Ballymore to Establish Joint Venture for Major £2bn London Residential Development Portfolio
LONDON, May 20, 2014 /CNW/ - Ballymore ("Ballymore" or "the Company"), the international property development and investment group responsible for many of London's most high-profile residential developments, announces that it has appointed Lazard and CBRE to advise the Company on sourcing a partner to finance and develop three large-scale residential developments at waterside locations in Nine Elms, Canary Wharf and Leamouth in East London in a joint venture. Ballymore will act as Development Manager for the projects.
The three schemes comprise Arrowhead Quay in Canary Wharf, Phase II of London City Island on the Leamouth Peninsula and Phase II of the hugely successful Embassy Gardens in Nine Elms. In total the developments have a gross development value of c.£2 billion and will deliver c.3,000 new residential units and 250,000 sq ft of commercial, leisure and office space, as detailed below:
- Arrowhead Quay is a planned development of two towers of 50 and 55 stories directly adjacent to Canary Wharf, designed to meet the area's growing demand for residential property. In addition to c. 990 residential units, this prime waterside development will also feature retail, leisure and café facilities and a new landscaped public plaza
- London City Island Phase II is a unique island-style neighbourhood on the Leamouth Peninsula, in close proximity to Canary Wharf and strategically situated for rail, road and air links. The development has been designed to complement the neighbouring business district with a premium residential offering of c. 1,145 units. Phase I has already commenced
- Embassy Gardens Phase II is situated next to the new US Embassy and Linear Park in Nine Elms, an area that has been described by the Mayor of London as "possibly the most important regeneration story in London and in the UK over the next 20 years." Phase I of this development has set record sales rates in the area and Phase II is set to deliver c. 870 units being built alongside retail, leisure and office facilities
Sean Mulryan, CEO of Ballymore, commented: "This portfolio is one of the largest and most significant residential development opportunities to be offered in central London. The three projects are located in very different areas, offering diversity in both geography and price point. Furthermore, both Embassy Gardens and London City Island have achieved record-breaking phase I sales values which highlights the huge potential of these three developments, which are on course to be amongst the biggest success stories in our company's history."
Ballymore Group is an international property investment and development company, focused on large-scale projects across Europe and has been a specialist in the London market for over twenty years.
Ballymore's developments have distinguished it as a leader in urban regeneration with an eye for design and innovation, with expertise encompassing land, design, architecture, planning, property and estate management, marketing and finance. From its offices in London, Prague and Dublin, it continues to pioneer ever more ambitious mixed-use projects combining residential space, office, retail, hotels and leisure facilities.
Ballymore has executed many of the most high-profile and successful developments in London including Pan Peninsula and New Providence Wharf in Docklands, the restoration of Old Spitalfields Market in Spitalfields, St Johns in Westminister and High Point Village adjacent to the proposed new Crossrail Station in Hayes. A succession of high quality, market-leading residential developments have set new benchmarks for quality, sales rates and residential values in their individual markets.
SOURCE Ballymore GroupFor further information:
Rory Godson, Justin Griffiths, Ellie Sweeney