The Durkan Group has paid more than £15m for the 200-year old Royal Military Academy (RMA) site at Woolwich.
The 21-acre south east London site, sold by Defence Estates, has 120,000 sq ft of historic grade II listed buildings which will be redeveloped into residential units.
Durkan New Homes, Durkan’s residential arm, also plans a portion of new build on the site.
The sale of the RMA to Durkan follows the MoD’s strategic policy of disposing estate – which has been declared surplus to military requirements – in accordance with Treasury guidelines to demonstrate best value for the taxpayer.
Defence Estates disposed of the site on an unconditional basis following detailed discussions with the Local Planning Authority to support the proposed use.
Ian Dennison, Estates Advisor, Defence Estates said: “There was strong demand from many interested parties and the sale represents excellent value for the public sector.
“The disposal shall enable this landmark site to be re-used for an appropriate purpose following sympathetic development by a party with extensive expertise in such works”.
The main building at RMA Woolwich dates back to 1804 when the Academy was established to produce officers primarily in the fields of artillery and engineering.
General Kitchener of Khartoum and the Prince Regent of France – son of Napoleon III were among many notable ex-cadets at RMA Woolwich, which was the original forerunner or RMA Sandhurst.
CB Richard Ellis acted for Defence Estates.
References: EGi News 02/02/06
