Galliard buys into Royal Mail site in Vauxhall

Galliard has bought a site at the former Royal Mail sorting office in Vauxhall for £25m. The developer has taken plot C of the former South London Mail Centre, now known as Nine Elms Parkside, which has planning for 262 flats. The site will be built out for private sale and is expected to  be valued at £130m on completion. The 14-acre sorting office site, which has planning for 1,950 homes, was valued at £662m in 2014 at the peak of the London residential boom. However, Royal Mail has been selling the site plot by plot after attempts to the sell the scheme in its entirety to Ballymore in 2015 fell through. In June 2017, Greystar bought plots B and D, which have planning for 894 homes, for £101m. It is soon to commence build-out of the homes, which will be held for the rental market, after making minor amendments to planning. The deal with Galliard means plots A, E, F and G, which will consist of 794 homes, remain available for development. The deal comes after EG revealed in July that Galliard was  in discussions to buy the Camden Morrison’s site. To send feedback, e-mail alex.peace@egi.co.uk or tweet @EGAlexPeace or @estatesgazette