Singapore-listed City Developments Limited (CDL) has acquired the freehold Ransomes Wharf site in the Battersea district of London for a luxury residential project with a gross development value of £222 mln (€258 mln).

singapore listed city developments limited cdl has acquired the freehold ransomes wharf site in the

Singapore Listed City Developments Limited Cdl has Acquired the Freehold Ransomes Wharf Site in the

CDL has exchanged contracts for the site via its wholly owned subsidiary Trentworth Properties, which is represented in the UK by Dartmouth Capital Advisors, and the vendor from Curatus Trust.

The 0.65 hectare Ransomes Wharf site is being bought for £58 mln, phased over the next 18 months.  It is situated just to the west of Albert Bridge in Battersea’s creative quarter on the River Thames, with occupiers including Foster + Partners Architects, Royal College of Art and Vivienne Westwood. It is also a minute’s walk to Battersea Park, which is one of London’s best-kept riverside open spaces.

The Singaporean company plans to develop the site into a luxury residential project with an estimated gross development value of £222 mln. The site is located within the London Borough of Wandsworth, on the south bank of the River Thames and adjacent to Albert Bridge.

The site has an existing planning permission for 118 apartments including 24 affordable homes, eight commercial units totalling 2,040 m2 at ground and lower ground floors and 103 car parking spaces. The residential development comprising six residential buildings of up to 10 storeys will include 21 one-bedroom units, 45 two-bedroom units, 19 three-bedroom units and nine two- to four-bedroom penthouse apartments. Work is expected to start on site demolition this spring.

This acquisition adds to CDL's portfolio of Thames-side luxury residential developments that are currently in the pipeline including the 8.9 hectare freehold Stag Brewery site in Mortlake and the 220-unit residential development on the former Pinewood Studios freehold site in Teddington, both in South West London.

Kwek Leng Beng, CDL executive chairman, said, 'The UK is one of CDL’s key overseas markets for strategic diversification. Through our partnership with Dartmouth Capital, we have purchased this site as part of our continuing focus on the suburban London market in search for the best value in creating highly desirable living and working environments in London.

'We believe the Ransomes Wharf development will be timely bearing in mind the recent major pre-let to Apple Corporation at Battersea Power Station. Ransomes Wharf should be appealing to Apple and other relocating organisations, such as the new US Embassy, as Ransomes is just across Battersea Park and will offer an attractive and established alternative to living at Nine Elms.'

With this latest acquisition, CDL has invested a total of £510.2 mln in 10 prime freehold properties in the UK: 

· 28 Pavilion Road, Knightsbridge

· 32 Hans Road, Knightsbridge

· 15 Lansdowne Road, Croydon* (now sold)

· 31/35 Chesham Street, Belgravia

· 90-100 Sydney Street, Chelsea

· 202 Kings Road, Reading* (now sold)

· Teddington Film Studios, Teddington, Middlesex

· Stag Brewery, Mortlake, London SW14 7ET

· Development House, 56-64 Leonard Street, Shoreditch

· Ransomes Wharf, Battersea, London, SW11