Sable Capital acquires development site in Nine Elms

UK real estate firm Sable Capital has acquired a residential development site in Nine Elms, Wandsworth, using capital from its recently raised UK BTR fund which has £255m of equity commitments.

The newly established vehicle has acquired the freehold of Apex 1, a residential development site within London’s zone 1 from VINCI St Modwen (VSM) — a 50/50 joint venture between VINCI UK Developments and St Modwen Developments — and Covent Garden Market Authority.

Concept design of the Apex 1 project

The site has detailed planning consent for a 26-storey tower incorporating 201 private homes, as well as 5,242 sq ft of ground-floor retail space and 27,631 sq ft of amenity space, including a podium garden.

Situated next to New Covent Garden Market, it is 150 metres from the Nine Elms Underground station.

Galliard Construction will deliver the project under a turnkey contract.

Another concept of the JV residential project

Hugo Black, partner at Sable Capital, said: “While wider market conditions are presenting certain challenges, demand for rented homes in London remains strong, with rents growing at their fastest pace on record.

“This is a fantastic site in a rapidly evolving area close to the iconic Battersea Power Station.

“We are looking forward to working with Covent Garden Market Authority and VINCI St Modwen to deliver new public realm connecting the US Embassy to the new Nine Elms station, as well as delivering 201 new homes for renters in zone 1.”

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