Ballymore to build 3,000 London homes in £2 billion project

Ballymore property development and investment group, led by Sean Mulryan, is looking for a joint venture partner to finance and develop three large-scale residential developments at waterside locations across London.

Ballymore will act as development manager for the projects, and it has appointed Lazard and CBRE to advise it on sourcing a partner to finance and develop three large-scale residential developments, in what it says will be one of the largest and most significant residential development opportunities to be offered in central London.

The three schemes comprise Arrowhead Quay in Canary Wharf, Phase II of London City Island on the Leamouth Peninsula, and Phase II of Embassy Gardens in Nine Elms. In total the developments have a gross development value of about £2 billion and will deliver about 3,000 new residential units and 250,000 sq ft of commercial, leisure and office space.

Sean Mulryan, CEO of Ballymore, said that both Embassy Gardens and London City Island have achieved “record-breaking phase I sales values which highlights the huge potential of these three developments, which are on course to be amongst the biggest success stories in our company’s history”.

“The proposed deal will generate substantial proceeds, further reducing our borrowings with NAMA which has been our main funder since 2010. We have worked constructively with NAMA on a controlled de-leveraging strategy for the business while maintaining our position as one of the largest residential developers in London. We wish to acknowledge NAMA’s support for Ballymore over the past four years.”