British Airways Pension Trustee Limited and creative real estate developer General Projects have acquired a 999-year Leasehold interest over 98,000 sq ft of ground, basement and 1st floor commercial space within Keybridge House, a new 595-unit residential scheme under construction in Vauxhall. The development is being carried out by Mount Anvil and A2Dominion, both of whom will retain an interest in the project.
The development, set within one acre of public gardens, was designed by Allies & Morrison architects and, once complete, will be the UK’s tallest brick building.
The commercial space, acquired by BA and General Projects, comprises 58,000 sq ft of basement with 5-6m ceiling heights and 40,000 sq ft of ground/1st floor retail & office.
General Projects plans to deliver a new commercial hub that will include creative office space, a mix of independent food & beverage at ground floor, and a unique cultural, educational or leisure anchor in the basement.
Jacob Loftus, CEO of General Projects said, “The opportunity to acquire a 1.3 acre floor plate in Central London with 5-6m ceiling heights is unique. We have a vision to create a new world-class leisure, cultural or education hub that will further contribute to the reinvention of Vauxhall into one of London’s leading new neighbourhoods.”
Killian Hurley, CEO of Mount Anvil said, “Securing a single purchaser of the 999-year leasehold interest is testament to our long-term vision for and delivery of Keybridge, all completed in partnership with A2Dominion. BAPTL and General Projects’ ambitions align with our intentions for the site: to deliver a world class, mixed-use destination, which encompasses best in class homes alongside a high calibre, and moreover relevant commercial offering.”
The development is expected to complete in Q1 2021.