Green Properties, CIT to build London resi towers

A partnership of Ireland's Green Properties and UK private equity real estate group CIT plans to build a residential high-rise complex to the east of Nine Elms in Central London.

The business parters have submitted a planning application to Wandsworth Council for the redevelopment of the Market Towers office building into a mixed-use scheme including more than 400 homes, a 135,000 sq ft (1,250 m2) hotel and a new public square with shops, restaurants and cafés.

Called One Nine Elms, the scheme was designed by star architect Kohn Pederson Fox. Green bought the 20-storey buildings in January 2009 from Achilleas Kallakis's Pacific Group of Companies.

'More than 20 sites are now gearing up for redevelopment in Nine Elms and work has begun on some of the most exciting schemes. In all, 16,000 homes will be built here alongside enough new business and cultural space to support 25,000 new jobs,' commented council leader Ravi Govindia.