Oxley Buys 40-Acre M-U Site in London
- Nov 08, 2013
Singapore-listed property developer Oxley Holdings Ltd. has acquired Royal Wharf, the largest mixed-use site in London since Battersea Power Station. Knight Frank LLP, acting for Ballymore Group, identified Oxley as a key buyer.
“Interest for this opportunity was very strong from both the U.K. and overseas,” said Charlie Hart of Knight Frank. “Oxley have arrived with a ‘bang’ and will no doubt offer a very exciting contribution to the London market. They have very similar values to Ballymore, which has great implications to our market.”
Oxley Holdings Limited plans create a whole new district and develop the entire 40 acres into approximately 3,400 residential units and various commercial, retail, leisure and educational facilities. It is estimated that about 10,000 people will live in the Royal Wharf area upon completion of the project.
“Royal Wharf is an outstanding opportunity and offers a blank canvas to create something very special for London. It has over 500 meters of river frontage with a Crossrail station 1km away,” said Oxley Chief Executive, Ching Chiat Kwong. “Oxley now has the opportunity and responsibility to deliver this fantastic project, picking up the baton from Ballymore. Oxley will create a vibrant district and the opportunity cannot be missed by Londoners.”
The Royal Wharf site already has planning consent in place for a 363,000-square-meter (3.9 million-square-foot) development, with 3,385 homes, a new school, shops, offices and riverside restaurants.
The Mayor of London, Boris Johnson revealed that he presented the Royal Wharf development opportunity to potential investors, including Oxley, during his trade mission to China in October 2013. In a statement he said: “My team and I met with Oxley Holdings on our trade mission to China last month and I am thrilled at this demonstration of their confidence in our great city. This type of deal is exactly why I spent six days meeting businessmen and officials in China banging the drum for the capital.”
According to London & Partners, the Mayor’s official promotional organization for London, the Royal Wharf deal is the latest major investment by an Asian developer into regeneration opportunities in London. China-based ABP announced earlier in 2013 a £1 billion ($1.6 billion) plan to transform London’s Royal Docks into a business park. Dalian Whanda, also from China, announced it will invest £700 million ($1.1 billion) into a new luxury hotel at Nine Elms.
“This is another vote of confidence in the regeneration of London, indicating the enormous development opportunities that are available along the River Thames and in East London as part of our Olympic legacy,” said David Slater, director of international business development at London & Partners. “It also shows how international investors are accelerating redevelopment projects across London – delivering affordable housing, jobs and economic growth for the city’s increasing population.”