China’s Dalian Wanda Group has bought KPF’s £700 million One Nine Elms towers scheme in south London
The property and entertainment conglomerate is planning a five star Wands Hotel for the 105,000m² project which features two mixed-use towers of 60 and 45 storeys respectively.
Replacing a 1975 GMW-designed tower block, the scheme includes a hotel, 487 apartments, a ‘sky lobby’ and 10,986m2 of office space.
The tallest tower will reach 200 metres, rising above Broadway Malyan’s 181 metre-tall Vauxhall Tower which is nearing completion next door.
Dalian Wanda purchased the scheme from Anglo-Irish developer Green Property which won planning for the tower last summer.
Green Property chair Stephen Vernon said: ‘We are very pleased that Dalian Wanda, one of Asia’s fastest-growing and most exciting development companies, will now lead the development of One Nine Elms and bring it to its next and final stage.’
Dalian Wanda chair Wang Jianlin said: ‘The London property market has excellent investment opportunities and we have confidence that Wanda’s strength and expertise will see The Wanda Hotel become the premier hotel in London, further promoting development in the area.’
The project is planned to complete in 2016/2017.