London, 15th February 2024 – Eutopia Homes, a leading property development company, announces the successful acquisition of a prime site in London’s Nine Elms district through a joint venture with Londinium Capital Partners. The acquisition, secured at auction in December 2023 for £2.1 million, marks a strategic investment in a burgeoning area of the capital.
The site, situated at 1-9 Southville, Nine Elms, enjoys the advantage of pre-existing planning permission for the development of 14 private apartments alongside 297 square meters of office space. Eutopia Homes anticipates initiating construction in the third quarter of 2024, with an anticipated completion by the end of 2025. The Gross Development Value (GDV) of this venture is estimated at £10 million upon completion.
Highlighting the significance of this development, Scott Hammond, CEO of Eutopia Homes commented, “This acquisition presents an exciting opportunity for Eutopia Homes to contribute to the evolving landscape of Nine Elms. The site’s strategic location and existing permissions align perfectly with our vision for creating vibrant, contemporary living spaces that resonate with the area’s growth.”
The immediate vicinity of the site, particularly the neighbouring property at 1-9 Southville, holds particular significance. The previous light industrial use of the adjoining property serves as a compelling precedent for our proposed scheme’s approval. This reinforces our confidence in aligning our plans with the approved specifications for the area. Our proposal matches or exceeds these specifications in terms of scale, massing, and change of use, ensuring our contribution complements the character of the locale.
Furthermore, the existing building on our site is deemed uninhabitable and unsafe. The previous owners undertook a comprehensive structural survey, revealing severe structural deterioration and a collapsed roof, underscoring the urgency and necessity for a thoughtful redevelopment.
Freddie Toomer, CEO of Londinium Capital Partners: “The acquisition in Nine Elms represents a strategic move aligning with our investment philosophy. The combination of a prime location, existing planning permissions, and the potential for significant returns makes this venture an attractive addition to our portfolio. We are confident in Eutopia Homes’ ability to transform this site into a successful and profitable development that contributes positively to the Nine Elms district’s growth.”
Eutopia Homes remains committed to revitalizing this space, leveraging our expertise in crafting modern, thoughtfully designed residences while ensuring compliance with the community’s expectations and the area’s evolving urban fabric.
