London-based property developer Rockwell and private equity house Cerberus Capital Management have acquired Hurlingham Retail Park from Royal London Asset Management (RLAM), acting on behalf of the Royal London UK Real Estate Fund (RLUKREF).
Financial details were not disclosed.
The landmark waterfront site, 362-364 Wandsworth Bridge Road, is situated adjacent to Wandsworth Bridge on the North Bank of the River Thames, and at the heart of the South Fulham regeneration area. According to Rockwell, the site has the benefit of a mixed-use planning consent granted in 2020.
Donal Mulryan, founder of Rockwell, commented: 'The site offers an outstanding opportunity to deliver a landmark mixed-use development immediately adjacent to the River Thames.
'We’re delighted to have partnered with Cerberus to acquire one of the only remaining waterfront development opportunities in this area and look forward to providing a best-in-class mixed-use residential development for the local community and new residents.
'This is the second high profile site we’ve secured along The Thames in the past year and demonstrates our commitment to London. We look forward to starting on site later this year.'
The planned scheme for the 3.2 acre (13,000 m2) site includes 4–12 storey buildings featuring 269 residential apartments. Almost every home will have a private external space, including roof terraces and balconies.
The main building is set to feature an entrance lobby linked to private amenities for residents, plus extensive landscaped podium gardens. Ground and first floor commercial space will be occupied by a mixture of tenants ranging from food and beverage, to leisure and retail.
Daniel Dejanovic, head of European real estate for Cerberus, commented: 'This is a rare opportunity to bring a high-quality, mixed-use property to a vibrant area in London. We’re excited to partner with Rockwell on this project and develop a premier property for residents and the local community to enjoy.'
Drew Watkins, RLAM portfolio fund manager, said: 'The sale of this development is an excellent result for Royal London’s UK Real Estate fund.
'It represents the culmination of years of active asset management and demonstrates our willingness as a property asset manager to trade, rather than recycle, when the right opportunity arises.'
CBRE acted as the selling agent.
