Two buy-to-rent housing developers partner up to transform the space
The development will be on the edge of the Nine Elms Linear Park. Picture: Embassy Gardens
Developers London Square and Moda Living have teamed up to buy the last plot on the now defunct South London Mail Centre on Ponton Road. Planning has already been granted by Wandsworth Council for a mixed-use 23 storey residential and retail development which will sit on the edges of the new Linear Park in Nine Elms.
Moda Living is a UK-wide developer of buy-to-rent homes, while London Square has recently launched its own affordable housing provider, Square Roots. The deal will result in Moda’s first central London build-to-rent scheme, forming part of its new expansion partnership with private real estate investment outfit Apache Capital. It will also mark a first for London Square, who are currently pursuing a position in the buy-to-rent market.
The large warehouse building on the site – which was no longer being used by the postal service – was recently put to use as an exhibition venue. Now it’s in the process of being demolished. Royal Mail bought the sprawling site in 1973, but has gradually sold off chunks of its site to developers. Mail processing has been transferred to other Royal Mail sites throughout London.
While no images of the new building have been released yet, parts of the Linear Park are already being constructed, forming a new large public green space which, when completed, will snake its way through the high rises of Nine Elms through to Vauxhall.
The old Royal Mail site itself forms part of Nine Elms Parkside, a residential-led, mixed use selection of buildings which are currently being constructed in the space behind Waitrose and Embassy Gardens, stretching from Nine Elms Lane to Ponton Road.
The old Royal Mail depot just before it was recently demolished. Picture: Google Streetview
The Nine Elms Linear Park, which weaves through the new building as part of a joint regenerative initiative between TfL, the Greater London Authority and the boroughs of Wandsworth and Lambeth, has taken inspiration from New York City’s High Line, the public park built on the old elevated rail line running through the west of Manhattan.
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February 25, 2021