Alchemi has started a search for a funding partner for its Belmont Tower scheme in Vauxhall, SW8.
The developer has appointed CBRE to help it explore financing options for the £300m, 278-flat scheme, formally known as Grand South, looking to capitalise on renewed confidence in the Vauxhall market.
An equity partner could be sought to take as much as 100% of the value of the project, though lending and debt options are also being explored.
Despite reports of oversupply and flat-flipping in Vauxhall, the last three months have seen over £700m pumped into the market in three deals.
In April, Chinese property developer R&F Properties bought CLS Holding’s Vauxhall Square site for £157.8m.
It has planning permission for a 1.5m sq ft scheme, including 578 flats across two towers.
In June, Greystar paid £101m for 14 acres of land at the Royal Mail sorting office site, on which it plans to build 894 rental apartments.
And at the end of June, St Modwen announced that Wanda HK would be buying its 1,821-home site at Nine Elms Square for 470m.
Apple are also taking space at Battersea Power Station, and the new US Embassy is set to open this year.
Alchemi bought the site on Wyvil Road from K2 Property and Network Rail in October 2015 for an amount reported to be over £30m.
The site had planning for 219 homes, 44 of which were affordable.
It has since re-submitted plans for a 278-home scheme with 255 private units across 36- and eight-storey towers.
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