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In March this year, Chinese developer R&F Properties bought the Iconic Nestle Tower in Croydon for almost £60m; its first European real estate purchase. The tower comprises 200,000 sq ft and the site includes a further 250,000 sq ft at St George’s Walk. The developer has plans to turn the site into 1800 residential units with an estimated end value of £500m.
Just a month later, R&F Properties has made its second purchase – Vauxhall Square. The 3.4 acre site was bought from CLS Holdings for £157.77m. R&F has plans for a mixed-used scheme totalling 1.5m sq ft and costing £1bn, including 245,000 sq ft of offices, 578 apartments, 33,500 sq ft of retail space, a hotel, a 50-bed hostel for the homeless, and 40,655 sq ft of leisure space.
Eugene O’Sullivan, Surveyor and Director at Morgan Pryce says; “The continuing high levels of foreign investment the UK is seeing, despite the triggering of Article 50, is further proof of the country’s resilience. There are so many positive aspects to foreign money investing in the UK and we don’t expect this to slow down any time soon.”
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.