Cedarstone Capital Partners has agreed a deal to acquire the 1.49-hectare Vauxhall Square development site in Vauxhall, London, from R&F Properties for an undisclosed price.
The deal will be facilitated through senior debt provided by Cheyne Capital and specialist regeneration developer Bmor will act as development manager.
In 2012, planning consent for 1.4m sq ft of residential, student accommodation, hotel and office space was granted at the site, but so far only student accommodation space and a hostel have been delivered.
Tom Upton, principal at Cedarstone Capital Partners, said: “As one of the last sites of this scale in the VNEB Opportunity Area, Vauxhall Square presents a significant opportunity for the local community and London by realising this location’s full potential, which embodies our ethos to unlock the living sectors in the UK.
“We are looking forward to working with long-term, strategic partners to deliver a scheme that helps to meet London’s multi-faceted need for new and affordable homes and high quality places.”
Theo Hajoglou, from Cheyne Real Estate, added: “This is a compelling opportunity to work with experienced sponsors who have a thoughtful vision to enhance the VNEB Opportunity Area and develop a multi-purpose site, Vauxhall Square, which will benefit the whole community.
“In a highly desirable location with proven fundamentals, we are pleased to partner with the experienced teams at GFH, Cedarstone and Bmor and are confident that Vauxhall Square has a strong team in place to unlock the site’s potential.”
Jason Tracey, director at Bmor, said: “With vast experience across multiple mixed-use projects we are looking forward to collaborating with Cedarstone and our outstanding team, Lambeth Council and our local stakeholders to shape a landmark destination, not just for London but on a world stage.
“Vauxhall Square will represent a considerable investment into this part of the local district and so has a crucial role to play in connecting the other completed redevelopment projects in the area and integrating into the wider community. The site has not experienced any meaningful progress since 2016 and we now feel we have the building blocks in place to create a truly exceptional vision.
“We are excited to commence design and delivery for this project with a world class team and unbridled enthusiasm. One of our initial priorities will be to undertake an extensive community engagement plan to ascertain the most important community needs and integrate them into the fabric of the development and public realm.”
The vendor was advised by JLL.
