Leading residential developer London Square has agreed to purchase the final three phases of the Nine Elms Park development site in a deal worth £400m in gross development value. The developer has also struck a partnership deal with Moda Living on land for two buildings on the site.
Backed by Ares Management, London Square has exchanged contracts on 3.04 acres for £111.23m in central London’s largest regeneration area – to deliver 756 homes across three sites. The acquisition paves the way for the launch of London Square Living, the company’s new Build to Rent division which sources sites and develops them for rental.
A new partnership has been agreed with Moda Living, launching with Nine Elms Park. Moda Living will develop 437 best-in-class Build to Rent apartments across two blocks ranging from nine to 13 storeys. The scheme will benefit from Moda’s usual provision of market leading amenities including private dining rooms, resident gardens, 24-hour concierge, cinema room, co-working spaces with meeting rooms, gyms, sun decks with entertainment and planting zones and children’s play areas. All of the buildings sit at the heart of the wider Nine Elms Park masterplan overlooking a central landscaped park.
This is Moda Living’s first London scheme, situated in Zone 1 and designed exclusively for rent and all operated by Moda for the long term. The blocks will also have 30 affordable Build to Rent homes and 103 affordable rent homes, which will be managed by Paragon Asra Housing – and London Square will undertake the construction.
“London Square and Ares are fantastic partners to bring forward this world class masterplan. 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.
“With our core brand proposition focussed on unparalleled customer service, resident wellbeing, technology, community and ESG we aim to attract a broad demographic of members from across the capital and beyond. 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 key piece of the jigsaw for our portfolio weightings.”Johnny Caddick, Chief Executive, Moda Living
London Square will also deliver 186 private for sale apartments in a striking 22-storey three-sided bronze panelled building by award-winning architects Allies and Morrison, with retail and restaurant space at ground level. The tower is set to be the tallest building in Nine Elms Park, with outstanding river views and located opposite the US Embassy.
The masterplan for Nine Elms Park has been created by Allies and Morrison, with architects Morris & Company and Gort Scott collaborating on the Moda buildings.
“We are delighted to be working with Moda Living, with its excellent reputation for delivering high quality homes and lifestyles. Nine Elms Park is an outstanding opportunity for us, delivering an exceptional landmark 22-storey building with homes for private sale in a prime location and enabling us to showcase the breadth of our offering with the launch of our Build to Rent division, London Square Living. 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.”Adam Lawrence, Chief Executive, London Square
The sale of the final parcels of land to London Square and Moda Living will be the final piece of the regeneration at the 14-acre site of the former Royal Mail delivery office, which closed in 2017, and mail centre, which closed in 2012. The development will also complete the last section of Nine Elms Park, which is located in the Vauxhall Nine Elms Battersea Opportunity Area.
Spanning over 560 acres, the area is the largest regeneration zone in central London, aiming to deliver 20,000 new homes and 25,000 new jobs. A Linear Park has been created to form a green ribbon of landscaped routes through Nine Elms Park, connecting public squares, green spaces, shops, cafes and restaurants. Running through Nine Elms from Battersea Power Station to Vauxhall Cross, the park links at four key points to the Thames River Path. Nine Elms Park will deliver nearly 2,000 homes, a primary school and retail and commercial opportunities at street level. In addition to the US Embassy, Apple, Penguin Random House and the Royal College of Art will be moving into the regeneration zone.
The area’s excellent transport links have been boosted by the recent Northern Line extension opening – with new stations at Nine Elms and Battersea Power Station bringing Westminster, the City and Leicester Square within a 15-minute tube journey. Nine Elms is also within walking distance of the Houses of Parliament and the South Bank.