Rockwell and Cerberus acquire landmark London waterfront site
Royal London Asset Management (RLAM), on behalf of the Royal London UK Real Estate Fund (RLUKREF), has sold Hurlingham Retail Park to a joint venture between Rockwell and Cerberus.
The acquisition was completed by Rockwell, a leading London-based property developer, in partnership with Cerberus Capital Management, L.P. (“Cerberus”), a leader in alternative investing, with CBRE acting as the selling agent.
The landmark waterfront site, 362-364 Wandsworth Bridge Road is situated adjacent to Wandsworth Bridge on the North Bank of the River Thames, and at the heart of the South Fulham regeneration area, the site has the benefit of a mixed-use planning consent granted in 2020.
One of the last remaining regeneration opportunities on this stretch of the River Thames, the highly-sought-after 3.2-acre waterfront scheme will distinguish itself with uninterrupted water views. Comprising 4 – 12 storey buildings, the development will deliver 269 residential apartments, with almost every home featuring private external spaces, including roof terraces and balconies.
The main building is set to feature an expansive entrance lobby linked to premium private amenities for residents, in addition to 24,000 sq. ft of landscaped podium gardens. Active ground and first-floor commercial space totalling 31,242 sq. ft will be occupied by a mixture of tenants ranging from food, beverage, leisure and retail.
Situated within easy reach of the Kings Road, Chelsea, a choice of close transport links will connect residents to the West End, the City, and beyond, with a view to establishing the development as a leisure and retail hub benefitting the local area and residents, as well as marking the location as a destination in its own right.
Donal Mulryan, Founder of Rockwell commented: “The site offers an outstanding opportunity to deliver a landmark mixed-use development immediately adjacent to the River Thames. We’re delighted to have partnered with Cerberus to acquire one of the only remaining waterfront development opportunities in this area.
“This is the second high-profile site we’ve secured along The Thames in the past year and demonstrates our commitment to London. We look forward to starting on site later this year.”
Daniel Dejanovic, Head of European Real Estate for Cerberus, commented: “This is a rare opportunity to bring a high-quality, mixed-use property to a vibrant area in London. We’re excited to partner with Rockwell on this project and develop a premier property for residents and the local community to enjoy.”
Royal London Asset Management was advised on the sale by Gowling WLG, and Felicity Lindsay, Partner at Gowling WLG, said: “We’re pleased to have worked with Royal London Asset Management again on another prominent transaction within the real estate market.
“The sale of this asset is evidence of the strong demand we’re currently seeing for residential-led developments within highly sought-after areas, so we are delighted our team was able to assist in achieving this outcome for Royal London Asset Management.”