AREA buys stake in London resi tower

The New York firm has reportedly taken a 40 percent stake in The Heron, which will comprise of 284 apartments

New York-based AREA Property Partners has reportedly taken a 40 percent stake in a high-end residential tower in the centre of London.

In an interview with Bloomberg, head of Europe, William Benjamin, said the developer Heron International was about the start construction of the building, called The Heron, which according to the project’s website will comprise 284 apartments in a range of unit sizes over 34 stories.

Heron International is the property company of UK entrepreneur, Gerald Ronson.

“It’s a great location in a great city,” Benjamin reportedly said. “Ronson’s been in the business for 50 years and seen lots of cycles, so I think he knows what works and what doesn’t.”

The report added Heron had already sold about 30 percent of the apartments, according to Lisa Ronson, the company’s marketing director. The residential tower is sited next to the Barbican music complex. It will include a school of performing arts on the first six floors as well as a roof garden and private club for tenants, with completion due in 2013.