Royal Mail has exchanged contracts to sell the last three remaining plots on London’s Nine Elms Park Site to London Square for £111.2 million pounds (€130.3 million or $147.5 million).
he sale of the 3.04-acre site, part of a former depot in the U.K. capital, is on a conditional basis and is expected to be complete in early 2022.
A 10 percent deposit has been paid on the contract exchange, with the outstanding amount payable on completion.
Profits from the sale will be used in line with the capital-allocation policy, with about £35 million (€41 million or $46.4 million) to be reinvested into the Nine Elms site. The plots have been sold with planning consent to include up to 756 residential units, of which 133 will be affordable units.
Situated in a prominent position within the Vauxhall Nine Elms Battersea opportunity area, less than a mile from the Northern Line Extension, the plots are bound by Ponton Road to the east, Bellway's The Residence &a
