Ballymore on the look out for London developments JV Partner

Ballymore has initiated a worldwide search for a JV partner to assist in delivering almost 3000 homes in Londons Docklands and Nine Elms worth up to £2 billion.

Lazard and CBRE have been brought in to find a partner for the schemes, which will include the phase two of Ballymore’s London City Island project, the Arrowhead Quay residential towers at Canary Wharf and stage two of its Embassy Gardens development close to the new US embassy.

John Mulryan, Ballymore’s UK managing director said: “We’ll be talking to UK funds, maybe US private-equity guys and Asia. Things are at a relatively early stage.”

The company is of the opinion that the schemes should appeal to investors as they are aiming the developments 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.