Providing more than six acres of new outdoor public space
A 15 acre residential and business development in the Nine Elms regeneration zone has been approved by Wandsworth Council.
Ballymore's 'Embassy Gardens' scheme would provide up to 1,982 new homes alongside shops, cafes, bars, restaurants, business space, a 100 bed hotel, a health centre, children's playgrounds and sports pitches.
It would also provide more than 6 acres of new outdoor public space including a section of the Nine Elms linear park which will run the full length of the district.
The development site is located to the south of Nine Elms lane and wraps around the site of the new US Embassy.
As part of the scheme's Section 106 package Ballymore has agreed to pay between £52.5mn and £55.7mn towards improving local transport and social infrastructure. The exact figure will depend on the timing of the payments and final form of the development.
The majority of the sum will go towards the Northern Line Extension which will connect Nine Elms to the tube network.
The developer will also provide £200,000 towards an extension of the Barclays Cycle Hire Scheme, £300,000 towards a local employment initiative and six car club parking spaces.
The scheme would provide up to 1,982 flats of which up to 298 would be set aside as intermediate and affordable rent homes.
If the value of the development improves during the build period the developer has agreed to share up to £40mn of the extra profits with the council. The funds would be used to provide more affordable homes across the regeneration zone.
Wandsworth Council's planning chairman Nick Cuff said: "Another fifteen acres of industrial land will now be transformed into new homes, offices, shops and green open space. The completed scheme will support thousands of new jobs and is an important piece of the Nine Elms jigsaw.
"The development comes with another major contribution to the Northern Line Extension which will cut journey times to the financial district to below 15 minutes.
"Through the scheme's legal agreement we have ensured that Wandsworth residents directly benefit from the rising property values in Nine Elms. If prices increase, Ballymore will hand over up to £40mn of the super profit which will be used to provide more affordable homes for local people."
The Embassy Gardens masterplan was designed by Sir Terry Farrell and consists of nine building plots, with individual buildings rising up to 23 storeys in height.
The phase one detailed designs were also produced by architects Fielden Clegg and Bradley, Allford Hall Monaghan Morris and FLACQ.
To view the Embassy Gardens plans visit www.wandsworth.gov.uk/planning
- application number 2011/1815.
February 20, 2012