Beltane and TPG Angelo Gordon secure a £175m development financing loan from BGO for Notting Hill Place
Construction has commenced on this landmark office-led scheme in Notting Hill.
Beltane Asset Management (Beltane) and TPG Angelo Gordon have secured a £175m development financing loan from BGO to deliver Notting Hill Place. Midgard City, JRL Group’s commercial division, is on site leading the construction of this major mixed-use scheme in the heart of Notting Hill Gate.
The development will deliver a comprehensive transformation of the 1.2 acre site, including a total 170,000 sq ft of high-quality office accommodation, ground floor retail units and a social block including an NHS medical centre. Recognised by the Royal Borough of Kensington and Chelsea as key to the wider regeneration of Notting Hill Gate, the mixed-use site currently suffers from poor pedestrian connections, inadequate access for people with disabilities and unattractive public realm. The project, led by Beltane, is set to significantly enhance the public realm and provide long-term value to the local area.
2025 marks ten years since an initial planning application to redevelop the site, submitted by the building’s former owner with a residential-led proposal. In 2022, Beltane and TPG Angelo Gordon acquired the estate with a renewed vision for its future. Their revised plans received unanimous approval from the Royal Borough of Kensington & Chelsea and, with construction progressing well, completion is expected in summer 2027.
Designed by Squire & Partners, a key aspect of the project involves the adaptive re-use transformation of the existing 1950s Newcombe House tower structure. Retaining 80% of the concrete frame, the tower will be refurbished and extended to create 14 floors of premium commercial office space with striking panoramic views across London. Each floor will benefit from terraces with the top floor benefitting from a magnificent sky garden. In addition to significant embodied carbon savings, the project is targeting a BREEAM rating of Excellent, reflecting Beltane and TPG Angelo Gordon’s commitment to environmental performance and resource efficiency.
The existing low-level buildings along Kensington Church Street have been demolished to make way for further office and retail. A new, six-storey building on Kensington Church Street will offer retail space on the ground floor and additional workspace on the upper floors, with landscaped terraces on each level. Occupiers will have the option to lease this building and the neighbouring Newcombe House tower as one. A further eight-storey building will provide a medical centre, designed in collaboration with the NHS.
The Notting Hill Place project will create over triple the amount of daylight to the public square at Notting Hill Gate than before, in addition to improved and widened pedestrian connection to Uxbridge Street and a covered colonnade stretching along Kensington Church Street, offering more space for pedestrians at street level.
Duncan Roe at Beltane said:
“Securing development financing from BGO marks a significant milestone for Beltane as we move forward with Notting Hill Place. This project represents a major investment for Beltane and includes yet another high-quality, sustainable, adaptive re-use office scheme in a prime London location. With demolition complete and construction well underway, we’re confident Notting Hill Place will resonate with forward-thinking occupiers seeking a well-connected, amenity-rich location for their business.”
Jim Blakemore, Managing Partner and Global Head of Debt at BGO said:
“We’re really pleased to be supporting such an important project in Notting Hill, one of London’s most vibrant neighbourhoods and one which is severely lacking in modern office space. This development will ultimately deliver best-in-class accommodation in a prominent location which we expect to appeal to a broad range of occupiers. We’re also pleased to be working with the teams at Beltane and TPG Angelo Gordon in this latest venture in their long-standing partnership together.”
Mike Diana, Managing Director at TPG Angelo Gordon said:
“We are excited to be delivering another high-quality office scheme alongside our long-term partners at Beltane. Notting Hill Place represents a unique opportunity to create grade A office space at scale amid a period of strong tenant demand and significant lack of new supply in the West End market, particularly from 2027 onwards. With the support of our delivery and financing partners, Midgard and BGO, we are confident this project will cater to occupiers’ increasing demand for thoughtfully designed, Grade A office space in London.”
Knight Frank has been appointed to provide lease advisory services.