Greystar has announced today (14 June 2021) that it has purchased a £31m, 0.84-acre site in Battersea, London, subject to planning. Greystar was advised by Cushman & Wakefield and the vendor was advised by Savills.
The site currently houses a two-storey retail building let to Halfords and Pets at Home. It has base planning consent for residential, granted in 2019 by the London Borough of Wandsworth. Instead of 150,000 sq ft, Greystar will propose a revised plan designed by architect Hawkins Brown for a new building containing nearly 500 units and ancillary commercial space.
Situated at the junction of Lombard Road and York Road in an established residential neighbourhood, the site is within walking distance of a variety of local shops and restaurants in both Battersea and Clapham. It benefits from excellent public transport connectivity, including National Rail links at Clapham Junction Station. Battersea Park is also within walking distance – with its sports centre, tennis courts and 200 acres of parkland.
“The site provides an opportunity for us to deliver a development from the ground-up in a well-connected central London location. We are proposing a purpose-designed, highly amenitised concept that will bring a new type of product to this part of London to meet pent-up demand and emerging customer requirements.
“We look forward to collaborating with the London Borough of Wandsworth to refine our plans and hope to unveil our design later this year. There has been a surge of activity in the UK since Covid restrictions started to ease and we are actively looking for further acquisitions, so that we can continue to expand our European platform.”Mark Allnutt, Senior Managing Director – Europe, Greystar