Cedarstone Capital Partners, a real estate investment and asset manager specialising in the living sectors, has bought a 3.7-acre development site in Nine Elms, SW8, from R&F Properties.
The group, backed by GFH Partners, has bought the part-delivered 1.4m sq ft Vauxhall Square development.
The scheme, which got consent in 2012, comprises different uses, including private residential, affordable residential, student housing, a hotel and offices.
Only the student accommodation and a hostel have been completed.
The scheme had been bought by the Far East Consortium for £95.7m in March 2022 before R&F exercised its option to repurchase the site that September for more than £100m.
This latest acquisition is to be funded through a senior debt facility from Cheyne Capital. Regeneration specialist Bmor has been appointed development manager for the scheme.
Cedarstone Capital Partners principal Tom Upton said: “As one of the last sites of this scale in the Vauxhall Nine Elms Opportunity Area, Vauxhall Square presents a significant opportunity for the local community and London by realising this location’s full potential, which embodies our ethos to unlock the living sectors in the UK.
“We are looking forward to working with long-term, strategic partners to deliver a scheme that helps to meet London’s multi-faceted need for new and affordable homes and high-quality places.”
Bmor director Jason Tracey said: “The site has not experienced any meaningful progress since 2016 and we now feel we have the building blocks in place to create a truly exceptional vision.
“One of our initial priorities will be to undertake an extensive community engagement plan to ascertain the most important community needs and integrate them into the fabric of the development and public realm.”
JLL acted for R&F on the sale.
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