London, 26 October 2018: Ballymore, the property developer driving large-scale urban development in east London’s docklands, has finalised a £1bn deal to acquire 6.4 acres split across two sites at Millharbour, adjacent to Canary Wharf, London.
The Millharbour site is Ballymore’s 27th acquisition in East London after a period focusing on the construction of major sites including Royal Wharf, London City Island, Nine Elms and Dublin Landings. This acquisition signals the developer’s confidence in the London market and a renewed interest in adding to its UK and Ireland portfolio.
Millharbour, which sits on Mastmaker Road on the Isle of Dogs, has planning permission already in place and Ballymore plans to develop more than 1,500 new homes, 145,000 sq. ft. of education space and 63,000 sq. ft. of commercial space. A ‘People’s Park’ and civic square will be at the heart of the development, with new cultural institutions including a theatre and dance studio.
Sean Mulryan, Chairman and Group CEO, Ballymore, comments:
“More than two decades on from our first investment in East London, this special area of the capital continues to provide huge opportunities to create thriving new communities. Identifying this potential, and creating imaginative new places is what Ballymore is all about and we are excited to be taking our vision for Millharbour forward.
“Our work along that stretch of the river is grounded in our vision for a new cultural legacy for this area of the capital, and we have already brought prestigious institutions such as the English National Ballet and London Film School away from their traditional central London roots. Millharbour gives us yet another opportunity to drive this cultural vision forward.”
Ballymore has built its reputation on taking on previously dismissed or overlooked parcels of land and kick-starting them into hugely successful go-to destinations. To date in 2018, the company has completed approximately 2,000 homes, and in London alone 4,745 more are currently under-construction with forward sales of c.£1.8bn. Ballymore’s portfolio pipeline gives the company the capacity to add a further 9,000 homes to meet future demand. Ballymore is also adding to its corporate portfolio, with around 3.4 million sq. ft. of commercial space in cities such as Birmingham, Dublin and London.
- ENDS -
Notes to Editors
Hayleigh O’Farrell, Head of PR, Ballymore Group, +44 (0)20 7510 8329
About Ballymore Group:
Ballymore is an independently-minded property developer with a multi-award winning portfolio of some of Europe’s largest urban development projects. A privately-owned company, Ballymore was established by founder, Chairman and CEO Sean Mulryan in Dublin in 1982.
The company has the flexibility to identify opportunities, pursue challenging projects and make bold decisions. Ballymore owns significant land across the UK, Ireland and Europe, capable of delivering an additional 9,500 homes and has £2.6 billion in forward sales. It currently has around 3.4 million sq. ft. of commercial space and 4,745 homes under construction in London.
Taking a visionary approach to development and place making, Ballymore’s projects are renowned for best-in-class design and innovation, winning 40 top industry awards in the last three years alone. The business’ resolute commitment to quality is embedded in every detail of its projects. From conception through to delivery and then estate management, Ballymore maintains the quality its residents and tenants expect, and is one of the only developers in the UK that has its own estate management teams.
Current developments include London City Island, Embassy Gardens, Wardian London, Dublin Landings, Goodluck Hope and Royal Wharf. For more information please visit www.ballymoregroup.com.