Ballymore puts giant Royal Docks site on the block

By Paul Norman - Thursday, April 25, 2013 10:06

Ballymore is bringing to market Royal Wharf, a major mixed-use development opportunity in east London’s Royal Docks.

The 37 acre site fronts onto the River Thames. The consented master plan of 363,000 sq m comprises 3,385 homes, a new school, shops, offices and riverside restaurants. Planning permission for Royal Wharf was consented in 2012.

Ballymore said it has taken the decision to sell Royal Wharf following a business plan review in which a number of strategic asset sales are required to support its active developments and pay down debt.

Ballymore said Royal Wharf and Old Spitalfields Market were considered appropriate assets to sell given their likely appeal to the market.

Ballymore’s landmark developments in London include Embassy Gardens, West Hampstead Square, Bishopsgate Goods Yard (in partnership with Hammerson Plc.), 21 Wapping Lane, Providence Tower and Leamouth Peninsula in east London.

Ballymore has a land bank capable of delivering circa 20,000 residential units across central London.

Royal Wharf is to be sold by joint selling agents Knight Frank and Alan Selby & Partners.

Sean Mulryan, Founder, Chairman and CEO of Ballymore Group said: “Royal Wharf is a unique opportunity in terms of scale for central London particularly given its position on the River Thames. This location is already serviced by some of the best public infrastructure in London including two vast public parks, the DLR, Jubilee line and London City Airport. In addition, when Crossrail arrives in 2018 this will be a game changer.

“The project offers the opportunity to create a new Central London neighborhood with schools, shops, businesses and homes but with buildings at a scale that do not present the same risks as high rise developments.”

Charlie Hart, Partner at Knight Frank said “Historical data shows that the supply of new housing in London has failed to keep pace with demand for many years. This imbalance looks set to continue with our research highlighting a significant current shortfall in delivery.

“Royal Wharf offers an outstanding “ready to go” riverside opportunity which can capitalise on current and future demand. Its scale is virtually unrivalled in London and offers the ability to define an entire district. The introduction of Crossrail to the area in 2018 must not be underestimated either – this will have a dramatic impact on both pricing and demand."

Alan Selby, Senior Partner at Alan Selby & Partners, said: “Linked to the success of Canary Wharf as a major global financial center and already served by exceptional transport infrastructure, the regeneration of the Royal Docks has been catalysed by the success of the 2012 Olympic Games and the forthcoming introduction of Crossrail. The Excel Centre, Siemens Crystal Building, The University of East London and City Airport are all heavily investing in the area, confirming the redevelopment of the Royal Docks is already well underway.”

Get CoStar News in your Inbox – sign up for free

pnorman@costar.co.uk

Get in Touch
+44 203 205 4600