Far East Consortium has bought the 1.4m sq ft Vauxhall Square scheme in Nine Elms, SW8, from Guangzhou R&F Properties for £95.7m.
FEC, whose UK portfolio also includes Victoria Riverside in Manchester and Consort Place in Canary Wharf, said the mixed-use scheme was “exactly the scale and type of development” it has been looking for to build out its exposure to “large-scale London development projects”.
The sale price marks a notable loss for R&F, which agreed to buy the site from CLS for almost £158m in 2017.
FEC said it would review the existing plans when the deal completes. The site has planning consent for seven main buildings and two pavilion structures to form a new urban square, a secondary community space and a children’s playground. It will include two 50-storey residential towers, offices, a hotel, student accommodation, a cinema, retail and restaurants.
To send feedback, e-mail tim.burke@eg.co.uk or tweet @_tim_burke or @EGPropertyNews
