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Ballymore launches search for development partner for £2bn London schemes

Developer Ballymore is looking to establish a joint venture partnership to finance and deliver three major mixed-use developments across the capital. 21 May 2014

The three schemes, which have a combined development value of around £2 billion, include Arrowhead Quay in Canary Wharf and the second phases of London City Island on Leamouth Peninsula and Embassy Gardens in Nine Elms. The projects will deliver a total of around 3,000 new homes as well as 250,000 square feet of commercial, leisure and office space.

Arrowhead Quay, which Ballymore submitted a planning application for last year, is a proposal for two towers of 50 and 55 storeys to comprise up to 990 homes.

The London City Island neighbourhood will deliver up to 1,145 new homes. The first phase of the scheme has already started.

The second phase of Embassy Gardens, which is located next to the planned new US Embassy in the Nine Elms Opportunity Area, comprises up to 870 new homes. Ballymore said in a statement that the first phase of the scheme had "set record sales rates" in the area.

"This portfolio is one of the largest and most significant residential development opportunities to be offered in central London," said Ballymore chief executive Sean Mulryan. "The three projects are located in very different areas, offering diversity in both geography and price point."