Nine Elms on the South Bank officially welcomes Wanda to the area
November 5, 2013
Green Property has completed the sale of One Nine Elms to China’s Dalian Wanda Group for its first five-star hotel outside of China.
The £700m mixed-use development includes 1.13m sq ft prime residential, office and retail space within two towers of 45 and 60 storeys respectively.
The deal marks the first move overseas by Wanda’s luxury hotel brand as well as the first luxury hotel opened by a Chinese firm outside China.
The 200-metre scheme will be taller than the London Eye, The Gherkin and The BT Tower. It is expected to become a feature of the London skyline in 2016-2017.
The residential element of the scheme will include 436 private homes above an office and premium hotel.
CBRE advised Green Property on the sale.
Michael Tapp, director Green Property, said: “This is an important transaction for London, which helps to cement its status as the real estate capital of the world.”
Councillor Ravi Govindia, Co-Chair of Nine Elms Vauxhall Partnership and Leader of Wandsworth Council, commented: “This is another great step forward for Nine Elms on the South Bank and I’m delighted to officially welcome Wanda to London’s most extraordinary transformation programme. We have been getting to know their team in recent months and I look forward to working alongside them as they deliver this incredibly ambitious project.
“The scheme will be the pinnacle of a new tall building cluster and will be the gateway to a magnificent linear park running all the way from Vauxhall to Battersea Power Station. Hundreds of new jobs and homes will flow from this investment and another piece of the Nine Elms puzzle is now firmly in place.”
Green Property acquired One Nine Elms from Allied Irish Bank in 2008, in a structured deal where the bank retained a carried interest in the uplift in the value from 2008 as properties are sold.
Green Property secured planning permission from Wandsworth Council for the scheme, working with architects KPF and project managers CIT.
The project has already obtained full planning consent.