Ballymore Group has today announced the sale of One Embassy Gardens, the flagship commercial building at Embassy Gardens in Nine Elms, London. The building neighbours the US Embassy, and the sale offers the first opportunity for entry in the commercial market in an emerging commercial location. Over 80% of the building has been pre-let at One Embassy Gardens to leading publishers Penguin Random House and DK Publishing.
Ballymore’s 156,000 sq. ft. office building is located adjacent to the River Thames in central London, offering exceptional commercial space over ground and ten upper floors with a stunning west-facing terrace on the 10th floor. The landmark building, designed by Lee Polisano of PLP Architects, boasts spectacular views of the U.S. Embassy, the River Thames, central London, the Linear Park that runs through Nine Elms from Vauxhall to Battersea Power Station, and the 1,750 new homes at Embassy Gardens. The building is designed to a target BREEAM rating of Excellent.
John Mulryan, Managing Director of Ballymore Group, stated; “Nine Elms is one of the most significant regeneration projects in Europe, and Embassy Gardens sits at the heart of it. Fundamental to this mixed-use development was the inclusion of a landmark commercial building that was designed to the highest quality and design standards. It is a testament to Embassy Gardens as a new place and the quality of design for One Embassy Gardens that we have attracted two of the UK’s leading publishing houses.”
One Embassy Gardens is being sold by JLL and Savills. Simon Beckett, Director, Head of West End Capital Markets, JLL comments: “Nine Elms is a dynamic market with significant continued growth anticipated from the newly planned Linear Park waterfront environment, the state-of-the-art New Covent Garden Market which is currently under development and over £1 billion being invested into new infrastructure – including a Nine Elms underground station connecting the area to the West End.
“The pre-leasing of 500,000 square feet of office space to Apple in the nearby Battersea Power Station with plans to create a campus there in 2021 reflects Nine Elms’ compelling pull factors and the importance of tech clustering.”
Barry Mangan, Central London Investment Director at Savills comments: “One Embassy Gardens is a landmark office building in the heart of London’s most ambitious place-making development scheme. One Embassy Gardens offers the first opportunity for income investors to gain a significant foothold in Nine Elms and benefit from high quality long-term income, low starting rents and associated overall occupancy costs, an advantageous initial yield and outstanding growth potential.”
In Dublin, Ballymore continues to develop its Dublin Landings scheme in the Dublin Docklands. On completion, this 93,000 sq. m. mixed-use scheme will house 270 quality residential apartments and landscape gardens and 2,000 sq. meters of commercial office space. There will also be restaurants, bars and retail outlets. Existing commercial clients include the NTMA and WeWork, the global network of workspaces.
Notes to Editors
Hayleigh O’Farrell, Head of PR, Ballymore Group, +44 (0)20 7510 8329, email@example.com