Royal Mail plc announces that contracts have been exchanged unconditionally for the sale of a 0.9-acre plot (Plot C) on its Nine Elms Park site to Galliard Homes for £22.2m in cash.
Galliard Homes intends to develop 262 residential units on Plot C, of which 25 per cent will be affordable housing. The new residential development will be delivered by Galliard Homes in partnership with O’Shea.
Royal Mail’s former South London mail centre site in Vauxhall, South London now known as Nine Elms Park covers approximately 14 acres, of which 8.35 acres are developable pursuant to the outline planning consent granted by the London Borough of Wandsworth (LBW) in March 2012.
Nine Elms Park is centred on a linear park, which runs the length of the site east to west, alongside residential-led development and commercial space. It extends from the new US Embassy to the planned Northern Line extension, which will provide two stations within walking distance.
With a masterplan by architects Allies and Morrison, Nine Elms Park comprises seven development plots and Plot C is the third plot to be sold, sitting on the southwestern edge of the regeneration area, overlooking the designated Park Basin communal/cultural open space, adjacent to the area of the site committed for a school.
The contracts for the sale are between Royal Mail plc and Galliard SPV. A 15 per cent deposit of £3.33m has been paid following exchange of contracts. The remaining £18.87m is payable on completion, which will be at the end of June 2019.
Group director of property and facilities solutions, Royal Mail Martin Gafsen said, “The sale of the third plot on our Nine Elms site to Galliard Homes marks the next step in our contribution to the emerging residential community in this exciting new area of the capital.”
Executive chairman of Galliard Homes, Stephen Conway said, “Galliard Homes is pleased to have acquired this central London consented site, which once complete will be located within a park setting, just a short walk to the River Thames and Houses of Parliament. The wider regeneration area is creating a new destination for South London and has already attracted several major occupiers.”