CDL of Singapore buys London brewery site
Singapore-listed City Developments Ltd has entered into a contract to buy the 8.9ha Stag Brewery site in London from global brewer AB InBev for £158 million. Completion is expected in the next week.
City Developments is the leading development company in the Hong Leong Group of Singapore, which also has controlling interests in NZX-listed Millennium & Copthorne Hotels (NZ) Ltd & land developer CDL Investments (NZ) Ltd.
The brewery deal follows closely behind CDL’s £85 million purchase of the 1.82ha Teddington Studios site, former home of Pinewood Film Studios, also in the south-west London borough of Richmond, and is CDL’s eighth UK purchase, taking its total acquisitions to £411 million.
Executive chairman Kwek Leng Beng said: “This latest acquisition is in line with our plans to step up CDL’s overseas diversification. Greater London is a key focus for our UK real estate platform, which we established in 2013. Greater London is seen as an attractive alternative to central London as buyers have increasingly sought more value for their money.”
“Richmond is one of the most desirable locations for living & working in London. Mortlake (the brewery address) is a 25-minute journey by train to central London and buyers are drawn to its picturesque river views & abundant greenery. The Stag Brewery site, widely accepted as one of the best development opportunities on the River Thames, is CDL’s eighth acquisition in the UK. We will continue to build traction and capitalise on property development & investment opportunities in the UK.”
The company’s other acquisitions have been in Knightsbridge (2), Belgravia, Chelsea, Croydon & Reading.
The Mortlake site has been a brewery since the 15th century, was one of London’s largest breweries in the 19th century and has been producing Budweiser under Anheuser-Busch InBev ownership. It has 33,000m² of non-heritage listed industrial buildings on it, and is near Chiswick Bridge, finishing line for the annual Oxford-Cambridge boat race.
As a redevelopment site, it has potential for 850 homes and has an adopted planning brief that promotes a mixed-used scheme which would accommodate a major residential development, new school, a hotel and other employment & leisure uses. At Teddington, CDL will develop the 1.82ha site into a luxurious riverside freehold condominium comprising 213 apartments, 6 houses, a refurbished weir cottage & 258 secure parking spaces. It’s scheduled for launch early next year.