Notting Hill Genesis and German investor Art-Invest Real Estate have confirmed that contracts have been exchanged for the £140m sale of the 4.4-acre housing development in Canada Water, SE16, that it has been delivering with Sellar Design and Development.
Art-Invest is to pay £10m before the end of March, a further £95m sometime between 2020 and 2021, and the balance between 2021 and 2022.
Notting Hill Genesis will settle liabilities relating to the scheme over the course of 2020 and 2021, leading to net proceeds of around £75m in that financial year.
Notting Hill Genesis said it had decided to sell the scheme as it was considered that the best use for the remainder of the undeveloped site would be commercial space.
The housing association acquired the site in 2014 and with Sellar has built 234 private rented sector flats which are operated by Notting Hill Genesis Group’s PRS subsidiary Folio London.
In addition, a new store has been constructed for and occupied by sporting goods retailer Decathlon.
Notting Hill Genesis chief executive Kate Davies said: “It has been amazing to help transform the Canada Water area, creating an exceptional location to live, work and socialise. Our Porters Edge private rented scheme will provide homes for Londoners for decades to come. We are pleased to be selling the remainder of the site so that someone else can take forward this exciting work.”
Savills acted on behalf of the vendor and Cushman & Wakefield acted on behalf of the purchaser.
Oliver Fursdon, head of the central London development team at Savills, said: “The site received substantial interest from a wide range of investor groups attracted by the rare opportunity to acquire a freehold site of scale at the heart of London’s next major new hub.”
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