The 15 acre site around the new home for the American Embassy in Nine Elms will accomodate 1,982 homes, 600,000 sq ft of offices, a 100 bedroom hotel, 130,000 sq ft of shops and restaurants and a new public park. 298 of the planned 1,982 flats would be set aside as intermediate and affordable rent homes. The development site is located to the south of Nine Elms lane and wraps around the site of the new US Embassy.
Ballymore has submitted the plans in conjunction with NAMA, the Irish government agency which was set up to handle the assets of struggling Irish developers.
As part of the scheme’s Section 106 package Ballymore has agreed to pay between £52.5m and £55.7m towards improving local transport and social infrastructure, the majority of which would go towards the Northern Line Extension. The exact figure will depend on the timing of the payments and final form of the development.
If the value of the development improves during the build period the developer has agreed to share up to £40mn of the extra profits with the council. The funds would be used to provide more affordable homes across the regeneration zone. Property agency Knight Frank expects values in Nine Elms to rise 140 per cent by 2016.
Wandsworth Council’s planning chairman Nick Cuff said: “Another fifteen acres of industrial land will now be transformed into new homes, offices, shops and green open space. The completed scheme will support thousands of new jobs and is an important piece of the Nine Elms jigsaw.”
The Embassy Gardens masterplan was designed by Sir Terry Farrell and consists of nine building plots, with individual buildings rising up to 23 storeys in height.
The phase one detailed designs were also produced by architects Fielden Clegg and Bradley, Allford Hall Monaghan Morris and FLACQ.