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Cardiff-based Regen World is thought to be the frontrunner in negotiations for a site close to the Vauxhall gyratory. The Vauxhall Cross island location, near to Battersea Power Station, has planning permission for two towers made up of residential and office space, with 31 and 41 storeys respectively. Planning permission was granted in August 2012 to Wendover Investments and Kylun, a private investor consortium.
The site, which is one of a number of current or proposed developments in the area around Vauxhall, Nine Elms and Battersea – whose regeneration is being brought together under the Nine Elms Vauxhall Partnership – was put up for sale towards the end of last year for £65 million through Knight Frank. It is thought that the Cardiff company is backed by investors from the Middle East, and may have offered more than the asking price.
The planning permission had finally been given following three years of applications and discussions, with the final decision referred to the Secretary of State after Lambeth Council did not arrive at a decision in respect of the site. The council have, however, since given their backing to the £400-million project.
The current permission includes 291 flats, but it may be the case that Regen applies for revised permission to reflect current conditions in the area. The original permission also included restaurants, affordable homes, cinema, hotel with skybar, dental surgery and children’s play area.
The Nine Elms Vauxhall Partnership was set up in 2010 and is co-chaired by the leaders of Wandsworth and Lambeth council, and the vision for the area includes a £1 billion infrastructure package.
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.