UK real estate developer Henley Investment Management has secured investment to kickstart construction on its £300 mln (€350 mln) residential and logistics project in Fulham.
The financing deal with an unnamed global office investor comes after Henley completed the purchase of a 0.8-hectare site for the project and secured planning permission.
The project will transform the former industrial site of Albert and Swedish Wharf into a mixed-use development. It will include a cluster of six to 17-storey residential buildings with 276 apartments, of which 35% will be affordable, and a 5,110 m2 last mile logistics facility.
Key elements of the project include a new jetty for cargo ships and the creation of a public footpath along the Thames, connecting Wandsworth Bridge to Fulham Wharf.
The total construction cost, including preparatory work and the jetty, is estimated at £150 mln (€175 mln).
Ian Rickwood, CEO, Henley Investment Management, said: “Working with our new joint venture partner represents a tremendous boost to the scheme and is a real signal of the confidence and conviction in this exciting project. The River Thames has huge untapped potential for handling light freight and utilizing the river more will help ease congestion and reduce pollution across London. The development will completely transform this part of the riverfront and the continuation of the Thames Path will create riverside access for new residents and the existing community.”
Sustainability features include passive energy systems and a fifth-generation heat network, with improvements to local wildlife.
Construction is expected to commence early next year.
Albert & Swedish Wharf is described as one of the last remaining undeveloped riverside locations on the River Thames in London.
