Savills wins control of a chunk of Kensington

Upmarket property firm Savills is to take over management of the Phillimore Estate in Kensington, one of London's most exclusive areas.

Upmarket property firm Savills is to take over management of the Phillimore Estate in Kensington, one of London's most exclusive areas.

Trustees of the estate put the management contract out to tender after the collapse of estate agent Chesterton ended a 200-year relationship. The Phillimore Estate was Chesterton's first client.

The estate, estimated to be worth around £300m, covers 20 acres and is home to some of London's most sumptuous homes. Prices of around £4m are not unusual, and Knight Frank currently has a six-bedroom house on the estate for sale at £25m. A five-bedroom apartment is available to rent for £3,500 per week. Parts of High Street Kensington, including shops and flats, are also owned by the estate.

Savills won the management contract, which is open ended, after a competitive pitch. William Donger, a director at the group, said: "Savills is a business that focuses on the top end of the market and it's a very prestigious estate. That's where we want to be seen to be operating. It's self-contained and it is small in terms of London estates, but it is very high value."

Mr Donger said Savills, which will take over full management on 1 July, would carry out a range of work on the estate, including negotiating leases, agreeing refurbishments and "maintaining standards and making sure the area is up to scratch". Financial details have not been disclosed.

The land came into the Phillimore family in 1696, when Joseph Phillimore married Anne, an illegitimate daughter of Laud D'Oyley, a draper. The area remained as farmland until the late 1700s, when the first development got under way. But it was not until 1855 that the bulk of the development was carried out, with the building of 215 houses over the following years.

Chesterton was put into receivership in March. It emerged that the group had lost around £2m in the previous seven months, despite the UK enjoying one of the strongest property markets for a decade.