Quadrant and AIMCo partner on £150m Nine Elms office block
Quadrant and AIMCo have partnered up to acquire and develop a new £150m office building on the former Royal Mail delivery office site in Battersea.
Royal Mail has already secured planning consent for the building located on the north-west corner of site, known as Nine Elms Park, SW8.
The 12-storey building will provide 140,000 sq ft of office space and features a roof terrace.
Quadrant and AIMCo have partnered up to acquire and develop a new £150m office building on the former Royal Mail delivery office site in Battersea.
Royal Mail has already secured planning consent for the building located on the north-west corner of site, known as Nine Elms Park, SW8.
The 12-storey building will provide 140,000 sq ft of office space and features a roof terrace.
It forms part of a wider masterplan for Nine Elms Park which spans 14 acres and has outline planning approval to develop 8.35 acres.
The deal is expected to complete in December, with construction slated to begin next year.
Tristram Gethin, founding partner at Quadrant, said: “Closing this deal with a new investment partner is an exceptional achievement and highlights our continued confidence in the future of the office here in London.
“Having worked closely with Royal Mail on the plans, we’re thrilled to be bringing this exciting development a step closer to reality and hope that this is the first of many projects we will be working on together with AIMCo.”
Rupert Wingfield, head of Europe, real estate at AIMCo, added: “With the new US Embassy, the ongoing Battersea Power Station development close by and new transport infrastructure in the pipeline, Nine Elms is an exciting district within an ever-popular city and we look forward to working with Quadrant on the development of this high-quality scheme.”
Accord Europe advised Quadrant on the deal.
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Pic from Newgate Communications
