Ocubis has appointed agents to sell its prime residential site on the Albert Embankment, SE1, for £50m.
The 0.5-acre site at 36-46 Albert Embankment has planning permission for 166 flats and is one of the last available slices of prime residential real estate to the north of Vauxhall.
It could have a GDV as high as £200m.
Ocubis received planning consent from Lambeth Council for two 25-storey residential towers in March 2017. Forty-eight of the homes are affordable and are topped up by a section 106 payment of £10m to achieve the equivalent of 40% affordable housing. More than 23,000 sq ft of offices and 1,500 sq ft of retail are also planned.
Ocubis is an investment vehicle controlled by Jon Hunt, the founder of Foxtons. Hunt, alongside co-investors, bought the site through a vehicle called Hotchkiss, using the proceeds from the sale of Foxtons in 2007.
The site is being marketed by Strutt & Parker and Ideal Land, which acquired the site for Ocubis in 2009.
Although to the north of Vauxhall, it will be another test of developer interest in the area. Whether it is bought for an office, hotel or residential scheme will give an indication of the depth of demand for each sector of the market.
James Armstrong, managing director of Ideal land, said: “The proposed scheme by Make demonstrates the scale and quality of residential-led development that can be achieved here.
“However, there are several other viable alternatives for a site in this unique Zone 1 location, such as a luxury hotel or high-grade student accommodation, which are some of the fastest growing sectors in the UK real estate market right now.”
Other schemes have revised or are in the process of revising their consents.
CLS reconfigured its Vauxhall Square site, SW8, which was sold to R&F for £157.8m, to include more offices. Meanwhile, a new environmental impact assessment for Vauxhall Cross, the island site at Vauxhall station, has split the previously planned two residential towers into three roughly even office, residential and hotel segments.
Read more on the plans for Vauxhall Cross here
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