Quadrant partners with AIMCo to acquire prime Nine Elms Park site
Quadrant, a UK real estate asset management and development company, has teamed up with AIMCo (Alberta Investment Management Corporation), a Canadian institutional investor, to acquire a prime central London office development site on the north-west corner of the flourishing Nine Elms Park in Battersea.
The 12-storey, 140,000 sq ft office building, for which Royal Mail secured planning consent, features a rooftop terrace and will target BREEAM Outstanding, Wired Platinum and Well Platinum-enabled.
The wider masterplan for Nine Elms Park is centred on a linear park – a continuous green corridor providing a landscaped, car-free pathway from the iconic Battersea Power Station and the Northern Line extension past the US Embassy and to Vauxhall Cross.
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 are developable in line with the outline planning consent granted by the London Borough of Wandsworth.
Nine Elms Park is also situated in the Vauxhall Nine Elms Battersea Opportunity Area (VNEB). Spanning 227 hectares, it is the largest regeneration zone in central London aiming to deliver 20,000 new homes and 25,000 new jobs in 6.5m sq ft of commercial space. New infrastructure including the zone 1 Northern Line extension and a District Heating Network is being implemented.
The deal is expected to complete in December 2020 with construction works due to start in 2021.
Tristram Gethin, Founding Partner at Quadrant, says: “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. 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, says: “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 in connection with this transaction.