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Rockwell and Cerberus acquire landmark London waterfront site, 362-364 Wandsworth Bridge Road from Royal London Asset Management
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 4 February by Rockwell, a leading London-based property developer, in partnership with Cerberus Capital Management, L.P. ("Cerberus"), a global 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 and look forward to providing a best-in-class mixed-use residential development for the local community and new residents. 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."
Drew Watkins, RLAM Portfolio Fund Manager, said: "The sale of this development is an excellent result for Royal London's UK Real Estate fund. It represents the culmination of years of active asset management and demonstrates our willingness as a property asset manager to trade, rather than recycle, when the right opportunity arises." He added "The sale follows a long period of creative and challenging work to obtain planning permission for this prime riverside development. This project is aligned to our active management strategy and the capital will be redeployed in ongoing development opportunities elsewhere in London."
Adam Cradick, Executive Director, Residential Land, CBRE commented: "We received significant interest from both UK and overseas parties for Hurlingham and we are delighted with the outcome for our longstanding client, Royal London. It is one of the last remaining riverside regeneration sites in a prime London location, further adding to its appeal and we look forward to seeing the completed project in the coming years."
David Barnett, CEO & Co-founder of Londonewcastle (Development Managers), commented. "This is a truly exceptional riverside development opportunity in London and one that we are incredibly proud of. From the outset of our involvement, we have sought to assemble a best-in-class delivery team that has helped us to bring forward a scheme of architectural and local significance comprising residential homes centred around a stunning podium garden and a new public river walkway supported by exceptional riverside retail. The planning permission that we secured on behalf of Royal London is unique within the London market and will deliver a bespoke, residential-led development with private and affordable housing of the highest quality. We look forward to seeing it come to life in the built environment under the stewardship of Rockwell, establishing what will undoubtedly be a thriving addition to the neighbourhood and a sought-after development."
For further images or information on Rockwell, please contact:
Melissa Pentecost/Gordon Cole-Schmidt
Rockwell@thecommunicationgroup.co.uk
The Communication Group plc
For information on Cerberus, please contact:
media@cerberus.com
For information on Royal London Asset Management, please contact:
Lena Nunkoo / Lucy Field
Pressoffice@royallondon.com
About Rockwell:
Rockwell is an agile, informed and decisive property developer with a proven track record of delivering quality development projects across the UK. Founded in 2015 by Donal Mulryan, this fast-moving and adaptable development business has already made a significant market impact, as evidenced by Rockwell's high-profile investment partnerships, enabling the company to react quickly to new development opportunities.
The company's expertise spans four major pillars: land acquisitions, planning, development management and construction. Rockwell is actively seeking large development sites in Greater London, prioritising those with untapped potential to transform entire neighbourhoods through innovative urban design and delivery.
www.rockwellproperty.co.uk
About Cerberus:
Founded in 1992, Cerberus is a global leader in alternative investing with approximately USD$55 billion in assets across complementary credit, private equity, and real estate strategies. We invest across the capital structure where our integrated investment platforms and proprietary operating capabilities create an edge to improve performance and drive long-term value. Our tenured teams have experience working collaboratively across asset classes, sectors, and geographies to seek strong risk-adjusted returns for our investors. For more information about our people and platforms, visit us at www.cerberus.com.
About Royal London Asset Management (RLAM):
Established in 1988, Royal London Asset Management (RLAM) is one of the UK's leading fund management companies, providing investment management solutions to both wholesale and institutional clients such as not-for-profit organisations, local authorities and the insurance sector. RLAM manages £153 billion of assets and employs 126 investment professionals as at 30 June 2021. It invests in all major asset classes including UK and overseas equities, government bonds, investment grade and high yield corporate bonds, property and cash. https://www.rlam.co.uk/
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world's largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
The views expressed are those of the author at the date of publication unless otherwise indicated, which are subject to change, and is not investment advice.
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