Singapore-listed City Developments Ltd (CDL), through its subsidiary Reselton Properties Ltd, represented by Dartmouth Capital Advisors Ltd, has entered into contract for the acquisition of the £158m (€224.3m) freehold Stag Brewery land site in Mortlake, within the London Borough of Richmond upon Thames in south-west London. The acquisition is expected to be finalised by the first week of December 2015.
At 89,031m², the expansive site offers tremendous potential for redevelopment. The site has the benefit of an adopted planning brief that promotes a mixed-used scheme, which will accommodate a major residential development, new school, a hotel and other employment and leisure uses. It offers an opportunity to create a completely new riverside residential belt for Richmond, with a new green parkland spine leading from the existing commercial centre of Mortlake to the Thames.
Reselton will begin the planning and consultation process for the redevelopment of the Stag Brewery site in early 2016. Planning approval is expected to be granted in Q1 2018, and undertaken in two phases.
CDL’s acquisition of the Stag Brewery land site comes on the back of the completion of its £85m (€120.6m) purchase of the Teddington Studios land site, also in the London Borough of Richmond. The 18,211m² site was formerly the home of Pinewood Studios. CDL’s subsidiary, Pinenorth Properties Ltd, will be redeveloping the coveted Teddington Studios site into a riverside freehold condominium comprising 213 apartments, six houses, a refurbished Weir Cottage and 258 secure parking spaces, scheduled for launch in Q2 2016.
Mr. Kwek Leng Beng, CDL Executive Chairman, said, “This latest acquisition is in line with our plans to step up CDL’s overseas diversification. Greater London is a key focus for our UK real estate platform, which we established in 2013. Greater London is seen as an attractive alternative to Central London as buyers have increasingly sought more value for their money.
“London Borough of Richmond is one of the most desirable locations for living and working in London. Mortlake is a 25-minute journey by train to Central London and buyers are drawn to its picturesque river views and abundant greenery. The Stag Brewery site, widely accepted as one of the best development opportunities on the River Thames, is CDL’s eighth acquisition in the UK. We will continue to build traction and capitalise on property development and investment opportunities in the UK.”
With this latest acquisition, CDL has invested a total of £411m (€583.2m) in eight prime freehold properties in the UK.