[Friday 16th December 2016] Ballymore today confirm the sale of its ground rent portfolio to the Nationwide Pension Fund in a deal worth over £60m. CBRE and Howard Kennedy acted on behalf of Ballymore to facilitate the deal.
Ballymore is involved in some of the most ambitious urban regeneration schemes in London - Embassy Gardens phase two in Nine Elms on the South Bank, London City Island phase two on the Leamouth Peninsula and Wardian London in Canary Wharf. This sale involves the future ground rent receipts for more than 2,500 units across these three sites, with an annual ground rent income from the portfolio exceeding £1.6m.
Ballymore have over 20 years’ experience in the London property market. Ballymore has the vision of creating some of London’s most exciting and innovative residential developments. Three of which are the most important waterside development projects in London’s future, both east and west.
All three developments are currently under construction, with completions phased between 2018 and 2021. At Embassy Gardens and London City Island, residents are now living in the first phase of the development, and both new neighbourhoods have begun to come to life. Construction at Wardian London commenced earlier this year, and both buildings are now starting to emerge from the ground. Soon the botanical vision at Wardian London will become a reality, creating an urban oasis in the heart of London’s financial core.
2016 has been a standout year for Ballymore who announced that The London Film School will relocate to London City Island from their current home in Covent Garden and announced a partnership with The Line which will see the East London contemporary art walk extend to London City Island. These announcements cement the Island’s position as a place for the arts and follow the announcement last year that English National Ballet and English National Ballet School will also move to the island.
The developer also launched the West Tower of Wardian London this year, to great acclaim and following hugely successful sales in the East London launched in September 2015. In addition, partnerships were initiated with Frieze, London Restaurant Festival, Chelsea Fringe, London Festival of Architecture and Bright Young Things at Embassy Gardens.
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About Ballymore Group:
Ballymore is an international property development company with a reputation for innovative projects that push boundaries and energise cities. Led by its founder, Chairman and CEO Sean Mulryan, who formed the company in Ireland over 35 years ago, Ballymore believe in creating developments that improve, enrich and enhance people’s lives, with the scale of a heavyweight developer whilst retaining the integrity of a family business.
Ballymore have an entirely new vision for every project they undertake, aiming to produce residential and commercial developments that set new standards in placemaking, construction, design and urban planning, with each development culturally led and drawing on the character and history of the neighbourhood in which it is found. Ballymore lead each project from conception through to delivery and they remain fully committed to their buildings, long after the last unit has been sold, through their estate management teams.
Ballymore’s current development portfolio includes Royal Wharf , London City Island, Embassy Gardens, Wardian London, 161 Marsh Wall, Three Snowhill, Dublin Landings, West Hampstead Square, Providence Tower, Pipers Hill and Royal Canal Park.