JLL Residential

JLL Residential complete on Nine Elms Square for £470m

LONDON, August 21, 2017 — JLL has completed on the sale of the 10 acre former flower market at New Covent Garden Market to Dalian Wanda for £470m, representing the second largest land deal in London to date. 

The site is the first of 3 parcels to be sold which became surplus after the rationalisation of the original 47 acre estate. The Residential Land and Development team has acted for Vince St Modwen (VSM) since 2008, firstly assisting VSM achieve preferred developer partner status through a protracted open competitive process, and ultimately then advising on a new master plan all the way through to gaining a planning consent in 2013.  

The overall consent provides 3,500 homes with retail, office and public amenity space, connecting via the new linear park through to Battersea Power Station.

Simon Hodson, Head of Residential Land at JLL who led on the disposal comments: “Following a successful international marketing campaign to locate the best buyer for this iconic prime development opportunity, this landmark transaction has unlocked one of London’s most significant regeneration sites and represents the second largest land deal ever recorded in London.

The sale is a further vote of confidence in the Vauxhall, Nine Elms and Battersea Opportunity Area, following a string of major recent deals, including the team’s sale of Vauxhall Square to R&F Properties in April for £158m, Greystar’s £101m investment in Royal Mail’s Nine Elms Parkside site earlier this month, and Apple’s 500,000 sq ft pre-let at Battersea Power Station.”

Mark Allan, Chief executive of St Modwen comments: “The sale of Nine Elms Square is an important milestone, which will realise the capital required to fund the construction of over 500,000 sq ft of new market facilities. It also crystallises a significant element of the value we have been able to create on this complex, inner London development site.”

The disposal team was led by Simon Hodson and his team James Cobb, Sonny Dawes and Lucy Jordan.  A global campaign was launched in August 2016, across Asia and the Middle East.  Eric Pang and Darren Xia co-ordinated numerous local initiatives throughout 2016, including investor presentations and seminars with UKTI, as well as project specific events.

Contact: Felicity Young, JLL
Tel: 07976 323151