Notting Hill Genesis Notting Hill Genesis sells site at Canada Water
March 04 2020 - 3:45AM
RNS Non-Regulatory
TIDM85FA
Notting Hill Genesis
04 March 2020
Date: 4 March 2020
Notting Hill Genesis Sells Site at Canada Water
Notting Hill Genesis announced today that it has exchanged
contracts for the sale of its 1.8ha site at Canada Water. The site
was purchased in 2014 by the then Notting Hill Housing Group. Since
then, 234 private rented sector (PRS) flats have been constructed
for the Notting Hill Genesis Group, operated by its PRS subsidiary
Folio London. In addition, a new store has been constructed for and
occupied by Decathlon.
Upon reviewing the remainder of the site, it was established
that it would best be used for commercial space, not a core
activity of Notting Hill Genesis and so the decision was taken to
sell.
The project at Canada Water has been developed in partnership
with Sellar Design and Development Limited.
Contracts have been exchanged with Art Invest Real Estate to buy
the site for GBP140m, with GBP10m payable before 31 March 2020,
GBP95m in 2020/21 and the balance in 2021/22. Notting Hill Genesis
will settle liabilities relating to the scheme in 2020/21, leading
to net proceeds of about GBP75m in that financial year.
Savills acted on behalf of the Vendor and Cushman &
Wakefield acted on behalf of the purchaser.
Speaking on behalf of Notting Hill Genesis, Chief Executive,
Kate Davies said:
"It has been amazing to help transform the Canada Water area,
creating an exceptional location to live, work and socialise. Our
Porters Edge private rented scheme will provide homes for Londoners
for decades to come. We are pleased to be selling the remainder of
the site so that someone else can take forward this exciting
work."
Contact details: Andrew Sugden - Corporate Finance Director on
020 3815 0356
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END
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