Global property group Goodman has confirmed the unconditional sale of the Phase 2 development land at Hammersmith Embankment, London, to St George Central London Ltd, a subsidiary of UK property developer Berkeley Group.
The two companies have agreed a sale price in excess of £80 million (approx. 92 mln.) for the 7.25 acres of land which currently benefits from a mixed use commercially led planning consent.
Jim Johnston, Goodman's Managing Director, UK Business Parks, said: "Earlier in the year we undertook a strategic review of our land bank, and identified that the site had considerable potential for residential development. This transaction has enabled us to maximize the value for the land, and we shall recycle the proceeds as part of an on-going strategy to enhance investor returns and facilitate future commercial development opportunities across our 8 million ft² consented land bank. Currently we are on site with over £90 million of committed development to Greater Manchester Police, and have a further £27 million of planned developments under offer'.
He continued: "The deal reflects the highest value and best use for the site, and we are delighted to have sold to St George who specialize in high quality residential developments in London.
Goodman will retain the two office buildings adjacent to the site, which comprises over 188,000 ft² of bespoke offices and is home to a number of companies including Opodo, Betfair and Cambian Healthcare.
Greg Fry, Chairman of St George, said: "We are pleased to acquire this site as part of our portfolio of future regeneration projects in London. Our vision is to create a vibrant, mixed use community, commensurate with this strategic riverside location. We look forward to working with the Local Authority and other stakeholders to bring this exciting regeneration opportunity to fruition."