A Chinese development and investment company has made its first European investment with a slice of London’s Vauxhall Nine Elms Battersea Opportunity Area.
Dalian Wanda Group has bought the Market Towers site – known as One Nine Elms – to develop it into 104,977 m2 of space within two residential, office and retail towers of 45 and 60 storeys connected by a high-level link bridge.
On completion, the development will be one of western Europe’s tallest residential schemes, worth more than £700m (€817.2m).
Wanda proposes to bring a five-star hotel to the development, its first move overseas by the group’s luxury hotel brand and the first luxury hotel opened by a Chinese firm outside the mainland.
The development is expected to be completed in 2016-17.
Green Property acquired One Nine Elms from Allied Irish Bank in 2008 in a deal in which the bank retained an interest in the uplift in the value from 2008 as properties are sold.
Green Property, with project managers CIT, secured planning permission from Wandsworth council in November 2012.
Wanda’s proposed deal follows the Chinese government’s interest in buying a Royal Mail site nearby for a new embassy.
Stephen Vernon, chairman, Green Property, said: “Nine Elms is arguably the most exciting regeneration project in Europe and we are proud to have played our part in it.
“We are very pleased that Dalian Wanda, one of Asia’s fastest-growing and most exciting development companies, will now lead the development of One Nine Elms and bring it to its final stage.”
Wang Jianlin, chairman, Dalian Wanda Group, said: “The One Nine Elms site stands out as an exciting chance to be part of the transformation of an important part of one of the world’s greatest cities.
“The London property market has excellent investment opportunities and we have confidence that Wanda’s strength and expertise will see The Wanda Hotel become the premier hotel in London, further promoting development in the area.”
