Sun Hung Kai and Ballymore to build London waterfront project
Hong Kong–based Sun Hung Kai Properties has partnered with Ireland-based Ballymore to develop a residential-commercial project on the banks of The River Thames in East London costing £500 million ($647 million), according to a South China Morning Post article.
The 50-50 joint venture plans to build an 804-unit residential project called Goodluck Hope on a 2.7 hectare site with 21,528 square feet of commercial space. It is expected to be completed by 2020.
There was a total of £4.9 billion ($6.3 billion) of transactions in London between January and March 2017, according to CBRE. This was the highest volume ever in the first quarter of the year and the biggest quarterly total since the end of 2014.
Overseas investors accounted for 80 percent of the transaction volume, up from 74 percent in the fourth quarter of 2016.
Despite the Brexit vote, the United Kingdom remains the preferred region to invest in commercial real estate, according to the latest BrickVest commercial property investment barometer. In March 2017, nearly one in three (30 percent) selected the United Kingdom as their preferred commercial real estate investment location, down slightly from 31 percent in March 2016.
Following are IREN stories covering recent transactions in the U.K. market: