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Keybridge House sold for £92.5 million

Keybridge House sold for £92.5 million

13 November 2014

Mount Anvil, Central London’s specialist residential-led developer, and A2Dominion have today agreed to purchase Keybridge House from BT Group for £92.5 million.

The site, at which BT created the world's largest digital international telephone exchange, is situated in the Vauxhall Nine Elms Battersea Opportunity Area. Planning permission has been granted for the UK’s tallest residential brick tower which, at 36 storeys, will provide 415 new London homes and 3,500 sq m of new commercial and retail space.

It is the second joint-venture for Mount Anvil and A2Dominion, following the successful launch of Queen’s Wharf in Hammersmith (W6), where 40 per cent of the development has been sold in the four weeks since the October launch – with six in every ten homes purchased by UK buyers.

Killian Hurley, Chief Executive, Mount Anvil, said: “Keybridge House will be an iconic development, creating 415 outstanding new homes and exceptional quality commercial space, which will further enhance London’s world-class standing. We are delighted to have secured this fantastic site and are excited to start work creating the UK’s tallest residential brick building.”

Sally Leonard, Head of Asset Management and Strategy, BT Group, said: “We are delighted to be selling this important site to Mount Anvil and A2Dominion who we are confident will deliver the scheme we have worked so hard to develop, which will not only provide much needed new homes, but also will make a significant contribution to the local area. We are particularly pleased with both Allies and Morrison’s design and the gifting of a site to Lambeth Council for a new primary school.”

Darrell Mercer, A2Dominion Group Chief Executive, said: “We are thrilled to join Mount Anvil in this second collaboration, demonstrating our confidence to invest in the London housing market. This landmark development supports our strategy to continue to diversify the range of homes and tenures we provide, including properties for sale, private rent and shared ownership through our new FABRICA by A2Dominion brand.”

Work is expected to start on-site in Spring 2015 with completion expected at the end of 2018.

Telereal Trillium and CBRE advised BT on the sale. Marsh and Parsons represented Mount Anvil. Allies and Morrison are the architects and GL Hearn the planning and communications consultants. Mount Anvil is backed by leading global alternative asset manager, Ares Management, having agreed a £200m partnership in March 2014.