A luxury residential development on the River Thames is up for grabs with agents appointed to sell Liberty Gardens in Putney, SW15.
The scheme from Trust Real Estate and Savills Investment Management comprises 123 bedrooms designed by architect Grimshaw, with anticipated sales values topping £1,000 per sq ft and the scheme worth more than £100m.
The 1.1-acre site is located on Putney High Street and Putney Bridge Road, between the railway station and the river, and is close to Richmond Park.
The investors gained consent at appeal in 2019 and have appointed Savills and CBRE to sell the freehold to the site, with an informal guide price of £25m.
Liberty Gardens includes 82 private and 33 shared ownership flats in up to 10 storeys, and eight two-storey mews houses around a landscaped courtyard designed by Chelsea gardener Andy Sturgeon, with a communal roof terrace and private terraces.
It incorporates 10,724 sq ft of net office space over three floors and 11,926 sq ft of retail and a cafe on the ground floor.
The site currently holds 56,422 sq ft of commercial space across three buildings of up to four storeys. Tenants include DSK London, Gourmet Burger Kitchen, Boots and London Power Networks. Leases run until 2040 with break options. A sale and leaseback has also been agreed for the Brewer site, which would see a 250-year lease for a retail unit in the new scheme.
Savills IM acquired the site on behalf of its Prime London Residential Fund in a joint venture with Trust Real Estate in 2016. The fund made the acquisition as part of a mid-market strategy, targeting development opportunities with sales values of £500-£1,250 per sq ft, aiming to deliver a net return of more than 15%.
The development sale comes as prime central London resi remains buoyant, despite the pandemic, with central London demand lifted by the government’s extension of stamp duty reliefs. In the 12 months to August 2020, house prices in Wandsworth rose 5.1%, compared with growth of 3.3% across London.
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