City Developments Ltd. plans to expand its portfolio in London with the development of a luxury residential project at the freehold Ransomes Wharf site in Battersea, located in the borough of Wandsworth, with a gross development value of approximately £222 million.
Through its subsidiary, Trentworth Properties Ltd., the company exchanged contracts to acquire the 0.65-hectare site for £58 million. The site has planning approval for 118 apartments, eight commercial units with 21,980 square feet of ground-floor and lower-ground floor space, and 103 car parking spaces.
The project will comprise six residential buildings of up to 10 floors. The company will break ground on the residential development in the spring of this year.
CDL's acquisition of the Battersea site has pushed its London investments to a total value of £510.2 million, spread over 10 freehold properties in the capital city.