The Ransomes Wharf site has an existing planning permission for 118 apartments, eight commercial units and 103 car parking spaces. Source: CDL
City Developments Limited (CDL) has exchanged contracts to acquire the 0.65ha Ransomes Wharf site in Battersea, London from Curatus Trust.
To be acquired for £58 million (S$103.2 million) and phased over the next 18 months, the freehold site will be developed into a luxury residential project with a gross development value of around £222 million (S$395.2 million).
The site is located within “Battersea’s creative quarter”, and has an existing planning permission for 118 apartment units, 103 car parking spaces and eight commercial units totalling 21,980 sq ft at the ground and lower ground floors.
The six residential buildings of up to 10 storeys will feature 21 one-bedders, 45 two-bedders, 19 three-bedders and nine two- to four-bedroom penthouses.
In a statement, CDL revealed that construction work for the project will start this spring.
“The UK is one of CDL’s key overseas markets for strategic diversification. Through our partnership with Dartmouth Capital, we have purchased this site as part of our continuing focus on the suburban London market in search for the best value in creating highly desirable living and working environments in London,” said Kwek Leng Beng, Executive Chairman of CDL.
He noted that the Ransomes Wharf development is timely considering the recent major pre-let to Apple Corporation at Battersea Power Station.
“Ransomes Wharf should be appealing to Apple and other relocating organisations, such as the new US Embassy, as Ransomes is just across Battersea Park and will offer an attractive and established alternative to living at Nine Elms,” he said.
CDL revealed that the acquisition adds to its “portfolio of Thames-side luxury residential developments that are currently in the pipeline, including the 22-acre freehold Stag Brewery site in Mortlake and the 220-unit residential development on the former Pinewood Studios freehold site in Teddington, both in South West London”.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
