Nine Elms Park E, F & G
Sites acquired

Sites acquired

13/12/2021 by Buildington
 
Site acquired

London Square has acquired the final three phases of the Royal Mail’s Nine Elms Park site and announced the launch of London Square Living – the company’s new Build to Rent division.

London Square Living, which sources sites and develops them for rentals, has five new BTR sites in the pipeline with over 1,000 homes, in addition to the Nine Elms Park site.

A total of 756 homes across three buildings will be built by London Square. The BTR element delivered in partnership with Moda Living includes 437 apartments across two blocks and 186 private for sale apartments opposite the US Embassy in a 22-storey building by Allies and Morrison. This will be the tallest building in Nine Elms Park, with outstanding river views and featuring luxury retail and restaurant space at ground level.

The blocks will contain 103 affordable rent homes, to be managed by Paragon Asra Housing, and 30 affordable build-to-rent homes.

Adam Lawrence, Chief Executive, London Square, commented: "Nine Elms Park, plus five sites lined up, marks an impressive debut for London Square Living. This demonstrates our continued investment and backing for the capital and the people who live and work here by building homes for rent as well as affordable homes, together with our longstanding track record of delivering exceptional homes for sale, across Greater London."

Royal Mail plc (RMG.L) announced that contracts have been exchanged for the sale of the three remaining plots (Plots E, F and G) for a total gross consideration of £111.23 million. The sale of the 3.04-acre site is on a conditional basis.

A deposit of 10 per cent (£11.123 million) has been paid on exchange of contracts, with the remaining 90 per cent (£100.107 million) payable on completion of the transaction expected in early 2022. Cash proceeds from the sale will be used in line with the stated capital allocation policy, with around £35 million to be re-invested into the Nine Elms site.

Martin Gafsen, Group Director of Property & Facilities Solutions, Royal Mail, commented: "The sale of plots E, F and G on our Nine Elms site to London Square marks the final step in our contribution to the emerging residential community in this exciting new area of the capital. The new development will create more housing, including affordable units, as well as community facilities and more public space."

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