UK real estate firm Sable Capital has acquired Apex 1, a residential development site at the east end of the Market.
Using capital from its recently raised UK BTR fund, which has £255m of equity commitments, Sable has purchased the freehold of Apex 1, desirable zone 1 location from VINCI St Modwen (VSM), which is a 50:50 joint venture between VINCI UK Developments and St Modwen Developments — and Covent Garden Market Authority.
The site has detailed planning consent for a 26-storey tower incorporating 201 private homes, as well as 5,242 sq ft of ground-floor retail space and 27,631 sq ft of amenity space, including a podium garden.
Situated next to New Covent Garden Market, it is 150 metres from the Nine Elms Underground station.
Galliard Construction will deliver the project under a turnkey contract - above is an artist's impression of the final outcome. Hugo Black, partner at Sable Capital, said: “This is a fantastic site in a rapidly evolving area close to the iconic Battersea Power Station.
“We are looking forward to working with Covent Garden Market Authority and VINCI St Modwen to deliver new public realm connecting the US Embassy to the new Nine Elms station, as well as delivering 201 new homes for renters in zone 1.”