Grainger/Helical jv unveils mixed project in London

UK listed residential property company Grainger has said its joint venture vehicle with property development and investment group Helical Bar has exchanged contracts with the London borough of Hammersmith & Fulham for a major mixed use development. The planned development is in an area around Hammersmith Town Hall and Grainger said the project is expected to have an end value of about £180mln (EUR 231mln). A planning application should be submitted in late 2008.

The Hammersmith development will have about 290 new homes, both affordable and private, with pedestrian access to the river via a new footbridge, together with an 11,000 m² civic office building and 5,200 m² of retail, cafes and restaurants. Both Grainger and Helical said they believe the joint venture can expect to receive attractive returns on cost.