British Airways Pension Trustees and General Projects have bought a 999-year leasehold in Vauxhall, SW8, for £24m.
The deal includes 98,000 sq ft of ground, basement and first floor commercial space within Keybridge House, a new 595-unit residential scheme under construction. The development is being carried out by Mount Anvil and A2Dominion, both of which will retain an interest in the project.
The site, set within one acre of public gardens, was designed by Allies & Morrison architects and, once complete, will be the UK’s tallest brick building.
The commercial space, acquired by BA and General Projects, comprises 58,000 sq ft of basement with 5-6m ceiling heights and 40,000 sq ft of ground/first floor retail and office space.
General Projects plans to deliver a new commercial hub that will include creative office space, a mix of independent food and beverage outlets at ground floor and a cultural, educational or leisure anchor in the basement.
Jacob Loftus, chief executive of General Projects, said: “The opportunity to acquire a 1.3-acre floorplate in central London with 5-6m ceiling heights is unique. We have a vision to create a new world-class leisure, cultural or education hub that will further contribute to the reinvention of Vauxhall into one of London’s leading new neighbourhoods.”
The development is expected to complete in the first quarter of 2021.
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