Only in March there was troubling news for the Nine Elms regeneration when a landmark plan for the redevelopment of the old flower market looked like it might be faltering.
It’s a big vote of confidence in the area then that the 10 acre Nine Elms Square site has been acquired from Vinci St Mowden by Wanda. The cash deal is expected to complete later this summer with contracts exchanged on June 21st.
Wanda Commercial Property Hong Kong is a subsidiary of the Chinese property giant Dalin Wanda. It’s paid £470m for the key site in the heart of Nine Elms, which will feature three towers (the tallest with 54 floors) and according to the master plan by Skidmore Owings and Merrill will deliver 1800 homes.
There have been questions in recent months about the possible oversupply of luxury apartments in Nine Elms. Certainly as with any regeneration project there will be ups and downs along the way, but the confirmation of this critical project suggests the long term future of the area looks bright.
By Jaimie Beers
Jaimie Beers is Managing Director of Madley Property.