential site overlooking Regent's Park and primrose Hill in St John's Wood, London for £51m.

The one acre site at 40-49 St Edmunds Terrace was acquired from the receivers, with the simultaneous acquisition of a further 0.5 acre plot on Camden Road to provide off-site affordable housing accommodation.

CIT is leading its design and consultant team, to bring forward a scheme that will deliver a c100,000 sq ft private residential apartment scheme over a projected four year development programme. On Camden Road, the vacant Twyman House office building is designated to provide affordable accommodation comprising flats and some town houses.

John Barroll Brown, Chairman and CEO of The CIT Group of Companies commenting on the acquisition said: " This prime site in St John's Wood, in a much sought after exclusive location, represents a significant discount from the market peak. The views from and the scale of the site provide a significant opportunity to deliver a premium scheme. Its acquisition fits directly with our business philosophy of securing niche opportunities where significant added value can be delivered through development and asset management."

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