Obsidian Strategic plans to build up a £100M land portfolio in and around London over the next three to five years. The JV between Chelsea landlord Martin’s Properties and developer BlackOnyx will focus on areas within Greater London and prime home counties, concentrating on “complex sites” that have the potential to create added value.

The new company will focus on areas where demand for housing remains strong, and will be on the lookout for mixed-use projects as well.

BlackOnyx has been developing residential projects for about eight years in prime London and is in the process of creating even larger projects in Chiswick and Guildford.

Martin’s Properties owns one of the biggest mixed-use portfolios in Chelsea. Earlier this year, the company bought Merchants Hall in Islington (shown) for £14M. The former warehouse, local listed building and adjoining property will be developed into a 25k SF mixed-use scheme with prime office space and three residential units.