Singapore Buyers Show Strong Interest in Mixed-Use Development in London’s Vauxhall
Third.i, a multi-award winning developer with operations across Australia, Singapore and the UK, has acquired its second major mixed-use development site in London, which is located on Vauxhall Walk, and has full planning permission for 160 new homes and vast co-working office spaces for residents and local businesses, which is set to complete in 2023.
With a GDV of circa £200,000,000, the 279,900 sq ft site development scheme is set to be called Graphite Square. Planning permission has been granted by Lambeth Council for 110 one to three-bed private new homes, 50 one- to three-bed affordable homes, over 80,000 sq ft of co-working space across four floors, three residential buildings ranging from nine to thirteen storeys in height, a Methodist Church and landscaped communal gardens with elements to enhance biodiversity.
This acquisition follows Third.i’s successful UK debut in Battersea in 2018 as it seeks to invest around London in residential, commercial, senior living and assisted living projects.
Luke Berry, founder of Third.i, commented: “We’ve been looking for exciting opportunities in London for some time, and Graphite Square is the perfect embodiment of our belief in creating better places to live, work and play. We instantly fell in love with the architecture and place-making of the project, seeing it having an ageless appeal that will become a legacy project, one we all can be proud of.”
Berry added that Graphite Square has already attracted a great amount of interest from both domestic and international buyers, including from Singapore, China and Asia, before marketing has even begun.
Julian Sedgewick, Head of Business Development for Third.i in Asia and UK, said: ‘We have a strong base out here in Singapore, we are looking at Asian investment in London and we have had a brilliant response to our initial phase release with over 50 per cent of our off-plan sales from the first release gone to Singaporean buyers. We have had great feedback are excited to bring the second phase release of Graphite Square to the market at the end of February.”
Despite Brexit and Covid-19, Vauxhall is set to be one of the hottest destinations for international buyers, who look for better places to live, work and play in central London. Moreover, Vauxhall is within distance to several key academic institutions such as the Imperial College, the London School of Economics and King’s College to name a few, which makes it stand out among Asian buyers.
“Our purchasers not only appreciate the aspirational design, dedicated work from home space, security and convenience, but also the value of investing in Vauxhall. As well as being located on the doorstep of Nine Elms, Battersea and Chelsea, Vauxhall is also in the middle of central London’s largest regeneration project,” said Berry.
CBRE added that with the arrival of the new American Embassy and some Tech giants to the area, modern housing developments paired with the excellent transport connections, Vauxhall has become one of the most desirable destinations in London for young professionals and students.
Third.i is working with internationally renowned architect, Ben Adams Architects, who are focusing on blending Graphite Square seamlessly into the local area with an industrially inspired design concept that celebrates Vauxhall’s heritage past. Whilst workspace creator, Halkin, has signed a long term lease to manage and deliver the turn-key office/co-working spaces that will boast state-of-the-art technology and facilities for over 1,000 people.
Third.i is launching Graphite Square in Singapore on the 26 to 27th February 2022 at the Four Seasons Hotel in the Crescent Ballroom.