Ballymore are to set up a joint venture for delivering £2bn of London residential development, and are looking for a partner.
Three schemes from the Ballymore portfolio will go into the JV – Arrowhead Quay in Canary Wharf, Phase II of London City Island on the Leamouth Peninsula and Phase II of Embassy Gardens in Nine Elms.
In total the three have a gross development value of around £2 billion and will deliver around 3,000 new homes and 250,000 sq ft of commercial, leisure and office space.
Embassy Gardens Phase II is situated next to the new US Embassy and Linear Park in Nine Elms. Phase I of this development has set record sales rates in the area, say Ballymore, and Phase II is set to deliver 870 units being built alongside retail, leisure and office facilities
Sean Mulryan, CEO of Ballymore, commented: “This portfolio is one of the largest and most significant residential development opportunities to be offered in central London…. both Embassy Gardens and London City Island have achieved record-breaking phase I sales values which highlights the huge potential of these three developments.”
The deal is designed to help Ballymore reduce borrowings with NAMA – the Irish state “bad bank”, which has been Ballymore’s main funder since 2010.