Development Securities entered into a joint venture with Cathedral Group in September 2010 and secured planning consent in 2011 to regenerate a derelict industrial site in the south London borough聽into a 350,000 sq ft mixed-use development, called The Movement, or even The MVMT.
Under the scheme, Willmott Dixon has spent 拢16.2m to take ownership of the housing land within the scheme. The housing element has a gross development value of 拢50m.
In addition, contracts for sale have been exchanged with McLaren at 拢8.3m for the land element of a 358-bed 'student village' with the deal due to complete in August.
The developers will now start enabling and infrastructure works immediately to prepare the site for development.
A 106-bed hotel element of the scheme has been pre-leased to Travelodge and negotiations are in hand regarding its long-term institutional funding.
The final and smallest stage of the regeneration scheme comprises circa 25,000 sq ft of mixed-use leisure and retail space.
Development Securities chief executive Michael Marx said: "This is a good example of the successful implementation of our strategy to create value by repositioning secondary or tertiary real estate into prime or near-prime development via the process of regeneration."
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