Irish developer Ballymore has kicked off a global hunt for a joint-venture partner to help develop around 3000 homes in Docklands and Nine Elms worth around £2 billion.
The company has enlisted Lazard and CBRE to find a backer for the schemes, which include the second phase of its London City Island project near Canning Town, the Arrowhead Quay residential towers at Canary Wharf and the second stage of its Embassy Gardens development close to the new US embassy.
Ballymore’s UK managing director John Mulryan said: “We’ll be talking to UK funds, maybe US private-equity guys and Asia. Things are at a relatively early stage.”
The company believes the three schemes will appeal to investors as they are pitched at a range of price points from the cheaper London City Island, where flats start at around £300,000, up to Embassy Gardens, where prices start at £600,000 and an average two-bedroom flat will fetch £1.1 million.
