One of China’s largest property companies is the latest investor to take a stake in the Nine Elms on the South Bank regeneration area having agreed to purchase the One Nine Elms development site.
Published on
June 19, 2013
One of China’s largest property companies is the latest investor to take a stake in the Nine Elms on the South Bank regeneration area having agreed to purchase the One Nine Elms development site.
Leader of Wandsworth Council and co-chair of the Nine Elms Vauxhall Partnership Ravi Govindia has welcomed the new investment by Dalian Wanda Group which adds further momentum to this £15bn programme.
He said: “Investors from across the globe have recognised Nine Elms’ potential as a world class residential and business district in the heart of London. The transformation is now well underway and has started to create thousands of badly needed new jobs and homes.
“We welcome Wanda to the table and look forward to working with them on this extraordinary project.”
Wang Jianlin, Chairman, Dalian Wanda Group said: “The One Nine Elms site stands out as an exciting chance to be part of the transformation of an important part of one of the world’s greatest cities. The London property market has excellent investment opportunities and we have confidence that Wanda’s strength and expertise will see The Wanda Hotel become the premier hotel in London, further promoting development in the area.”
Wanda has agreed to buy the One Nine Elms site which is currently home to a largely derelict 1970’s office block on the corner of Wandsworth Roadand Nine Elms Lane.
Planning permission is already in place to replace this outdated building with two new towers. They would form part of the emerging tall building cluster at Vauxhall and would provide 487 new homes and office space.
The scheme will also include a five-star hotel, marking the first move overseas by a Chinese luxury hotel brand.
At ground floor level the buildings will be set around a new public square lined with shops, cafes, restaurants and bars.
New footpaths would run through the development, providing pedestrian links between the Vauxhall interchange, the Thames Path and the NineElmsLinearPark.
Approximately 50 per cent of the site would be public realm and a free public viewing level will also be created at the top of the tallest tower.
A contribution of more than £10mn will be paid towards improving local infrastructure including two new Northern Line stations in Nine Elms.
Three car club parking bays are included in the scheme along with 109 parking spaces and secure storage for 653 bikes.
A Barclays Cycle Hire Docking Station will also be provided on the site.
The developer will also pay £300,000 towards the Nine Elms employment framework which is providing new job and training opportunities for local residents in Wandsworth and Lambeth.
ENDS