Franchising, retail, business
20/05/2014
Irish developer Ballymore is seeking a joint venture partner to finance London residential projects including City Island – an attempt to create a mini-Manhattan in the capital.
The property portfolio, branded Project Ace, is made up of three sites with a gross development value of about £2bn and includes 3,000 new residential units and 250,000 sq ft of commercial, leisure and office space.
As well as the island-style neighbourhood in Canning Town, the schemes in the portfolio include Arrowhead Quay – two towers at Canary Wharf – and Embassy Gardens at Nine Elms in Battersea.
The move comes against the backdrop of steadily rising prices in the capital, although Savills last week warned that it had seen some cooling at the top end and some lenders have begun to grow wary that a glut of luxury schemes could harm prices.
Robert Duncan, an analyst at Jefferies, also said there was a large amount of political risk, with local, general and mayoral elections in the next two years and an increasing focus on prime property taxation.
But John Mulryan, UK managing director for Ballymore, said: “The underlying demand in London in residential is incredibly strong at the moment.” The properties in the portfolio cover a range of selling prices, from £600 per sq ft to £1,400 per sq ft.
Fonte: ft.com