Quadrant has teamed up with Canadian institutional investor AIMCo to buy a site with planning permission for a 12-storey office development in the north-west corner of Nine Elms Park in Battersea.
The 140,000 sq ft office development, for which Royal Mail secured planning consent, would feature a rooftop terrace and will target BREEAM Outstanding, Wired Platinum and Well-Platinum-enabled certifications. The building would be located on the site of the former mail centre which ceased operations in 2012. The entire area spans 14 acres of which 8.35 acres have development potential.
The deal is expected to complete in December this year with construction works due to start in 2021.
“Closing this deal with a new investment partner is an exceptional achievement and highlights our continued confidence in the future of the office here in London,” said Tristram Gethin, founding partner at Quadrant.
“This development is set to become a vibrant new community, enviably positioned between the iconic Battersea Power Station and the US Embassy. Having worked closely with Royal Mail on the plans, we’re thrilled to be bringing this exciting development a step closer to reality and hope that this is the first of many projects we will be working on together with AIMCo.”
Rupert Wingfield, head of Europe, real estate at AIMCo, added:
“With the new US Embassy, the ongoing Battersea Power Station development close by and new transport infrastructure in the pipeline, Nine Elms is an exciting district within an ever-popular city and we look forward to working with Quadrant on the development of this high-quality scheme”.
Accord Europe Limited served as Quadrant’s exclusive capital advisor on this transaction.
Quadrant is a leading UK real estate operating partner with a strong history and expertise in Central London office development and UK retail & leisure. The firm has 23 years’ experience of investing in, developing and managing UK real estate through full market cycles, manages over £2 billion of assets across the UK, and its asset management portfolio exceeds 3 million sq ft. For further information on Quadrant, visit: www.quadrantestates.com.
ABOUT ACCORD EUROPE LIMITED
Accord Group Holdings LLC (“Accord”), through its affiliates, is a global capital advisor and principal investor. With its headquarters in San Francisco and personnel in Chicago, London and Seoul, Accord engages with a wide variety of participants in the real estate private equity industry. Accord Europe Limited, its broker/dealer affiliate, provides advisory and capital raising services in the United Kingdom & Europe. For further information on Accord, visit: www.accord-group.net.