Do you have £225 million to spend on your next north London home? If so, you might consider the 5.5-acre St John's Wood Barracks site that is for sale via Knight Frank, on behalf of the Eyre Estate private family trust.

The place has been a barracks since 1804, but the present occupiers, Royal Artillery's Kings Troop, will vacate by early 2012, as part of a planned move to a new facility in Woolwich. Prior to becoming a barracks, the land was part of a farmed estate.

Planning permission has been granted for 133 properties. These include 74 private residential units (totalling 310,000 sq ft of net saleable area with underground car parking) and 59 affordable units (49,000 sq ft).

Accommodation will be a mix of houses and flats, with the largest semi-detached villa extending to almost 10,000 sq ft. The planning permission provides for the existing buildings to be demolished, apart from the Grade II listed Riding School, which will be retained and converted into a gym and swimming pool for the use of the residents of the scheme.

Knight Frank's Ian Marris says: "The release of St John's Wood Barracks has been much awaited, as the market recognises this site as one of the most important prime development opportunities to have been made available for years. The planning permission has been carefully considered to ensure the scheme can be implemented with only minor amendments. This development will redefine the St John's Wood market and will allow the completed accommodation to compete, from a quality and price perspective, with the very best London has to offer. The development will be one of London's most exclusive addresses, drawing on both the high quality of the flats and houses and of the location itself."