Thursday 20 June 2019

Mulryan and Hong Kong's Kwok family in £1bn skyscraper plan for London docklands

An artist’s impression of the proposed scheme in London
An artist’s impression of the proposed scheme in London
Ronald Quinlan

Ronald Quinlan

Ballymore Group founder Sean Mulryan's faith in London's capacity to withstand the challenges of Brexit looks to be as strong as ever judging by his latest deal.

According to a report in UK property bible, Estates Gazette, the Roscommon-born developer has entered into a joint venture with the hugely-wealthy Kwok family with a view to delivering a £1bn skyscraper scheme in the Isle of Dogs in the city's docklands.

Land Registry records show the partnership paid £50.8m (€58m) to developer Galliard to acquire two sites from with planning permission for six residential towers rising to 44 storeys.

The Millharbour Quarter will comprise a total of 1,513 homes at Millwall Dock.

The transaction was conducted through Great Eastern Nominee 1 and 2, which list Sean Mulryan, his son and Ballymore's UK's managing director, John Mulryan, and board members of the Kwok family's Sung Hung Kai Properties, as directors.

The Millharbour Quarter deal is one of the largest residential deals in the central London market this year, Estates Gazette reports. Earlier this year, Ballymore and another of its Asian partners, Oxley Holdings, headquartered in Singapore, signalled its intention to enter the expanding build-to-rent (BTR) sector in London's docklands.

They are seeking £150m in funding from an investor to deliver 272 new rental homes at Deanston Wharf.

Commenting on the move at the time, Ballymore's UK managing director, John Mulryan said: "By entering the build-to-rent market with Deanston Wharf - the first of many build-to-rent properties we are planning - we will provide the same high-quality homes that Ballymore is renowned for." Ballymore's move into the UK's BTR sector is hardly surprising when one considers the sheer weight of capital targeting the market.

A recent report by CBRE estimated that international investors intend to deploy around £30bn across London and other major UK cities.

Major British investors, including Legal & General and M&G, have entered the BTR market, while Quintain, which is backed by US private equity giant, Lone Star, is in the process of delivering thousands of new rental homes.

Quintain's development of Wembley Park is set to be the UK's single largest build-to-rent site.

Sunday Independent

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