Sable Capital has acquired the freehold of the Apex 1 residential development site in Nine Elms from VINCI St Modwen (VSM) and Covent Garden Market Authority for an undisclosed price.
The company bought the site from the 50/50 joint venture between VINCI UK Developments and St Modwen Developments using funds from its UK BTR fund, which has £255m of equity commitments.
The site, which sits adjacent to New Covent Garden Market, benefits from detailed planning consent for a 26-storey tower incorporating 201 private homes, as well as 5,242 sq ft of ground-floor retail space and 27,631 sq ft of amenity space, including a podium garden.
Hugo Black, partner at Sable Capital, said: “While wider market conditions are presenting certain challenges, demand for rented homes in London remains strong, with rents growing at their fastest pace on record. London remains chronically undersupplied with delivery of new homes currently 60% below the London Plan target.
“This is a fantastic site in a rapidly evolving area close to the iconic Battersea Power Station. We are looking forward to working with Covent Garden Market Authority and VINCI St Modwen to deliver new public realm connecting the US Embassy to the new Nine Elms station as well as delivering 201 new homes for renters in zone one.”
Galliard Construction will deliver the project under a turnkey contract. Sable Capital was advised by BCLP and Cushman & Wakefield. Savills advised VSM and Deloitte advised Covent Garden Market Authority.
