Central London residential developer Mount Anvil has completed the acquisition of a development site on Union Street, SE1, for £11m.
Mount Anvil acquired the site from Union Street Limited, a joint venture between property investor and developer Dorrington and real estate investment company Lake Estates.
The new development will create 85 flats, including 59 for private sale, ranging in size from one- to three-bedrooms. The 26 new affordable homes will managed by national housing provider Affinity Sutton.
The development will comprise three buildings ranging between four and ten storeys on land which has been vacant for many years.
With a gross development value of close to £40m, the new scheme will also include 3,000 sq ft of retail or leisure and 17 private parking spaces with an additional 17 spaces to be provided for use by the nearby London Fire Brigade.
Work on the project will start immediately and completion is expected in summer 2014.
Killian Hurley, chief executive of Mount Anvil, said: “This area continues its rapid and positive regeneration, which is yielding ever-greater demand for new high-quality homes. We believe that our Union Street development will act as a further catalyst for the growth and rejuvenation of both the South Bank and Southwark areas, adding a unique and valuable new element to the already vibrant community.”
annabel.dixon@estatesgazette.com
