Woolwich site acquired for £65 million residential development
Forsters has advised a fund managed by Savills Investment Management (formerly Cordea Savills) in relation to the acquisition of the Callis Yard site in Woolwich, South-East London.
The international property investment manager has purchased the site, which is located close to the new Woolwich Arsenal Crossrail station, on behalf of its Prime London Residential Development Fund II in joint venture with developer Urbanwise. The site has the benefit of full planning consent for 152 residential units, a children's play centre and gymnasium.
Development is anticipated to commence in autumn 2015 and scheduled to complete before Crossrail becomes operational in 2018.
Julian Symons, Director of Development, Savills Investment Management, commented: “Callis Yard is a fantastic scheme within one of London’s most exciting regeneration areas. The access to local services and excellent public transport links will make this a highly sought after residential development. Investors’ attention is increasingly turning to areas beyond the prime postcodes where there is a greater shortage of stock, proven demand and a pool of talented developers seeking funding to address the balance.”
Keith Ewart, Director, Urbanwise, commented, “Callis Yard will play a vital role in rejuvenating the local area and will also showcase strong sustainability credentials through its efficient use of under-utilised land, modern design and renewable technologies. We are pleased to be embarking on this partnership with Savills Investment Management, furthering our development activity on larger schemes within London areas where housing demand can be more readily met.”