London Square inks £400m deal to buy final phases of Nine Elms development
Residential developer London Square has inked a £400m deal to buy the final three phases of the Nine Elms Park development site in Battersea, south London.
London Square has also agreed a partnership deal with build-to-rent developer Moda Living on land for two buildings on the site.
London Square has exchanged contracts on a total 3.04 acres for £111.23m, to deliver 756 homes across three sites. The developer has been backed by Ares Management.
Some 186 private for sale apartments will make up what will be the tallest building in Nine Elms Park, a 22-storey building designed by architects Allies and Morrison.
Johnny Caddick, chief executive of Moda Living said: “It’s a statement of our intent that our first London scheme is in Zone 1 alongside the American Embassy. We are excited to bring our brand to London, and this is the perfect place for our flagship scheme.
He added: “Our structure is now set up to deliver and operate thousands of homes for rent per annum across the UK and naturally London forms a a key piece of the jigsaw for our portfolio weightings.”
Moda Living is to develop 437 apartments across two blocks ranging from nine to 13 storeys.
There will also be 103 affordable rent homes, to be managed by Paragon Asra Housing, and 30 affordable build-to-rent homes.
Adam Lawrence, chief executive of London Square, said: “We are delighted to be working with Moda Living, with its excellent reputation for delivering high quality homes and lifestyles.
“We are building a much-needed pipeline of homes for rent, as well as affordable homes, alongside our longstanding track record of delivering exceptional homes for sale in the capital.”