Ballymore seeks joint venture partner for three residential projects in London

20 May 2014 (Last Updated May 20th, 2014 18:30)

Ireland-based Ballymore Group is seeking joint venture partners for the development of three major residential projects in London, worth £2bn.

Ballymore

Ireland-based Ballymore Group is seeking joint venture partners for the development of three major residential projects in London, worth £2bn.

Ballymore has appointed Lazard and CBRE to advise on finding a suitable partner for the development of homes, leisure facilities and offices.

A total of 3,000 residential units will be built under the three projects, which will also feature 250,000ft² of space for commercial and leisure activities, and offices.

The three projects are phase two of London City Island on the Leamouth Peninsula, phase two of Embassy Gardens in Nine Elms and Arrowhead Quay in Canary Wharf.

Arrowhead Quay will be located next to Canary Wharf and will feature two towers of 50-storeys and 55-storeys, which are designed to meet the area's growing demand for residential property.

The two towers will have 990 residential units, retail, leisure and café facilities, and a new landscaped public plaza.

Phase two of London City Island will involve the construction of 1,145 residential units to complement the neighbouring business district.

"Embassy Gardens and London City Island have achieved record-breaking phase one sales values, which highlights the huge potential of these three developments."

The second phase is planned to be built next to the new US Embassy and Linear Park in Nine Elms and will see the construction of 870 residential units alongside retail, leisure and office facilities.

Ballymore CEO Sean Mulryan said 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 one 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," Mulryan said.


Image: Artist's impression of the Arrowhead Quay residential towers in London. Photo: courtesy of PRNewswire/Ballymore Group.