Billionaire Mike Ashley stumps up £200m for luxury development in London

Sports Direct billionaire Mike Ashley has invested £200m in developing a £900m luxury home development in Chelsea.

Ashley is believed to have funded a £200m deal to snap up storage depot The Clearings in west London from John Lewis.

The site, just off The King’s Road, has planning permission for building a luxury development with 62 flats and seven townhouses.

According to the Sunday Times, it was Citygrove and McLaren Properties that paid £200m to John Lewis - £160m for the land and about £40m for the relocation of the Marlborough primary school in the vicinity. According to various media reports, it was Ashley who gave £200m to Citygrove and McLaren Properties through his company MASH Holdings.

According to accounts filed with Companies House, MASH Holdings’ earnings doubled from £256m to £543m in the year to April 30, 2014.

 

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