A Chinese real estate company has purchased a major London mixed use scheme with the intention of making a development valued at more than Â£700m.
The Dalian Wanda Group has agreed to purchase One Nine Elms development from the Irish developer Green Property in an off market sale. The site was once owned by Achilleas Kallakis, the property tycoon later jailed for fraud.
The deal will see the construction of a 675ft City Tower, destined to be the tallest apartment block in the capital, as well as another smaller residential block called the River Tower.
Dalian Wanda Group chairman, Wang Jianlin, said: “The One Nine Elms site stands out as an exciting chance to be part of the transformation of an important part of one of the world’s greatest cities.
“The London property market has excellent investment opportunities and we have confidence that Wanda’s strength and expertise will make the Wanda London’s premier hotel, further promoting development in the area.”
One Nine Elms is a mixed use development consisting of 1.13 million sq ft of London offices as well as residential, commercial and retail space. It is expected the development will be worth more than Â£700m once complete.
Green Property chairman, Stephen Vernon, said of the development, it was “arguably the most exciting regeneration project in Europe” adding the Dalian Wanda Group would bring the development on to its “next and final stage”.
Green Property is currently working on a number of other London properties including the development 0f 8 St James’s Square, a 65,000 sq ft London office building scheduled for completion in March 2014.
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