Singapore listed City Developments and Chelsea based Dartmouth Capital Advisors have secured a £1bn residential development opportunity close to the River Thames in Mortlake, SW14.
CDL, owned by billionaire Kwek Leng Beng, has agreed to pay £158m for the 21.2 acre Stag Brewery site on Lower Richmond Road from AB InBev.
It is making the acquisition through a special purpose vehicle called Reselton.
The unconsented site has the capacity for around 850 homes and CDL is expected to begin consultation with local residents in the new year with a view to achieving consent early in 2018.
The scheme is likely to include hotel, retail and restaurant uses as well as a secondary school and will be developed in two phases.
It is CDL and Dartmouth’s second major West London site purchase this year, following their February acquisition of the Teddington Studios site from Lord Heseltine’s Haymarket Media Group for around £80m.
The Stag Brewery has a long history of producing some of the world’s best known beer brands including AB InBev best seller Budweiser.
The site has been home to brewers since 1487 when monks first made beer on a former monastery which occupied it.
The existing brewery currently consists of 353,000 sq ft of largely industrial buildings.
The site is adjacent to Chiswick Bridge, the finish line for the annual Oxford Cambridge boat race.
Gerald Eve was appointed by AB InBev to sell the site this summer.
The brewer, which has a $47bn (£30.2bn) turnover, is expanding its operations in Magor, South Wales, and Samlesbury in Lancashire, and is taking advantage of current market conditions in London.
The Stag Brewery will remain open until at least the end of this year. It has been mooted for closure since 2009, when AB InBev announced a cost-cutting plan.
jack.sidders@estatesgazette.com
