17th Jan 2019 12:05
LONDON (Alliance News) - FTSE 250-listed postal service company Royal Mail PLC said on Thursday it has agreed to sell a 0.9 acre plot on its Nine Elms Park site in south London to property developer Gailliard Homes for GBP22.2 million.
A 15% deposit of GBP3.3 million has been paid, and the remaining GBP18.9 million is payable on the deal completion, which is expected to be at the end of June.
Galliard Homes plans to build and develop 262 residential units on the plot, of which 25% will be affordable housing.
Royal Mail's former South London mail centre site in covers 14 acres, of which 8.35 acres are developable following the outline planning consent granted by the London Borough of Wandsworth in March 2018.
"The sale of the third plot on our Nine Elms site to Galliard Homes marks the next step in our contribution to the emerging residential community in this exciting new area of the capital," said Martin Gafsen, group director of Property & Facilities Solutions.
Shares in Royal Mail were up 1.3% at 291.10 pence on Thursday.
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