Sable Capital acquires Apex 1 site in London for BTR

Sable Capital acquires Apex 1 – a development site in London’s Nine Elms to deliver a new Build to Rent scheme.

Concept image of the new Build to Rent scheme to be delivered by Sable Capital on the Apex 1 site in Nine Elms | BTR News
Concept image of the new Build to Rent scheme to be delivered by Sable Capital on the Apex 1 site in Nine Elms.

UK real estate company focused on the living sectors – Sable Capital – acquires the freehold of Apex 1, a residential development site in Nine Elms, London. Sable was advised by BCLP and Cushman & Wakefield, Savills advised VINCI St Modwen (VSM), and Deloitte advised Covent Garden Market Authority.

The company’s acquisition will deliver a new Build to Rent scheme using funds from its recently raised UK Build to Rent fund, which has £255m of equity commitments. Sable Capital is targeting Build to Rent investments in multifamily, single-family and senior living across the UK.

Concept image of the Build to Rent development | BTR News
Concept image of the Build to Rent development.

Sable Capital has acquired the site in London’s zone 1 from VSM, a 50/50 joint venture between VINCI UK Developments Ltd and St Modwen Developments Ltd, and Covent Garden Market Authority in Nine Elms.

The Apex 1 site has detailed planning consent for a 26-storey tower and will deliver 201 new homes, 5,242 sq ft (487 sqm) of ground floor retail space, and 27,631 sq ft (2,567 sqm) of amenity space – including a podium garden. Galliard Construction will deliver the project under a turnkey contract.

Concept image of the exterior of the new Build to Rent scheme | BTR News
Concept image of the exterior of the new Build to Rent scheme.

“While wider market conditions are presenting certain challenges, demand for rented homes in London remains strong, with rents growing at their fastest pace on record. London remains chronically undersupplied with delivery of new homes currently 60% below the London Plan target.

“This is a fantastic site in a rapidly evolving area close to the iconic Battersea Power Station. We are looking forward to working with Covent Garden Market Authority and Vinci St Modwen to deliver new public realm connecting the US Embassy to the new Nine Elms station as well as delivering 201 new homes for renters in zone 1.”

Hugo Black, Partner, Sable Capital

Located adjacent to New Covent Garden Market – Britain’s largest fruit, vegetable and flower market, the Apex 1 development site is 150 metres from the new Nine Elms underground station, which offers fast connections to the City and West End.