Arada has agreed a deal to acquire The Salvation Army’s former UK and Ireland headquarters in London for an undisclosed price.
The company intends to convert the 0.65-acre site at 99-101 Newington Causeway, which comprises two buildings, into a co-living-led scheme.
The development, which is located a two-minute walk from Elephant & Castle underground station, will be delivered by Arada London, part of the Arada Group.
Ahmed Alkhoshaibi, group CEO of Arada, said: “Our continued investment in the capital reflects our firm conviction in London’s long-term strength as a global real estate market. Since entering the city, we have set a clear ambition to scale our residential pipeline and the rapid growth to over 16,000 homes underscores the capability of the Arada London team to deliver at pace and to a high standard. Newington Causeway is a well-located site in an area benefiting from sustained regeneration and we see significant potential to bring forward a high quality mixed-use scheme that supports Southwark’s growth.”
Jonathan Seal, CEO of Arada London, added: “The former Salvation Army UK and Ireland headquarters presents a unique opportunity in a dynamic part of London. This acquisition marks a major step for Arada London, as we kick off our third project in Southwark and make our debut in the co-living world. With brand new homes and a hotel, we are looking forward to helping shape a town centre at the heart of Southwark’s transformation.”
Peter Grant, territorial property director at The Salvation Army UK and Ireland, added: “The Salvation Army is pleased to see this site being sold for development. The provision of much needed homes alongside commercial use is a positive outcome for this site.”
Andrew Cox, director at Savills, which advised The Salvation Army on the deal, added: “101 Newington Causeway is an outstanding site, which benefits from scale, transport and strong viability. This is a great acquisition for Arada and the deal allows The Salvation Army UK and Ireland Territory to dispose of a building that is no longer suitable for its needs and to use the proceeds to continue its work.”
