Orion Capital Managers has bought a second site in London for a luxury residential development. The London-based fund manager is believed to have paid around £85 mln (EUR 97 mln) for the one acre freehold site located between Glebe Place and Old Church Street in the heart of Chelsea

The vendors are DMQ Chelsea Limited and Mainstride Limited, who bought the site in 2004. Planning consent is in place for a scheme designed by Foster + Partners with six apartments, a duplex penthouse and two large detached villas.

The value of the completed development, which will include a concierge, swimming pools, parking and leisure facilities, is put at £250 mln. Construction is due to start within the next six months with completion expected in 2014.

The land deal follows hard on the heels of Orion's purchase of a residential development site at City Road, London in May. Orion plans to develop a £150 mln (EUR 171 mln) luxury residential scheme on this site which it acquired from a 50:50 partnership between developer Groveworld and City Road Basin Limited.