Following its acquisition of the 4.5-acre Canada Water Dock site in London, Art-Invest Real Estate UK (AIRE) is progressing its strategic vision for the site’s development which could create around 1m sq ft of offices.
Art-Invest Real Estate UK’s Managing Partner, Ali Abbas, commented: “Canada Water Dock is a key strategic acquisition for us and further consolidates our long-term commitment to the UK and in particular, the London market.
“At Canada Water Dock, our vision is to build on the positive legacy of the site by creating a dynamic workplace environment which complements Southwark Council’s Canada Water Masterplan and also the neighbouring British Land scheme”.
AIRE has acquired Canada Water Dock from Notting Hill Genesis housing association and Sellar Property Group – which had originally planned a predominantly residential scheme for the site. Having retained Sellar Property Group as a co-development manager, AIRE is now planning a commercially-led scheme that aligns with Southwark Council’s masterplan for the location.
AIi Abbas commented: “Our business culture is underpinned on working in partnership to combine our capability and development expertise to create value for multiple stakeholders. Given its expertise, relationships with local stakeholders and long-term involvement with the site, we’re pleased to be collaborating with Sellar Property Group on this project and look forward to progressing a superb scheme together”.
Art-Invest Real Estate CEO, Dr Markus Wiedenmann, commented: “As a business we have experience of delivering major masterplanned development such as the 1.7m sq ft I/D Cologne scheme, and the Macherei project in Munich which is creating an entire new mixed-use neighbourhood.
“The Canada Water Dock project will be a development of similar market prominence and is a major step forward for the expansion of our business in the UK. The development has the potential to create a new focal point for business in London that provides excellent workplaces with best-in-class health, air and wellbeing credentials in a waterside setting.”
The project is Art-Invest Real Estate’s second in London since it established its UK operation last year. Its £190m development at Cleveland Street in London’s West End which will create 88 luxury apartments, 35,000 sq ft of commercial space and 15 affordable housing units is currently under construction and is scheduled for completion next year.