Ballymore nets €237m from London site sale
SEAN Mulryan's Ballymore Properties has sold a 37-acre site in London for as much as £200m (€237m).
Singapore-listed property developer Oxley Holdings has taken on the Royal Wharf site in the docklands some six months after Ballymore put the site up for sale.
The 37-acre site is one of the biggest developments in the city with planning permission for some 3,400 houses and apartments, as well as a school and a host of commercial and retail properties.
The deal is the biggest transaction in London since the Battersea Power Station site was sold last year. That site had been owned by the Treasury Holdings backed Real Estate Opportunities before it was sold off.
Ballymore is expected to use the proceeds from the sale to pay down debt and fund its other London developments.
Ballymore has a host of developments in London including Embassy Gardens, West Hampstead Square, Providence Tower and the Old Spitalfields Market. It also has a vast land bank capable of taking an estimated 20,000 residential units across the capital.
In a statement, Oxley chief executive Ching Chiat Kwong said Royal Wharf is "an outstanding opportunity and offers a blank canvas to create something very special for London".
"Oxley will create a vibrant district and the opportunity cannot be missed by Londoners," he added.
"It has over 500 metres of river frontage with a Crossrail station 1km away. Oxley now has the opportunity and responsibility to deliver this fantastic project, picking up the baton from Ballymore," the executive concluded.
When the Royal Wharf was being put up for sale, Mr Mulryan (above) said it was a "unique opportunity in terms of scale for central London particularly given its position on the River Thames."
"This location is already serviced by some of the best public infrastructure in London including two vast public parks, the Docklands Light Railway, Jubilee line and London City Airport.
"In addition, when Crossrail arrives in 2018 this will be a game changer."
Knight Frank and Alan Selby & Partners acted for Ballymore.