Savills Investment Management (Savills IM) has exchanged contracts to acquire 45-53 Putney High Street and 329-339 Putney Bridge Road, which it intends to develop on behalf of its Prime London Residential Fund II (PLRDF II) in a joint venture with Trust Real Estate.
The proposal is to create a high quality residential-led mixed use development that will reflect the status of this highly desirable part of London and is expected to generate a GDV of in excess of £100m (€126.5m).
The site which is just under an acre currently comprises a collection of retail, restaurant and office uses totalling approximately 50,000ft² (4,645m²) and a large service yard. It is exceptionally situated being only a two-minute walk from the Thames, less than five minutes from Putney Station, Putney Bridge Underground Station and within a 10 minute walk of East Putney Tube.
Julian Symons, director of development at Savills IM, commented: “We are very pleased to have acquired this exciting opportunity which has the potential to create a truly special residential led scheme to enhance and uplift this part of Putney. We are confident it will have strong appeal to locals and prospective occupiers and buyers.”
Salmaan Hasan, chief executive at Trust Real Estate, commented: “This is a superb site in a favoured and popular part of South West London with close proximity to the river, several amenities and transport connections. Given these inherent characteristics, we have an excellent opportunity to deliver a high quality scheme on the site. We are also very pleased to be working with Savills IM on this initiative.”
PLRDF II has four other residential development sites in London, taking Savills IM’s current residential development pipeline for both PLRDF I and PLRDF II to in excess of £500m (€633.3m).
PLRDF II allows investors to share in development profits by investing alongside proven developers in London residential development transactions. While PLRDF I focussed on Prime Central London, PLRDF II is seeking to capitalise on the fundamental shortage of housing stock in the capital by targeting mid-market residential developments in select locations. The Fund aims to deliver a net return to investors of 15%+.
