Development Securities announces achievement of significant milestones at its GBP 110 million mixed-use scheme in Greenwich town centre
- Acquisition of development land completed with Royal Borough of Greenwich for GBP 16m
- Sale of residential land element to Willmott Dixon completed for GBP 16.2 million
- Contracts for sale exchanged with McLaren at GBP 8.3m for 'student village' land element
Development Securities PLC, in partnership with Cathedral Group plc, today announces that it has completed the acquisition of the 2.2-acre site in Greenwich town centre for GBP 16 million, enabling the development of The MVMT, a 350,000 sq ft mixed-use regeneration scheme, to commence.
Following on from its earlier announcement that it had exchanged contracts for the GBP 50 million GDV residential element of the scheme with Willmott Dixon, Development Securities confirms today that this disposal has now completed. In addition, contracts for sale have been exchanged with McLaren at GBP 8.3 million for the land element of a 358-bed 'student village' with the deal due to complete in August.
Development Securities entered into a joint venture with Cathedral Group in September 2010 and secured planning consent in 2011 to regenerate and thus reposition this derelict industrial site into a high quality mixed-use development.
The partnership will commence enabling and infrastructure works immediately to prepare the site for development.
The hotel element has been pre-leased to Travelodge and negotiations are in hand regarding its long-term institutional funding.
The final and smallest stage of the regeneration scheme comprises circa 25,000 sq ft of mixed-use leisure and retail space.
Michael Marx, Chief Executive, Development Securities: 'This is a good example of the successful implementation of our strategy to create value by repositioning secondary or tertiary real estate into prime or near-prime development via the process of regeneration.'
Further information www.developmentsecurities.com
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