Ballymore seeks partner for £2b London resi portfolio

Irish developer-investor Ballymore has appointed Lazard and CBRE to source a partner to finance and develop three large-scale residential developments at waterside locations in Nine Elms, Canary Wharf and Leamouth in East London.

Ballymore will act as development manager for the projects.

The three schemes comprise Arrowhead Quay in Canary Wharf, Phase II of London City Island on the Leamouth Peninsula and Phase II of the successful Embassy Gardens in Nine Elms. In total the developments have a gross development value of £2 bn (€2.4 bn) and will deliver 3,000 new residential units and 250,000 sq ft (23,200 m2) of commercial, leisure and office space.

Arrowhead Quay is a planned development of two towers of 50 and 55 stories directly adjacent to Canary Wharf. In addition to 990 residential units, this waterside development will also feature retail, leisure and café facilities and a new landscaped public plaza.

London City Island Phase II is an island-style neighbourhood on the Leamouth Peninsula. The development has been designed to complement the neighbouring business district with a premium residential offering of 1,145 units. Phase I has already commenced.

Embassy Gardens Phase II is situated next to the new US Embassy and Linear Park in Nine Elms. Phase I of this development has set record sales rates in the area and Phase II is set to deliver 870 units being built alongside retail, leisure and office facilities.

Sean Mulryan, CEO of Ballymore, commented: 'This portfolio is one of the largest and most significant residential development opportunities to be offered in central London. The three projects are located in very different areas, offering diversity in both geography and price point.'

Ballymore Group is an international property investment and development company, focused on large-scale projects across Europe and with offices in London, Prague and Dublin.