Singapore-listed City Developments and Chelsea-based Dartmouth Capital Advisors have secured a £1bn residential development opportunity close to the River Thames in Mortlake, SW14.
CDL, owned by billionaire Kwek Leng Beng, has agreed to pay £158m for the 21.2-acre Stag Brewery site on Lower Richmond Road from AB InBev. It is making the acquisition through a special-purpose vehicle called Reselton.
The unconsented site has capacity for around 850 homes and CDL is expected to begin consultation with local residents in the new year with a view to achieving consent early in 2018.
The scheme is likely to include hotel, retail and restaurant uses and a secondary school, and will be developed in two phases.
It is CDL’s and Dartmouth’s second major west London site purchase this year. In February it bought Teddington Studios from Lord Heseltine’s Haymarket Media Group for around £80m.
The Stag Brewery has produced some of the world’s best-known beer brands and the site has been home to brewers since 1487, when monks made beer in a monastery on the site.
It consists of 353,000 sq ft of largely industrial buildings.
Gerald Eve advised the vendor.
