The chinese investor has reached agreement with Green Property to develop the One Nine Elms site partly as a hotel under their Wanda brand.
One Nine Elms is a twin-tower mixed-use development rising to 60 storeys. Green Property had secured planning permission for the KPF designed scheme after acquiring the site in 2008.
Wandsworth Council leader said: “We welcome Wanda to the table and look forward to working with them on this extraordinary project.”
Wang Jianlin, Chairman, Dalian Wanda Group said: “The One Nine Elms site stands out as an exciting chance to be part of the transformation of an important part of one of the world’s greatest cities. The London property market has excellent investment opportunities and we have confidence that Wanda’s strength and expertise will see The Wanda Hotel become the premier hotel in London , further promoting development in the area.”
Wanda has agreed to buy the One Nine Elms site which is currently home to a largely derelict 1970’s office block on the corner of Wandsworth Road and Nine Elms Lane .
Planning permission is already in place to replace this outdated building with two new towers. They would form part of the emerging tall building cluster at Vauxhall and would provide 487 new homes and office space.
The scheme will also include a five-star hotel, marking the first move overseas by a Chinese luxury hotel brand.
At ground floor level the buildings will be set around a new public square lined with shops, cafes, restaurants and bars.
New footpaths would run through the development, providing pedestrian links between the Vauxhall interchange, the Thames Path and the Nine Elms Linear Park .
Approximately 50 per cent of the site would be public realm and a free public viewing level will also be created at the top of the tallest tower.
A Barclays Cycle Hire Docking Station will also be provided on the site.