The sale of a massive 10-acre site in Nine Elms appears to have fallen out of bed.
Regeneration specialist St Modwen – which is redeveloping the giant New Covent Garden Market site alongside French JV partner Vinci – reported being in “exclusive negotiations” with someone seriously interested in buying the flagship Nine Elms Square element last month, but has just released a statement confirming the exclusivity period is now well and truly over.
The firm added: “The prime riverside site in central London has received high levels of interest and the sale process with other prospective purchasers continues.”
The developers have been “exploring options” to offload the scheme since last February, and, as reported in December, some interested parties were sniffing around at the end of the year. Negotiations with the potential purchaser in question were said to be “at a level firmly supportive of book value”. That book value has previously been estimated to be around £600m-£620m.
Planning permission is already in place for 1,800 homes on Nine Elms Square, with a cluster of towers including a 54-storey 346-unit number. Former St Modwen boss Bill Oliver hailed the site as “one of the best pieces of real estate available in the UK and in Europe”.
The wider NCGM project, which sprawls across 57 acres just along the river from Battersea Power Station, seems to be trundling along nicely, with completion of an interim flower market facility freeing up 20 acres of development land, which should deliver around 3,000 homes in prime-ish London.