A partnership between New York headquartered private investment management firm Centerbridge and privately-owned Argon Capital has sold a freehold development site in Bermondsey, London, to Wittington Investments and Fifth State.
Dubbed Bermondsey Reach, the 1.3-acre (5,261 m2) regeneration site is located within the London Borough of Southwark and has planning consent for 312 residential apartments and over 20,000 ft2 (1,860 m2) of retail and commercial floorspace.
It is the second transaction Wittington Investments and Fifth State acting as development manager have partnered on.
Bermondsey Reach is located a short walk from South Bermondsey railway station, providing regular National Rail services to central London. The delivery of the New Bermondsey London Overground station is due to complete by 2025, offering additional transport options.
The site is set to benefit from the New Bermondsey and Old Kent Road area action plans, which have been designated as areas of regeneration for a combined 23,500 new homes, 12,000 jobs, parks and schools.
Global real estate advisor CBRE, alongside joint agent Kalmars, advised the vendors.
Said Jonathan Allen, director, Residential Development at CBRE: 'This is a rare opportunity to bring forward a large, mixed-use scheme within the Old Kent Road Area Action Plan and adjacent to the £2 bn (€2.39 bn) New Bermondsey regeneration.
'CBRE’s research shows that residential property values that form part of key London regeneration areas increase by an average of 4.7% per annum, demonstrating that Bermondsey Reach is an attractive, long-term investment.'
Sebastian Kalmar, director and development consultant at Kalmars added: 'Bermondsey Reach has the potential to be one of the most iconic developments in the area. It has exceptional transport links and is in the heart of New Bermondsey Quarter – one of the most exciting regen areas in South East London.'
