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Ballymore hunts JV partner

22nd May 2014

Ballymore hunts JV partner

With all the discussion recently about lack of housing, spiralling property prices in some areas of the country as well as artificially high rents, any residential development under way or in the pipeline in London is likely to catch the eye. 

According to the Irish Times, the Ballymore development and investment group, is on the hunt for a joint venture partner for three large-scale residential developments in London. 

The partner would be required for finance as part of a plan to reduce Ballymore’s funding with NAMA, its lender since 2010. 

The three developments are all at waterside locations: Arrowhead Quay, Embassy Gardens and London City Island. 

Arrowhead Quay, is at Canary Wharf, and its 2013 planning permission contained plans for a swimming pool, and sky garden, with two tower residential blocks. Phase II of London City Island is on the Leamouth Peninsula. Phase I has already commenced, with, according to Ballymore, record-breaking off-plan sales. Phase II will be an island-style neighbourhood with around 1,145 premium residential properties. Embassy Gardens Phase II will be due to launch this year, and is described by CEO of Ballymore, Sean Mulryan, on the Embassy Gardens dedicated website, as a ‘unique living and working environment with a lasting impact in Central London’.

The total value of the developments is said to be around £2 billion with the spaces eventually comprising 3,000 new residential units and 250,000 square feet of commercial, office and leisure space; the developments will benefit from good rail, air and road links. 

CBRA and Lazard are working with Ballymore, who will be development manager, to locate a partner for the projects. 

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.

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