Ballymore Seeks JV Partner for $3.4B Residential Development Portfolio in London
- May 23, 2014
International property development company Ballymore has launched the search for a joint venture partner to finance and develop three large-scale residential projects in East London.
Lazard and CBRE are advising the company in the selection process, Ballymore announced.
Located at Canary Wharf, Leamouth and Nine Elms, the new developments will bring a total of 3,000 new residential units and 250,000 square feet of commercial, leisure and office space.
Ballymore will act as development manager for the projects, which have a gross development value of about £2 billion ($3.4 billion).
At a waterside location in Canary Wharf, Ballymore is planning the construction of Arrowhead Quay, a mixed-use complex comprising two towers of 50 and 55 stories. Upon completion, the project will feature 990 residential units, a new landscaped public plaza along with leisure and café facilities.
On the Leamouth Peninsula, Ballymore is proposing the development of London City Island Phase II, a unique island-style neighborhood of about 1,145 residential units. The first phase of the project is currently under construction.
In the Nine Elms district, next to the new U.S. Embassy and Linear Park, Ballymore is planning the development of Embassy Gardens Phase II, which will include 870 residential units, as well as retail, leisure and office facilities. The first phase of the project has been highly successful, setting record sales rates for Nine Elms, an area described by the Mayor of London as “possibly the most important regeneration story in London and in the U.K. over the next 20 years.”
“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,” Sean Mulryan, CEO of Ballymore, said in a news release.
With offices in London, Prague and Dublin, Ballymore Group is an international property investment and development company that focuses on large-scale projects across Europe. A specialist in the London market for more than 20 years, Ballymore Group is responsible for many of the city’s high-profile developments 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.