Sable Capital has acquired a residential development site in Nine Elms, using funds from its recently raised UK BTR fund.
The newly established vehicle has acquired the freehold of Apex 1, a residential development site within London’s zone 1 from VINCI St Modwen (VSM), a 50/50 joint venture between VINCI UK Developments Ltd and St Modwen Developments Ltd, and Covent Garden Market Authority in Nine Elms.
The site benefits from detailed planning consent for a 26-storey tower incorporating 201 private homes, as well as 487m2 of ground-floor retail space and 2,567m2 of amenity space, including a podium garden. Adjacent to New Covent Garden Market, Britain’s largest fruit, vegetable, and flower market, it is 150m from the new Nine Elms Underground station with fast connections to the City and West End. Galliard Construction will deliver the project under a turnkey contract.
Hugo Black, Partner at Sable Capital, said: “While wider market conditions are presenting certain challenges, demand for rented homes in London remains strong, with rents growing at their fastest pace on record. London remains chronically undersupplied with delivery of new homes currently 60% below the London Plan target. “This is a fantastic site in a rapidly evolving area close to the iconic Battersea Power Station. We are looking forward to working with Covent Garden Market Authority and Vinci St Modwen to deliver new public realm connecting the US Embassy to the new Nine Elms station as well as delivering 201 new homes for renters in zone 1.”
Sable was advised by BCLP and Cushman & Wakefield; Savills advised VSM; Deloitte advised Covent Garden Market Authority