Barratt today announces an expansion of its London business with confirmation that two further joint ventures would bring the gross development value (‘GDV’) of the Group’s JVs in the capital to over £2.0 bln.
The two new JVs taken together would bring a total of c.1,100 much needed new homes for London and Barratt confirmed that it was now targeting 2,000 completions per year from its London business in the medium term.
In their first major partnership, British Land and Barratt London have secured planning permission for 463 homes, a 160 room hotel, retail and office space at Aldgate Place on the edge of the City.
The development, which is adjacent to the Barratt London Alie Street site, will include three towers of over 20 stories as well as public open space and a pedestrian street. It will have a GDV of around £250 million (approx. €290 million) and work is scheduled to start early in 2014.
Barratt London has also confirmed that it is progressing a further JV with L&Q, to develop the Sainsbury’s site at Nine Elms. The site has GDV of £425 million with a detailed planning permission for 645 homes, a new Sainsbury’s store and c. 27,000 ft² (approx. 2,508 m²) of retail and office space. This will be the Group's fourth JV in London with L&Q.
Barratt Developments PLC is today hosting an event for sell-side analysts to provide an overview of the Group's London operations which will include a visit to sites at Altitude, Alie Street and Fulham Riverside, Fulham.
Source: Barrat Developments