An agreement was signed between the state-owned company and property and investment company Minerva regarding the purchase of the Ram Brewery site in Wandsworth. The Chinese firm has also plans for a second development in Canary Wharf, which according to the plans will be one of the UK’s tallest residential buildings.
Greenland president and chairman, Zhang Yuliang, who signed the Ram Brewery deal, said: “London is the global financial centre as well as the most open and diversified city that enjoys the most mature economic development, making it the first option for our investment in Europe.”
The Ram Brewery is a historic 7.75-acre site, which is worth £600m and was known as the UK’s oldest working brewery until it closed in 2006.
The site has already obtained a planning consent for 661 new homes and 9,500 square metres retail space for new shops and restaurants.
On the Ram Brewery project, leader of Wandsworth council Ravi Govindia said: “The Ram Brewery now has an owner with the experience and deep pockets needed to unlock its enormous potential.
“The site comes with a very well designed development plan which would rejuvenate this part of the town centre, open the historic brewing buildings to the public and create hundreds of new homes and jobs. It also delivers on the council’s top priority which is to redesign the Wandsworth Gyratory and remove through traffic from the high street.”
London Mayor, Boris Johnson, commented on the recent trend amongst Chinese developers to invest in the UK: “It is further evidence of the colossal appetite of Chinese developers to invest in the capital; and the Mayor was also delighted to learn in a meeting with Mr Zhang this week of his ambition to invest in a new building in Canary Wharf.”
Greenland’s investment is the latest amongst other Chinese companies like Dalian Wanda Group, who are planning to invest £700m in a five-star luxury hotel scheme on the South Bank.
According to research by Colliers International, Chinese investment in the UK is predicted to triple this year from £1bn last year to between £3bn and £4bn.
Photo: City A.M.