China's Greenland Group investment will also deliver on Wandsworth Gyratory redesign
Chinese developer Greenland Group has purchased the Ram Brewery site in Wandsworth Town from Minerva.
The 7.75 acre site, which is currently derelict, comes with outline planning consent for 661 homes and 9,500 square metres of commercial space for new shops, cafes, bars and restaurants.
The scheme has a total investment value of circa £600 million and represents Greenland’s first acquisition in the UK.
Zhang Yuliang, Chairman and President of Greenland Group, said:" London is the global financial centre as well as the most open and diversified city that enjoys the most mature economic development, making it the first option for our investment in Europe.”
Ravi Govindia, Leader of Wandsworth Council, said: “This is more good news for Wandsworth Town and another vote of confidence in the council’s ambitious regeneration plans.
The Ram Brewery now has an owner with the experience and deep pockets needed to unlock its enormous potential.
“The site comes with a very well designed development plan which would rejuvenate this part of the town centre, open the historic brewing buildings to the public and create hundreds of new homes and jobs. It also delivers on the council’s top priority which is to redesign the Wandsworth Gyratory and remove through traffic from the high street.
“We look forward to working with Greenland Group to see this important project through to completion.”
Several major developments are currently underway in Wandsworth town including:
Southside Shopping Centre - the transformation of Southside has included h a 14-screen Cineworld, Waitrose and Virgin Active health club. Owner Metro Shopping Fund has recently announced a pre-let to Debenhams, which will be the town's first department store. This letting has kick-started a £40m redevelopment of part of the complex, which is due to complete in 2015.
The Filaments - comprising two adjacent sites just of Wandsworth High Street, this scheme will feature a total of 416 homes as well as 7,276 square metres of commercial/retail space and 182 parking spaces. The scheme will also provide new public space, a private garden and waters features. It includes new pedestrian links between King George's Park and the high street. Now under construction.
Sainsbury's Garratt Lane - the project is creating a larger store, a new Premier Inn Hotel for the town centre and new shop units for other retailers. There will also be a new café, learning centre and Shopmobility service for disabled customers.
Battersea Reach - this once derelict industrial estate to the east of Wandsworth Bridge has been transformed with hundreds of new homes, a new stretch of Thames riverside walk, public open spaces, bars, cafés, restaurants, shops as well as health and leisure facilities.
Wandsworth Riverside Quarter - this mixed-use development includes hundreds of homes, public spaces, a riverside walk and a range of commercial space including shops, cafes restaurants and offices. This site is located just to the west of Wandsworth Bridge where the River Wandle meets the Thames.
January 8, 2014