London Square has agreed to purchase the final three phases of the site in a deal worth £400m in gross development value – and struck a partnership deal with build-to-rent pioneer Moda Living on land for two buildings on the site.
The land deal sees London Square exchanging contracts on 3.04 acres for £111.23m to deliver 756 homes across three sites.
London Square will deliver 186 private for sale apartments in a 22-storey three-sided bronze panelled building by architects Allies and Morrison which is set to be the tallest building in Nine Elms Park.
The acquisition paves the way for the launch of the company’s new build-to-rent division London Square Living.
A new partnership has also been agreed with Moda Living who will develop 437 apartments across two blocks ranging from nine to 13 storeys with London Square overseeing construction.
The sale of the final parcels of land to London Square and Moda Living will be the final piece of the regeneration at the 14-acre site of the former Royal Mail delivery office.
Adam Lawrence, Chief Executive, London Square, said: “We are delighted to be working with Moda Living, with its excellent reputation for delivering high quality homes and lifestyles.
“Nine Elms Park is an outstanding opportunity for us, delivering an exceptional landmark 22-storey building with homes for private sale in a prime location and enabling us to showcase the breadth of our offering with the launch of our build-to-rent division, London Square Living.
“We are building a much-needed pipeline of homes for rent, as well as affordable homes, alongside our longstanding track record of delivering exceptional homes for sale in the capital.”
Johnny Caddick, Chief Executive, Moda Living said: “We are excited to bring our brand to London, and this is the perfect place for our flagship scheme.
“With our core brand proposition focussed on unparalleled customer service, resident wellbeing, technology, community and ESG we aim to attract a broad demographic of members from across the capital and beyond.
“Our structure is now set up to deliver and operate thousands of homes for rent per annum across the UK and naturally London forms a a key piece of the jigsaw for our portfolio weightings.”