Cripps advises on Wandsworth acquisition
Law firm Cripps has successfully advised luxury property developer Strawberry Star on its acquisition of a prime site in Wandsworth, South West London.
This combined residential and commercial scheme, with a gross development value in excess of £50m, is one of several London developments Cripps has advised Strawberry Star.
Senior associate, Steve Ellis, and associate Nick Harding worked closely with the developer on the acquisition, negotiating a long lease from Workspace 12 Limited. Funding was secured from OakNorth Bank Limited by way of development finance.
Nick said: “We are pleased that our client, Strawberry Star, has completed this acquisition following months of hard work. Having seen the plans and marketing material, I will be excited to see this development make up part of South West London’s skyline.”
Called Bronze, the development comprises 77 state-of-the-art apartments (with a combined floor area of 56,000 sq ft) and will also include 24,000 sq ft of flexible working space and 2,000 sq ft to accommodate a café or restaurant.
Commenting on this new landmark development, Santhosh Gowda, Founder Chairman of Strawberry Star Group, said: “It has been our endeavour to foray into residential development in the world’s top financial centre. The London market being highly competitive and quality-conscious, we saw the need for providing housing to first-time buyers at lower capital values. We have launched a full-fledged development vertical, which will identify more opportunities for such schemes. Bronze is a perfect addition to Wandsworth, one of the most desired places to live in London.”
Nick Stonley, Managing Director of developments at Strawberry Star, who is heading the development vertical, concurred: “We found the right place on Buckhold Road in Wandsworth, home to central London’s biggest regeneration area – on the South Bank – where a multi-billion-pound investment programme is transforming this largely industrial district into a brand new residential and business quarter. Many areas of London have gone through a period of regeneration, but none has done as well as Wandsworth. The completion of our apartments at Bronze will be part of this exciting regeneration.”