Ballymore seeking partner for £2bn London development

Tuesday 20 May 2014 09.47
One site Ballymore hopes to develop 'London City Island' near Canary Wharf
One site Ballymore hopes to develop 'London City Island' near Canary Wharf

Ballymore is seeking a joint venture partner to develop its £2bn London property portfolio.

The Irish development company holds three sites in the British capital and plans to use them to build 3,000 residential units and 250,000 sq ft of commercial, leisure and office space.

The plans include the development of ‘London City Island’ on the Leamouth Peninsula, which is located close to Canary Wharf, and ‘Embassy Gardens’, close to the US Embassy and Battersea Power Station.

Ballymore’s CEO Sean Mulryan said the portfolio was “one of the largest and most significant residential development opportunities to be offered in central London”.

He said a joint venture deal would generate substantial income for the company and help it reduce its borrowings with the National Asset Management Agency, which he said has been the company’s main funder since 2010.

Mr Mulryan said it had worked constructively with NAMA over that time and acknowledged the agency’s “support for Ballymore over the past four years”.

Ballymore had previously developed a number of projects, mainly in London, including Pan Peninsula in the city’s Docklands area and High Point Village in Hayes.