Bermondsey Reach: Wittington Investments to snap up Southwark development with 300 flats
Some 300 apartments are being planned for a site in Southwark that reportedly has a £135m development value.
The 1.3 acre site has received planning consent for 312 residential flats and more than 20,000 sq ft of retail and commercial floorspace.
Centerbridge and Argon Capital have appointed advisors from CBRE and KALMARS on the sale of the Bermondsey Reach development to Wittington Investments and Fifth State.
While the financial terms of the deal have not been disclosed, PropertyWeek reported last year that the site had a developmental value of £135m.
Under plans for the SE16 development, a north and south building will be created, separated by play space and landscaping.
Area action plans for New Bermondsey and Old Kent Road will see a total of 23,500 new homes and 12,000 jobs created in regeneration schemes.
Sebastian Kalmar, director and development consultant at KALMARs said the development had “potential to be one of the most iconic developments in the area.”
“It has exceptional transport links and is in the heart of New Bermondsey Quarter – one of the most exciting regen areas in South East London,” he added.
Jonathan Allen, director of residential development at CBRE said: “This is a rare opportunity to bring forward a large, mixed-use scheme within the Old Kent Road Area Action Plan and adjacent to the £2bn New Bermondsey regeneration.
“CBRE’s research shows that residential property values that form part of key London regeneration areas increase by an average of 4.7 per cent per annum, demonstrating that Bermondsey Reach is an attractive, long-term investment.”