Chinese investor to develop KPF’s residential twin tower scheme in London’s Nine Elms that will be the tallest in the capital
According to Building’s sister title Property Week, Dalian Wanda Group has bought the site of Market Towers in London’s Nine Elms, called One Nine Elms, with plans to develop two residential, office and retail towers of 45 and 60 storeys.
Property Week said Wanda, a conglomerate that spans hotels to cinemas to shopping malls, will also bring a five-star hotel to the development, marking the first move overseas by Wanda’s luxury hotel brand.
The development, 1.13m sq ft in size, if completed today, would be the tallest residential tower scheme in London. Completion is expected to be in 2016/2017.
Property Week said the deal, which was expected to be signed in a ceremony in China last night, had been put together by Green Property following its purchase of a portfolio from Allied Irish Bank in 2008, in which the bank retained an interest in the properties that would see the two parties take a share of the profits when sold.
Green, working alongside CBRE, architects KPF and project managers CIT, set out to create a high-rise opportunity that would appeal to the Far Eastern markets, which tend to favour large-scale new-build towers.
It had previously been under offer to Malaysian developer IGB.