Reselton Properties Limited the subsidiary of Singapore Stock Exchange quoted City Developments Limited (CDL), and represented in the UK by Dartmouth Capital Advisors Limited, has completed the freehold purchase of the well-known 22-acre Stag Brewery in Mortlake, south west London.
This follows the acquisition of another CDL backed 207 residential unit development opportunity in Teddington acquired from Haymarket publishing Lord Heseltine’s Group last week. The 4.5 acre site was formerly the home of Pinewood Studios and is located one of the most prominent sites overlooking Teddington Weir on the River Thames.
The Mortlake site which has been sold by AB InBev is located in the London Borough of Richmond with a 200-metre River Thames frontage.
The site, which is widely accepted as one of the best development opportunities on the Thames, has the benefit of an adopted planning brief that promotes mixed use scheme which will deliver a major residential development, a new school, hotel, and other employment and leisure uses.
It offers an opportunity to create a completely new riverside residential quarter for Richmond with a new green parkland spine leading from the existing commercial centre of Mortlake to the Thames.
It is also just 200 metres from the rapid over ground train link to London’s Waterloo mainline station, making it an ideal commuting location.
Kwek Leng Beng the Chairman of City Developments Ltd , said “We will be opening the planning and consultation process with residents early in the New Year. We hope to achieve planning consent in the first quarter of 2018 and to undertake the scheme in two phases.”
This comes a week after the acquisition of Teddington Film Studios’ riverside site by CDL subsidiary Pinenorth Properties Ltd, which is also in the London Borough of Richmond, where planning consent has been granted for 207 residential apartments. Demolition is underway with the first release of homes due next Spring (2016) with construction complete in 2018/19.
Lord Heseltine’s Haymarket Publishing, the vendor of the Teddington site, is relocating within the Borough of Richmond and is contributing to the delivery of educational facilities in the Borough.
The Chairman Kwek Leng Beng says: “City Developments Ltd working with Dartmouth Capital has focused attention on the suburban London market in its search for best value and sees the London Borough of Richmond as one of the most desirable locations for living and working in London.”