Development Securities PLC, in partnership with Cathedral Group plc, announces that it has completed the acquisition of the 2.2-acre site in Greenwich town center for £16 million (approx. 20 million), enabling the development of The MVMT, a 350,000 ft² (approx. 32,515 m²) mixed-use regeneration scheme, to commence.
Following on from its earlier announcement that it had exchanged contracts for the £50 million (approx. 32 million) GDV residential element of the scheme with Willmott Dixon, Development Securities confirms that this disposal has now completed.
In addition, contracts for sale have been exchanged with McLaren at £8.3 million (approx. 10.3 million) for the land element of a 358-bed 'student village' with the deal due to complete in August.
Development Securities entered into a joint venture with Cathedral Group in September 2010 and secured planning consent in 2011 to regenerate and thus reposition this derelict industrial site into a high quality mixed-use development.
The partnership will commence enabling and infrastructure works immediately to prepare the site for development.
The hotel element has been pre-leased to Travelodge and negotiations are in hand regarding its long-term institutional funding.
The final and smallest stage of the regeneration scheme comprises circa 25,000 ft² (approx. 2,323 m²) of mixed-use leisure and retail space.
Michael Marx, Chief Executive, Development Securities: "This is a good example of the successful implementation of our strategy to create value by repositioning secondary or tertiary real estate into prime or near-prime development via the process of regeneration."
Source: Development Securities