Barratt Developments announces today that its London division has acquired two new major development sites in London with a gross development value of £400 mln (approx. 483 mln). The two new sites - Blackfriars Road in Southwark, and Cannon Wharf, Surrey Quays - will provide more than 1,000 homes for the Capital.
The site at Cannon Wharf will comprise 679 units, of which 562 will be private, and 70,913 ft² (approx. 6,587 m²) of commercial/retail floor space. The site currently accommodates an existing business center and a number of open sided warehouse units together with a large car parking area. The development on Blackfriars Road will comprise up to 400 units providing both open market and affordable units.
These two new projects follow the recently acquired site at Trenchard House, Soho, W1.
The former Metropolitan Police hostel has been vacant for the last 11 years and in partnership with United House, Barratt London will build 13 luxury penthouse apartments and 65 low cost market rent apartments.
The next six months will also see Barratt London marketing four new prestigious developments which will, over the life of the sites, result in a total of c. 1,200 homes at Fulham Riverside (SW6), Horseferry Road (SW1), Altitude (E1) and Queensland Terrace (N7).
Barratt is the only national house builder with a significant long term presence in London and all of these developments fit with Barratt's greater focus on projects within Zone 1 and 2. Barratt has a 30 year track record in the Capital and has built over 26,000 homes.
Mark Clare, Chief Executive of Barratt Developments plc said: "We are delighted to have secured these high profile projects within London. Barratt has a strong track record of delivering in London and our capability to design, build and sell large complex schemes is giving us a competitive advantage in the Capital.
Our London portfolio is expanding fast we now have over 3,000 units under construction on 22 sites across 17 boroughs providing homes ranging from £145,000 to c. £5.0 mln (approx. 171,000 to 6 mln). Our business in London continues to perform especially well and pricing remains robust."
Source: Barrat Developments