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20 October 2003
Merton Abbey Mills is part of our substantial portfolio of mixed-use projects and can be seen as another example of Countryside Properties' unique and valuable development skills which continue to create new business opportunities.
Richard Cherry, Group New Business Director.
Countryside Properties PLC ("Countryside Properties"), a leading developer of sustainable communities, has entered into a joint venture arrangement with Quintain Estates & Development PLC ("Quintain") to develop a prominent 9.4 acre brownfield site adjacent to the existing Merton Abbey Mills Market in Colliers Wood, London SW19.
This major new mixed-use development will include 283 contemporary apartments for sale on the River Wandle, a 132 bed hotel pre-let to Scottish & Newcastle (Premier Lodge), a large health & fitness centre pre-let to Virgin Active and two restaurants.
A joint venture vehicle has been set-up by the two companies to develop the scheme which has a completed development value of £89 million. A non-recourse project loan is being provided by Barclays.
Construction works have already commenced on site and are being undertaken by Wates under a fixed price design and build contract. Occupation of the first phase of apartments is scheduled for Summer 2004 with completion of the development anticipated by Summer 2006. Average selling price is expected to be £250,000.
Richard Cherry, Group New Business Director, Countryside Properties, commented: "We are delighted to be working with Quintain on this important mixed-use scheme where a number of important pre-lets have been secured. Together we will be creating a new urban quarter which will help to revitalise the area. Merton Abbey Mills is part of our substantial portfolio of mixed-use projects and can be seen as another example of Countryside Properties' unique and valuable development skills which continue to create new business opportunities."
Nick Shattock, Quintain's Property Director, said: "This joint venture agreement is another opportunity for Quintain to regenerate a currently under-developed part of London. We are delighted to be working in partnership with Countryside Properties, one of the UK's leading developers, on what we believe will become a thriving mixed-use scheme which is already anchored by some prestigious tenants."
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Information correct as at 20/10/2003