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London, 14th November 2011 - Jones Lang LaSalle, acting on behalf of JER Partners Ltd and Lane Castle has agreed a joint venture to complete the development of the riverside scheme - Paynes and Borthwick Wharf, between their client JER and United House.
The site has planning permission for a development comprising 257 apartments, 38,000 sq ft of commercial space and 180 parking spaces. JER Partners began construction in 2007 and a number of apartments were sold off plan in the UK and overseas. However, construction was halted in May 2008 in reaction to the global financial crisis.
Since then, Lane Castle has advised on gaining planning consent to change the shared ownership units to private accommodation and in January 2011 were instructed to seek a development partner for the project. Construction will now restart in 2012 with the first phase due to complete in 2013.
Jones Lang LaSalle are retained by JER Partners and United House as sales agent for the residential units.
Tim Wright, Residential Director at Jones Lang LaSalle based in London, commented: “This scheme provides a great opportunity to develop a river side scheme with the benefit of a mixed use scheme. The balance is also with the architecture of old and new, with the listed facade and new build 18 storey tower looking over the Thames and back to Canary Wharf.”
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